Kamala Harris Proposes 28% Corporate Tax Rate, Retreating From Past Campaign Stance

This increase would bring the corporate tax rate from 21% to 28%, which would follow a previous change during the Trump administration that lowered it from 35% down to 21%. During her 2020 campaign, Harris advocated for a return to the 35% corporate tax rate.

At the time, the Trump administration promised that these cuts would increase the average American’s household income by $4,000 and create a boom in business investment.

These critics also point to the fact that this tax cut has led to falling tax revenues. The Committee for a Responsible Federal Budget, a nonpartisan advocacy group, estimates that Trump directly added $8.4 trillion to the national debt while in office through legislation and executive action.

”[This is] a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share,” said Harris campaign spokesperson James Singer.

“The campaign for Democratic presidential nominee Vice President Kamala Harris told NBC News today that if elected President, she would seek to raise the corporate income tax rate to 28 percent. We estimate this change would reduce the deficit by $1 trillion over a decade,” a blog for the organization said.

Harris would need the cooperation of Congress, which would heavily depend on how well Democrats in the legislature do in the November election.

“I know most businesses are creating jobs, contributing to our economy and playing by the rules,” Harris said. “But some are not, and that’s just not right. And we need to take action when that is the case.”

“As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” Singer wrote in an email.

“Unlike Donald Trump, whose extreme Project 2025 agenda would drive up the deficit, increase taxes on the middle class by $3,900, and send our economy spiraling into recession,” Singer said.

A June poll from the U.S. Chamber of Commerce found over 80% of American voters surveyed believed that higher taxes on American businesses would lead to higher prices.

“Kamala Harris’ proposition to raise the corporate tax rate will hurt small businesses. If she wants to go after the top corporations, she needs to close the loopholes that $AAPL and other giants take advantage of that allow those bigger corporations to hold 100s of billions outside of the country away from taxes,” said an X user.

However, now Harris’ proposal exactly matches the number supported by President Joe Biden in his 2025 budget.