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Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law (www.nbcnews.com)

submitted 2 months ago by MicroWave to c/news

56 comments fedilink hide all child comments

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.

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[–] Cryophilia 1 points 2 months ago (1 children)

Of course it's on profit, same as the existing corporate taxes. She's not proposing a new type of tax, just increasing existing rates.

[–] [email protected] 2 points 2 months ago

Then it's mostly useless for the biggest business.