Honolulu Star-Advertiser

Monday, August 19, 2024 88° Today's Paper


Top News

Kamala Harris proposes raising corporate tax rate

REUTERS/JONATHAN DRAKE/FILE PHOTO
                                Vice President and Democratic presidential candidate Kamala Harris speaks at an event at the Hendrick Center for Automotive Excellence in Raleigh, N.C., on Friday. Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said today.

REUTERS/JONATHAN DRAKE/FILE PHOTO

Vice President and Democratic presidential candidate Kamala Harris speaks at an event at the Hendrick Center for Automotive Excellence in Raleigh, N.C., on Friday. Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said today.

WASHINGTON >> Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said today.

Harris campaign spokesperson James Singer said the move would be part of “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

When Trump was president, he slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year. Trump has vowed to make the cuts permanent.

Changes to the U.S. tax code require approval by Congress. Democrats and Republicans are in a tight battle for control of the Senate and the House of Representatives, both up for grabs in the Nov. 5 election.

Harris, a Democrat, has pledged to maintain President Joe Biden’s promise not to raise taxes on people who make $400,000 or less a year.

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

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines. Having trouble with comments? Learn more here.