Harris calls for 28% corporate tax increase
Economy
11h ago(Source: baha news)
EPA-EFE/JIM LO SCALZO
Economy
Vice President Kamala Harris is proposing to increase the corporate tax rate to 28%, Harris campaign spokesman James Singer told NBC News on Monday.
The proposal aims to fund her broader economic agenda while rolling back a significant part of former President Donald Trump's 2017 tax legislation, which reduced the corporate tax rate from 35% to 21%. Nevertheless, if enacted, the proposed policy would raise hundreds of billions of dollars, as the nonpartisan Congressional Budget Office has forecasted that a one percentage point rise in the corporate rate corresponds to roughly $100 billion over a decade.
The proposed 28% corporate tax rate stands below Harris's proposal during the 2020 presidential election when she called for returning the corporate rate to 35%