Kamala Harris Plans to Raise Corporate Tax Rate to 28% if Elected, Trump Vows to Keep Cuts Permanent
In a bold move to bolster the economy, U.S. Vice President Kamala Harris has announced plans to increase the corporate tax rate to 28% if she defeats Republican rival Donald Trump in the upcoming election on Nov. 5. This proposal is aimed at ensuring that working people receive more money in their pockets and that billionaires and big corporations pay their fair share.
During Trump's presidency, he significantly reduced the corporate tax rate from 35% to 21% and introduced other tax breaks that are scheduled to expire next year. Trump has promised to make these cuts permanent if reelected.
Harris, a Democrat, has committed to upholding President Joe Biden's pledge not to raise taxes for individuals earning $400,000 or less annually. In a recent economic policy address, Harris unveiled plans to lower taxes for the majority of Americans, crack down on "price gouging" by retailers, and increase the availability of affordable housing as part of her vision for an "opportunity economy" if she becomes president.
In analysis, Harris's proposed corporate tax hike could potentially impact businesses, investors, and the overall economy. It may lead to higher operating costs for corporations, potentially affecting stock prices and investment returns. Additionally, the implementation of new tax policies could influence consumer spending habits and market trends. Investors should closely monitor these developments and adjust their portfolios accordingly to mitigate any potential risks or capitalize on new opportunities.