Democratic presidential candidate Kamala Harris will continue President Biden’s push to raise the corporate tax rate to 28 percent, her campaign confirmed.
Harris campaign spokesperson James Singer said in an email August 19 that the vice president’s proposal would lead to the “economic security, stability, and dignity” of the middle class.
“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 — her plan 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,” Singer said.
Biden, in his fiscal 2025 budget proposal, called for the corporate income tax rate to be raised from 21 percent to 28 percent, which has been championed by supporters but drew criticism from business groups.
Under former President Trump’s administration, the rate was lowered from 35 percent to 21 percent as part of the Tax Cuts and Jobs Act.