Kamala Harris has proposed a major corporate tax hike, a move that would reverse the cuts implemented by the Trump administration. This suggests an effort to increase revenue from businesses to fund public services, mitigating the effects of income inequality, or to reduce the federal budget deficit. The Trump era tax cuts, implemented in 2017, reduced the corporate tax rate from 35% to 21%. Harris’s proposal would result in a significant increase in this rate, although the specific percentage has not been specified. Critics of this move argue it could reduce business investment and growth, while proponents believe it could help address wealth disparities and provide essential public services.
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