Harris proposes raising corporate tax rate to 28%, reversing Trump law

CHICAGO Vice President Kamala Harris is calling for raising the corporate tax rate to 28%, her first major proposal to raise revenue and fund the big-ticket projects she wants to pursue as president.

Harris campaign spokesman James Singer told NBC News 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.

As president, Kamala Harris will focus on creating an economy of opportunity for the middle class that promotes their economic security, stability and dignity, Singer wrote in an email.

If passed, the measure could raise hundreds of billions of dollars, as the nonpartisan Congressional Budget Office has estimated that a one-percentage-point increase in the corporate tax rate would amount to about $100 billion over a decade. It would also reverse much of former President Donald Trump’s 2017 landmark law that cut the corporate tax rate from 35% to 21%.

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

The move comes as Harris has been gradually adding details to her vision for government during the week of the Democratic convention, including telling her critics how she would seek to fund big-ticket ideas like expanding the child tax credit and easing housing and medical debt. She has not yet provided a cost estimate for her proposals or a corresponding dollar amount.

A 28% corporate tax rate is lower than what Harris proposed during her failed 2020 presidential campaign, when she called for a full repeal of Trump’s tax cuts, which would have reduced the corporate tax rate to 35%. The new position brings Harris in line with President Joe Biden’s latest budget proposal.

Republicans are sure to oppose a 28% corporate tax rate, meaning Harris may need Democrats to control the House and Senate to push it through Congress. But a potential Harris president would have some leverage over the GOP in tax policy negotiations because many other parts of Trump’s tax cuts expire at the end of 2025, leading to a major debate in Congress next year over which parts to extend.

At a recent press conference, Trump predicted that Democrats would be under enormous pressure to renew his tax cuts that are set to expire next year, and if Democrats fail to renew them or make it impossible to renew them, it would destroy the economy.

Singer, meanwhile, has linked Trump to an extreme agenda, Project 2025, which he says would widen the deficit and raise taxes on the middle class, citing the estimated impacts of Trump's proposal to impose tariffs of up to 20%.

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