Vice President Kamala Harris, the Democratic presidential candidate, continued her economic policy agenda this week, proposing to raise the U.S. corporate tax rate to 28%.

NBC News reported on Monday:

Harris’ campaign spokesman James Singer told NBC News that she would support a 28 percent corporate tax rate, calling it a “fiscally responsible way to put money back in the pockets of working people and ensure that billionaires and big corporations pay their fair share.”

“As president, Kamala Harris will focus on creating an economy of opportunity for the middle class that strengthens their economic security, stability and dignity,” Singer wrote in an email.

If implemented, this measure could raise hundreds of billions of dollars. The nonpartisan Congressional Budget Office has predicted that a one percentage point increase in the corporate tax rate would amount to about $100 billion over a ten-year period.

Although the 28% corporate tax rate is lower than Harris’s during her unsuccessful presidential bid four years ago, it is in line with the budget proposed by the Biden administration in March, Quartz reported.

The Trump administration’s 2017 Tax Cuts and Jobs Act cut the corporate tax rate from 35% to the current 21% – a move praised by CEOs across industries, including JPMorgan Chase CEO Jamie Dimon. The law expires in 2025.

At a meeting with the CEOs of the largest U.S. companies in June, former President and Republican presidential candidate Donald Trump pledged to cut the corporate tax rate to 20 percent. He also promised to make the cuts in his tax law permanent and to renew tax breaks for individuals and small businesses.

Last week, Harris unveiled a series of economic policy proposals, including a plan to give young parents a $6,000 child tax credit, reinstate the child tax credit from the 2021 reconciliation bill, and expand the earned income tax credit for many taxpayers without children.

Harris is expected to be officially nominated as the presidential candidate at the Democratic National Convention in Chicago this week.

With Tribune News Wire Services