Vice President Kamala Harris pledges that if she wins next month, under her administration “the super wealthy and large corporations will pay their fair share.” But nonpartisan congressional analysts said Friday that such campaign plans are unlikely to generate the amount of revenue the Biden-Harris administration previously estimated.
The Harris campaign has said it endorses much of President Joe Biden’s plans for raising taxes that he outlined in the fiscal 2025 budget request submitted to Capitol Hill in March, with some recent changes. That plan contained an advertised $4.9 trillion worth of tax increases over a decade that would impact corporations and upper-income households, defined as those earning above $400,000 annually.
But the Joint Committee on Taxation, in conjunction with the Congressional Budget Office, conducted its own analysis that found that several key tax proposals in the Biden budget plan would generate $1.1 trillion less in revenue over a decade than the White House budget office and Treasury Department had forecast.
