US corporate tax: Harris proposes raising rate to 28% to help pay for campaign promises
CNN
Kamala Harris Proposes $50K Small Business Tax Deduction
Above: US Vice Pres. Kamala Harris speaks at a campaign rally at the Enmarket Arena Aug. 29, 2024 in Savannah, Georgia. Image copyright: Win McNamee/Staff/Getty Images News via Getty Images
The Spin
Democratic narrative
Kamala Harris faces a tough challenge in winning over small business owners, who mostly lean toward supporting another Trump administration. In that context, her decision to champion tax breaks benefiting small businesses is bold, as is her promise to cut red tape. By addressing these concerns, Harris can appeal to entrepreneurs who feel overlooked.
Republican narrative
Kamala Harris' promised tax plan for small businesses comes against the backdrop of another proposal to hike corporate tax, which could have significant negative effects on small businesses besides the broader economy. Small businesses that rely on larger corporations could be badly hit. In contrast, Trump's proposed tax relief could boost earnings, making Harris's plan appear detrimental by comparison.