Do your homework before you report the news. Kamala Harris's tax plan, based on her previous positions and general economic policy goals, tends to align with progressive tax reforms aimed at addressing income inequality and supporting middle- and low-income households. Here’s a summary of key elements that have appeared in her proposals and statements:
1. Middle-Class Tax Cuts
Targeting Middle and Low-Income Earners: Harris has often advocated for tax relief for working-class families. During her campaign, she supported tax credits for families making under $100,000 annually. For example, one of her proposals included a significant expansion of the Earned Income Tax Credit (EITC).
LIFT Act Proposal: Harris introduced the "LIFT the Middle-Class Act," which aimed to provide a refundable tax credit of up to $6,000 a year for middle-class families. This credit could be seen as a direct way to provide tax relief to families who need it the most.
2. Reversal of Trump-Era Tax Cuts
Taxing Wealthier Americans and Corporations: Harris has supported repealing parts of the Tax Cuts and Jobs Act (2017), especially provisions that reduced taxes for the wealthy and corporations. Her stance indicates that she would increase the top marginal tax rate and corporate tax rate to raise revenue for public programs.
Increasing Capital Gains Taxes: Another focus of Harris’s tax policy is equalizing the taxation of income and capital gains for the wealthy. This would result in higher taxes on investment income for the wealthiest Americans.
3. Corporate Tax Reforms
Closing Corporate Loopholes: Like other Democrats, Harris has pointed to corporate tax loopholes as a major source of lost revenue. Closing these loopholes would ensure that multinational corporations, particularly those that move profits offshore, contribute more to government revenue.
Higher Corporate Tax Rate: Harris is in favor of increasing the corporate tax rate, which had been lowered to 21% under the Trump administration. Raising this tax rate would be a means of financing public services and reducing inequality.
4. Green Energy and Climate-Focused Taxes
Carbon Taxes and Green Investments: Harris supports increasing investment in renewable energy and could propose taxes on carbon emissions to fund climate initiatives. This tax would also incentivize corporations to reduce their carbon footprint while generating revenue for clean energy projects.
5. Healthcare Funding
Medicare for All Funding: Harris, during the Democratic primaries, expressed support for a version of Medicare for All, which would require significant public funding. While she didn’t propose a specific tax plan for this in detail, it would likely involve higher taxes on corporations and wealthy individuals to cover the expanded healthcare costs.
@RodCornholio Says:
Mediocre, more-of-the-same...at best. The U.S. economy doesn't need CPR. It needs defibrillators. A clue: _more freedom_ .
@AbiramMartinez Says:
Kamala Harris has never presented me with a solid and consistent economic plan.
I will not vote for her. I think we need economics more than ideology.
@CalebKalli Says:
Meanwhile didnt do shit but destroy the country for the past 3 years😂
@rmohr6764 Says:
🇺🇸She'll have Economic "Drag Queens" for the adults & their children . . ..???🇺🇸??like she had reading Stories to little kids 🇺🇸?????????
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