The Globe and Mail reports in its Friday edition that U.S. Vice-President and Democratic presidential candidate Kamala Harris's proposed corporate tax hike ahead of the November elections could lower earnings for companies on the S&P 500 index by about 5 per cent, according Goldman Sachs analysts. A Reuters dispatch to The Globe reports that Ms. Harris has proposed raising the corporate tax rate to 28 per cent from 21 per cent and ensure "big corporations pay their fair share," if she wins the election against Donald Trump. Goldman estimated that at a 28-per-cent taxation rate earnings of S&P 500 companies would take a 5 per cent hit. Adding taxation of foreign income and an increase in the alternative minimum tax rate to 21 per cent from 15 per cent could cut earnings by as much as 8 per cent, the analysts said. On the other hand, Mr. Trump's proposed relief on the federal statutory domestic corporate tax rate to 15 per cent from the current 21 per cent would "arithmetically" boost S&P 500 earnings by about 4 per cent. Goldman said, "The current U.S. statutory corporate tax rate on domestic income is 26 per cent, but the total effective tax rate paid by the typical S&P 500 company is 19 per cent."