Kamala Harris’ Latest Tax Hike: A Job-Killing Move Wrapped in Empty Promises
Vice President Kamala Harris is once again proving that the Democrat Party’s solution to everything is to hike taxes and grow government, no matter the cost to the American people. On the first day of the Democratic National Convention in Chicago, Harris’s campaign revealed her latest scheme: raising the corporate tax rate to 28%, up from the current 21%. This is just the first step in her radical agenda to fund her pie-in-the-sky campaign promises—an agenda that will hurt businesses, kill jobs, and send the economy into a tailspin.
The timing of this announcement is no coincidence. Just days after rolling out her so-called “four-part economic package”—a thinly veiled attempt to buy votes with promises of tax relief for the working and middle class—Harris is now scrambling to explain how she plans to pay for it all. The answer, unsurprisingly, is to stick it to American businesses, the same businesses that have been struggling to recover from the economic devastation caused by the Biden administration’s policies.
“As President, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” claimed her campaign spokesperson, James Singer. But let’s be clear: what Harris is really doing is doubling down on the failed policies that have stifled growth and driven inflation through the roof. By raising the corporate tax rate, Harris is signaling to every small business owner, entrepreneur, and job creator in the country that their success will be punished—not rewarded—in her America.
Harris’s proposal to hike the corporate tax rate to 28% is less than the 35% rate she pushed during her disastrous 2020 presidential campaign, but make no mistake—it’s still a massive increase. This would undo one of the most successful components of President Donald Trump’s 2017 Tax Cuts and Jobs Act, which slashed the corporate income tax rate from 35% to 21%. The results of that tax cut were undeniable: businesses invested in their workers, expanded operations, and drove the economy to new heights. But Harris and her fellow Democrats can’t stand the thought of letting Americans keep more of their hard-earned money, so they’re determined to reverse it.
According to the Committee for a Responsible Federal Budget, Harris’s corporate tax hike would reduce the deficit by $1 trillion over the next decade. But even that rosy projection falls short of the $1.7 trillion price tag attached to her economic package. In other words, Harris’s plan doesn’t even come close to balancing the books—she’s promising voters the moon and handing them the bill.
President Trump, by contrast, understands that you don’t grow an economy by taxing it to death. While Harris is busy concocting new ways to squeeze more money out of businesses, Trump is focused on cutting taxes further. He’s made it clear that he would like to see the corporate tax rate lowered to 15%, giving American companies the breathing room they need to compete on the global stage and continue creating jobs here at home. As Trump noted in a recent interview with Bloomberg Businessweek, getting the rate down that far would be challenging—but that’s a far cry from the job-crushing approach Harris is pushing.
Last Friday, Harris rolled out her so-called populist economic platform—a laundry list of unrealistic promises aimed at making housing, groceries, health care, and child-rearing more affordable. Central to her plan is the revival of the American Rescue Plan Act’s enhanced child tax credit, a temporary measure that Democrats are desperate to make permanent. Harris is also proposing a new $6,000 credit for children in their first year of life, another attempt to expand government dependency under the guise of helping struggling families.
But let’s be honest about what’s really happening here. Harris and her Democrat allies are pushing for massive new spending programs that the country simply cannot afford, all while demonizing businesses and the wealthy for daring to succeed. They’re willing to sacrifice American jobs and economic growth to score political points and appease their radical base. And as usual, it’s hardworking Americans who will pay the price.
Harris’s tax hike plan is just the latest example of the Democrats’ obsession with big government, higher taxes, and more control over our lives. It’s a blueprint for economic disaster, and it’s up to the American people to reject it before it’s too late.
