WASHINGTON: U.S. Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said on Monday.
Harris campaign spokesperson James Singer said the move would be part of “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
When Trump was president, he slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year. Trump has vowed to make the cuts permanent.
Changes to the U.S. tax code require approval by Congress. Democrats and Republicans are in a tight battle for control of the Senate and the House of Representatives, both up for grabs in the November 5 election.
Harris, a Democrat, has pledged to maintain President Joe Biden’s promise not to raise taxes on people who make $400,000 or less a year.
In an economic policy speech last week, Harris outlined proposals to cut taxes for most Americans, ban “price gouging” by grocers and build more affordable housing as part of the “opportunity economy” she plans to pursue if she wins the White House.
Meanwhile, President Joe Biden, forced to abandon his re-election bid, arrived in Chicago on Monday to urge fellow Democrats to unite behind Vice President Kamala Harris in the fight for the White House against Republican rival Donald Trump.
Democrats gathered for their national convention at United Center, home to Chicago’s basketball and hockey teams, while hundreds of protesters assembled at a nearby park to pressure the party to drop military support for Israel’s Gaza offensive.
Biden’s appearance to start the four-day event will serve as a symbolic passing of the torch to his No. 2 after he quit the race under pressure from top Democrats worried that the 81-year-old incumbent was too old to win or serve another four years.
Due to speak at 10:50 p.m. Eastern time (0250 GMT on Tuesday), Biden will portray the Republican former president as a threat to American democracy while touting the achievements of the Biden-Harris administration. Sources said Harris, 59, was likely to join Biden on stage.
Harris will formally accept the nomination on Thursday night with a highly anticipated speech. If elected on November 5, Harris would make U.S. history as the first female president.
Pro-Palestinian protests injected a note of uncertainty into what is otherwise likely to be a week of celebration while some on the party’s left flank remain angered over the Biden administration’s support for Israel’s actions in Gaza.
The protesters appeared unlikely to pressure Democrats to change. The party was due to vote on Monday on a 92-page policy platform that does not call for an arms embargo against Israel, a demand of pro-Palestinian groups. The United States approved $20 billion in additional arms sales to Israel on Tuesday.
Harris is heading into the convention riding a historic whirlwind: her campaign has broken records for fundraising, packed arenas with supporters, and turned opinion polls in some battleground states in Democrats’ favour.
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Kamala Harris is now leading Mr. Trump among likely voters in Arizona, 50 percent to 45 percent, and has even edged ahead of Mr. Trump in North Carolina — a state Trump won four years ago — while narrowing his lead significantly in Georgia and Nevada.https://t.co/WdAzKI5gGy pic.twitter.com/gQwcV0CQgP— Alexander Verbeek 🌍 (@Alex_Verbeek) August 17, 2024
Harris’ vice presidential running mate, Minnesota Governor Tim Walz, was greeted with chants of “We’re not going back” on Monday when he met with groups of delegates.
Democrats will also pay tribute on Monday night to their failed 2016 presidential candidate, Hillary Clinton, who is expected to speak before Biden. Other speakers will include Biden’s wife, Jill Biden, and his daughter Ashley Biden.
(REUTERS)
