Kamala campaign reveals plan for 28% tax rate for American corporations

Harris campaign spokesman James Singer told NBC News that Harris will be pushing to increase the corporate income tax rate from 21 to 28 percent if she is elected in 2024 and called it a way to "ensure billionaires and big corporations pay their fair share."

Singer said that the increased tax rate would be a "fiscally responsible way to put money back in the pockets of working people" and added in an email to the outlet that “Kamala Harris will focus on creating an opportunity economy for the middle class."

Harris was previously in favor of increasing the corporate tax rate back to 35 percent instead of 28 percent during her failed presidential bid in 2020, as the outlet reports. Trump slashed the tax rate from 35 percent down to 21 percent during his tenure as president.

Republicans in Congress will be sure to object to the tax increases, and Harris may need to have the support of the House and Senate in order to pass such a measure. Trump recently said that if Harris is elected, she would move to raise the corporate tax rate and that it would “destroy the economy.”

Singer claimed that with Trump's economic policies, he would “drive up the deficit” and “increase taxes on the middle class.” However, the proposals to increase the corporate tax rate may lead to increased costs for workers, as the costs of taxes are passed down to everyday workers.

According to a paper study from the National Bureau of Economic Research, "Comparing contiguous counties straddling state borders over the period 1970 to 2010, we find that increases in corporate tax rates lead to significant reductions in employment and wage income."

Other parts of Harris' economic plan are likely to increase the money supply, with taxpayers footing the bill for loans for first-time home buyers up to $25,000 under her policies. Harris is also seeking to implement price controls on some goods and services.