Learn about Vice President Kamala Harris' proposal to raise the corporate tax rate to 28% from 21% if she wins the upcoming election against Donald Trump. Find out how this move could affect working people, billionaires, and big corporations, as well as the U.S. deficit. Get insights on the potential impact on the economy and your finances.
As the best investment manager and financial market journalist, I bring you the latest news on Vice President Kamala Harris' plan to increase the corporate tax rate to 28% if she wins the November election against Donald Trump. This move is aimed at putting money back in the pockets of working people and ensuring that billionaires and big corporations pay their fair share.
Under Trump's presidency, the corporate tax rate was slashed to 21% from 35%, with additional tax breaks set to expire next year. Harris' proposal could reduce the U.S. deficit by $1 trillion over a decade, according to the Committee for a Responsible Federal Budget.
Changes to the U.S. tax code require approval by Congress, and the upcoming election will determine the balance of power in the Senate and the House of Representatives. Harris has pledged to maintain President Joe Biden's promise not to raise taxes on individuals making $400,000 or less per year.
In her economic policy speech, Harris outlined plans to cut taxes for most Americans, address "price gouging" by grocers, and promote more affordable housing as part of her envisioned "opportunity economy." Understanding the potential impact of these tax changes on the economy and your finances is crucial in making informed decisions for your financial future.