Kamala Harris has proposed raising the corporate tax rate to as much as 28%.

When Trump was president, he reduced the corporate tax rate from 35% to 21%.

Written by: Ignacio Teson • Monday, August 19, 2024 • 1 min read

• Last updated: Monday, August 19, 2024

U.S. Vice President Kamala Harris has committed to upholding President Joe Biden’s promise not to raise taxes on individuals earning $400,000 or less per year.

Harris would increase the corporate tax rate from 21% to 28% if she wins the November 5 election against her Republican rival, Donald Trump, her campaign stated on Monday.

James Singer, Harris’s campaign spokesperson, said the proposal is part of “a fiscally responsible way to put money back in workers’ pockets and ensure that billionaires and large corporations pay their fair share.”

When Trump was president, he reduced the corporate tax rate from 35% to 21% and introduced other tax breaks set to expire next year. The Republican has promised to make those cuts permanent.

Harris has reaffirmed her commitment to Biden’s pledge not to raise taxes on those earning $400,000 or less annually.

In an economic policy speech last week, Harris outlined proposals to lower taxes for most Americans, ban “price gouging” by supermarkets, and build more affordable housing as part of the “opportunity economy” she plans to promote if she wins the White House.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.