Kamala Harris is pledging to undo much of former President Donald J. Trump‘s tax cuts, including enacting her own proposal to raise the U.S. corporate tax rate to 28 percent. An increase in the corporate rate to 28 percent would put the United States on par with the average corporate tax rate among the economically struggling nations of Africa—with the continental average sitting at 27.37 percent. Meanwhile, the current North American average rate is 25.46 percent, while the comparable corporate rates in Europe and Asia sit at 19.92 percent and 19.80 percent, respectively.
In an interview with NBC News, James Singer—a spokesman for the Harris campaign—claimed the plan 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.” However, economists note that the higher rate would put the U.S. at a disadvantage to comparable nations around the globe in terms of tax competitiveness.
The announcement by the Harris campaign marks just the latest economic proposal to raise eyebrows and concerns among economists and America’s business class. Last week, Harris rolled out a plan to enact price controls on groceries, which was widely panned as dangerous and irresponsible—even by the ostensible Harris campaign allies in the corporate media.
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