Vice President Kamala Harris wants to raise the business tax rate to 28%. This would be a big change in policy meant to bring in more money for the government and pay for the big projects she wants to do if she becomes president. Harris’s first big effort to bring in money is this proposal, which shows how determined she is to undo some of former President Donald Trump’s tax policies.
The 2017 Tax Cuts and Jobs Act lowered the company tax rate from 35% to 21%. Harris’s plan to raise the rate is a direct response to that law. The cut, which happened while Trump was president, was meant to boost economic growth by getting companies to spend and grow. But Harris and other critics say that this tax cut helped big businesses and the rich too much while bringing in a lot less money for the government.
By calling for a rise to 28%, Harris wants to partly undo the tax cuts that Trump made and bring back a higher level of corporate tax contribution. People think that this change will help even out incomes and make sure that businesses pay their fair share of the government budget. Harris’s plan is in line with Democratic goals of getting more money for social programs, infrastructure, and public services, which she sees as necessary for progress in both the economy and society.
Kamala Harris proposes raising the corporate tax rate to 28%, aiming to reverse Trump-era cuts and boost federal revenue.
The planned rise in the business tax rate is meant to bring in a lot of money that can be used for many things, like investing in healthcare, education, and reducing the effects of climate change. Harris’s plan is likely to be a big part of her platform for running for president, showing how serious she is about reducing income inequality and supporting economic fairness.
Different groups have had different views to Harris’s plan. People who favour raising the corporate tax rate say that it is necessary to make sure that big businesses contribute fairly to national income and help pay for public services. They see the proposal as a way to fix the budget problems caused by the previous tax cuts and to put money into important areas that will help the economy grow in the long run.
Harris’s bold move: A proposed increase in corporate tax to 28% seeks to fund key initiatives and address income inequality.
But some people say that raising the company tax rate could stop businesses from investing and the economy from growing. They say that companies might not be able to make as much money if taxes go up, which could affect the growth of wages and job creation. People who are against the plan are also worried that if taxes go up, businesses will move their operations overseas to avoid paying more taxes.
People are arguing about Harris’s plan as part of a bigger debate about tax policy and how it affects the business. As the presidential campaign goes on, Harris’s plan to raise the business tax rate is likely to be at the centre of political debate, with both supporters and opponents making their case for and against the change.
Changing course: Kamala Harris calls for a rollback of Trump’s tax cuts with a new 28% corporate tax rate proposal.
Finally, Vice President Kamala Harris’s plan to raise the business tax rate to 28% is a big change in policy that would undo some of Trump’s tax cuts and bring in more money for the government. The goal of this move is to pay for big plans to invest in the economy and society, as well as to answer concerns about unfair taxation and income inequality. As long as Harris keeps pushing this idea, it will have a big impact on the discussion about economic and fiscal policy during the next presidential race.