The vice president is rolling out her first revenue-raising policy proposal as the Democratic presidential nominee and drawing a contrast with GOP opponent Donald Trump.

Vice President Kamala Harris is calling for raising the corporate tax rate to 28%, her first major proposal to raise revenues and finance expensive plans she wants to pursue as president.

Harris campaign spokesman James Singer told NBC News that she would push for a 28% corporate tax rate, calling it “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

If enacted, the policy would raise hundreds of billions of dollars, as the nonpartisan Congressional Budget Office has projected that 1 percentage point increases in the corporate rate corresponds to about $100 billion over a decade. It would also roll back a big part of former President Donald Trump’s signature legislation in 2017 as president, which slashed the corporate tax rate from 35% to 21%.

Trump, meanwhile, recently said he would cut taxes even further if elected president, including on businesses.

  • big_slap@lemmy.world
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    2 months ago

    Maybe roll it back up to 35 percent

    let’s go for 40% to account for inflation. and that’s being generous lol

    • dan@upvote.au
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      2 months ago

      That’s… Not how inflation works, lol. At that rate, they’ll eventually be taxed more than 100%.

      • big_slap@lemmy.world
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        2 months ago

        hmm, true lol. I just want gigantic companies to pay their fair share, and 28% is just too low for my taste when we were getting way more from big businesses back during the 50s and 60s.

        I understand lowering the rate helps businesses grow, but come on, there are way more shittier companies taking advantage of the lower tax rate than it’s helping.