Move designed to increase government revenue would face opposition from business and Republicans
US Vice President Kamala Harris speaks during the Democratic National Convention at the United Center in Chicago. Photograph: Victor J. Blue/BloombergKamala Harris is aiming to increase the US corporate tax rate to 28 per cent if she wins the White House in November, a move designed to raise government revenues from corporate America that is likely to draw criticism from business.
The statement comes as the vice-president fleshes out her economic plans ahead of formally becoming the Democratic presidential nominee at the party’s convention in Chicago this week. Last week, Ms Harris said she would seek to cut taxes for the middle class, including families with children, as well as boost incentives for first-time homebuyers and ban price-gouging by food and grocery companies, in a bid to show that she is tackling rampant cost-of-living concerns among voters.
Her decision to stick to Mr Biden’s goal of raising the corporate rate comes ahead of what is expected to be a fierce congressional battle next year over the expiration of sweeping tax cuts enacted by Republicans in 2017. Those cuts reduced the corporate tax rate to 21 per cent from a top rate of 35 per cent and the outcome of that negotiation will depend as much on control of Congress as it will on who wins the presidential election.
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