US Vice President Kamala Harris plans to increase the corporate tax rate from 21% to 28% if she wins the upcoming election. Her campaign argues that this move will be a fiscally responsible way to benefit working people and ensure that billionaires and large corporations pay their fair share, Reuters reports.
The proposal, which contrasts with former President Donald Trump’s tax cuts, is estimated to reduce the US deficit by $1 trillion over a decade, according to the Committee for a Responsible Federal Budget. Harris has also pledged not to raise taxes on individuals earning $400,000 or less and has proposed plans to cut taxes for most Americans, ban price gouging, and build more affordable housing.
