According to Americans for Tax Reform (ATR), Democrat presidential nominee Vice President Kamala Harris’s economic plan would raise taxes by $5 trillion over the next decade.
On Monday, Harris’s campaign unveiled a massive economic package that aims to reverse former President Donald Trump’s tax cuts. The campaign argues that this plan is “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
Trump’s Tax Cuts and Jobs Act reduced the corporate tax rate from 35% to 21%, lowered income tax rates, and doubled the standard deduction.
Harris aims to increase the corporate tax rate to 28%, claiming that it would cut the deficit by $1 trillion over the next decade.
Harris also pledged to honor President Joe Biden’s promise not to raise taxes on individuals earning $400,000 or less per year. However, despite this assurance, the Biden-Harris administration has ramped up Internal Revenue Service (IRS) enforcement, which is projected to extract $20 billion from working-class Americans.
Harris’s economic proposal includes raising the capital gains and dividends tax to 44.6%, more than double China’s rate. For comparison, China has a capital gains tax of 20%.
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