Kamala Harris proposes to reverse Trump's policies and raise corporate tax rate to 28%

Kamala Harris' campaign has confirmed that the Democratic candidate for president will raise taxes if elected. In this case, it was specified that the vice president's economic plan includes an increase of the corporate tax from the current 21% to 28%. Donald Trump had lowered it from 35% to 21% as part of the Jobs and Tax Cut Act of 2017.

While the Democrat had been wary of sharing her economic plan, she began to hint at certain initiatives on the eve of the Democratic National Convention in Chicago.

Following the federal price controls proposal, which was defined by Trump as the "Maduro plan," Harris announced that she would raise the corporate tax.

The news came from Harris' own campaign, which released a statement explaining the motives behind the initiative.

'Let big corporations pay their fair share'

"As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity," the campaign said in a statement.

Remarking that Trump's tax plan is based on "Project 2025," they clarified that Harris' proposal is "a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share," the campaign added.

The corporate tax, defined as the tax borne by certain legal entities having earned income in a fiscal period, peaked at 52% in 1968 under the Lyndon Johnson administration. Years later it dropped to 48% under Richard Nixon, to 46% during the Jimmy Carter years and then to 34% during the Ronald Reagan administration.

Decades later came Trump's Jobs and Tax Cut Act, which dropped it considerably to 21%. Now, Harris is looking to raise it to 28%.