Vice President Kamala Harris is revising her stance on corporate taxation, aligning with a new proposal that reflects a shift from her previous position. According to recent reports, Harris is now endorsing a 28% corporate tax rate, a significant departure from the 35% rate she supported during her 2020 presidential campaign. This adjustment mirrors the corporate tax rate outlined in President Joe Biden’s 2025 budget, which was first reported by NBC News.
Harris’s pivot to supporting a 28% corporate tax rate represents a noteworthy policy change. During her 2020 campaign, she had advocated for restoring the corporate tax rate to 35%, the level in place before former President Donald Trump enacted the 2017 Tax Cuts and Jobs Act. This legislation reduced the corporate tax rate from 35% to 21%, a move that was highly controversial and a focal point of the tax debate during Trump’s presidency. Harris’s earlier position aimed to roll back these cuts and address what she and many others viewed as an imbalance favoring corporations over individual taxpayers and middle-class families.
The decision to support a 28% rate aligns Harris more closely with the current administration’s fiscal policies. President Biden’s 2025 budget proposes this tax rate as part of a broader strategy to ensure that large corporations contribute a fairer share of tax revenue. The intention behind this rate is to strike a balance between stimulating economic growth and ensuring that corporate entities do not disproportionately benefit from tax reductions at the expense of federal revenue.
The Harris-Walz campaign, with spokesperson James Singer at the helm, has framed this policy shift as a commitment to economic fairness and fiscal responsibility. Singer emphasized that Harris’s revised tax policy is designed to create an “opportunity economy” that prioritizes the economic security and stability of the middle class. According to Singer, Harris’s plan is a strategic alternative to what he describes as the “extreme” economic policies proposed by Trump and his Project 2025 agenda.
Singer argued that Trump’s approach would exacerbate the deficit, increase taxes on the middle class by approximately $3,900, and risk plunging the economy into a recession. In contrast, Harris’s proposal is positioned as a pragmatic solution aimed at putting more money back into the pockets of working people while ensuring that wealthy individuals and large corporations contribute their fair share to the nation’s tax base. This approach reflects a broader Democratic emphasis on progressive taxation and economic equity.
The shift in Harris’s tax policy stance is part of a broader strategic realignment as she prepares for her potential candidacy in the upcoming presidential election. The adjustment signifies an effort to consolidate her platform and appeal to a wider electorate by aligning more closely with Biden’s fiscal policies and addressing critiques of her previous positions. By backing a corporate tax rate that falls between the pre-Trump and current levels, Harris aims to present a balanced approach that addresses concerns about tax fairness without appearing to advocate for the more extreme positions that characterized her earlier campaign.
This move also underscores the dynamic nature of political positions and how candidates adapt their policies in response to evolving political landscapes and strategic considerations. As Harris and her campaign navigate the complexities of the upcoming election cycle, their focus on fiscal responsibility and economic fairness is likely to play a central role in shaping their platform and appealing to voters.
In summary, Vice President Kamala Harris’s endorsement of a 28% corporate tax rate marks a significant shift from her earlier position. By aligning with President Biden’s proposed rate, Harris seeks to reinforce her commitment to economic fairness and fiscal responsibility, contrasting her approach with the policies of former President Trump. This policy adjustment is part of a broader strategy to address middle-class concerns, promote economic stability, and ensure that large corporations contribute fairly to the nation’s tax revenues.
