Vice President Kamala Harris is looking to raise the corporate tax rate to 28% if elected president, NBC News reported on Monday.
The federal corporate tax rate in the U.S. is currently 21%, as enshrined in former President Donald Trump’s 2017 Tax Cuts and Jobs Act.
But Harris seeks to move the tax rate to 28% to draw in funding for plans she would have as president, mirroring a proposal made by President Joe Biden in March, according to NBC.
It is lower than what Harris initially proposed during the 2020 presidential race, which would have raised the corporate tax rate from 21% to 35%, where it originally was before Trump’s 2017 tax cuts were passed, according to NBC.
“Instead of a Biden tax hike, I’ll give you a Trump middle class, upper class, lower class, business class big tax cut,” Trump told a crowd at a rally in New Jersey in May.
A 28% corporate tax rate would be “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share,” Harris campaign spokesperson James Singer told NBC in a statement on Monday.
The Harris campaign did not immediately respond to a request for comment.
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