US Vice President and Democrat Presidential nominee, Kamala Harris has proposed increasing the corporate tax rate from 21% to 28% if she wins the November election against Republican rival Donald Trump. 

Reuters noted that Harris announced this plan as part of her economic agenda during a recent event in North Carolina. Aside from this, she also stated earlier this month that she plans on banning price gouging by grocery stores and increasing the availability of affordable housing.

She argues that raising the tax rate on big corporations will help reduce the national debt and ensure that billionaires and large companies contribute their fair share to the economy.

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Effect of Increasing Corporate Tax Rate

Harris's campaign spokesperson, James Singer, emphasized that this proposal is intended to support working families by putting more money back into their pockets. 

The proposal will also be reversing the tax cuts implemented by Trump, which lowered the corporate tax rate from 35% to 21%. Trump has pledged to make these tax cuts permanent if re-elected and has also vowed to end taxes on social security benefits received by senior citizens.

The Committee for a Responsible Federal Budget, a nonpartisan group, has estimated that Harris's proposal could reduce the national debt by $1 trillion over the next decade, according to CNBC.

Harris, who is running for president as a Democrat, has assured voters that her plan will not raise taxes on individuals making $400,000 or less per year. Changes to the tax code would require approval from Congress, where control of both the Senate and the House of Representatives is up for grabs in the upcoming election. 

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