The Trump campaign has launched a new website, KamalaTaxIncrease.com, to highlight the potential tax hikes Americans could face if Vice President Kamala Harris is elected and the Trump-era tax cuts are allowed to expire. The website, based on data from the Tax Foundation, breaks down how much more residents in each state would pay annually in taxes without the 2017 Trump tax reforms. The campaign emphasizes that a Harris presidency would result in significant tax increases, especially for residents of states like California, Washington, and Florida, while Trump promises to make his tax cuts permanent if re-elected.
Key Facts:
– Kamala Harris voted against the 2017 Trump tax cuts and would let them expire if elected.
– The national average tax increase would be $2,580.57 annually if the tax cuts expire.
– Residents of blue states like California and Washington face some of the highest potential tax hikes, with increases of over $3,000.
– The Trump tax cuts reduced the top individual income tax bracket from 39.6% to 37% and nearly doubled the standard deduction.
– Trump pledges to make his tax cuts permanent if re-elected, while Harris plans to raise corporate tax rates.
The Rest of The Story:
In an effort to highlight the financial consequences of a potential Kamala Harris presidency, the Trump campaign’s new website provides a state-by-state breakdown of how much more Americans would pay in taxes if the 2017 tax cuts expire. The website, KamalaTaxIncrease.com, uses data from the Tax Foundation, a D.C.-based think tank, to show the stark financial hit most Americans would experience. For example, the site reveals that residents in California could pay an additional $3,360 annually, while those in Washington state could see a hike of $4,375. The national average increase sits at $2,580.57.
The website also takes aim at Harris’s proposed tax policies, which include raising the corporate tax rate from 21% to 28% and increasing small business tax deductions. Harris has pledged not to raise taxes on those earning under $400,000, but the Trump campaign argues her policies would still have a broad economic impact. According to Karoline Leavitt, the Trump campaign’s national press secretary, Harris’s tax policies would leave voters with “higher taxes and less money in their pockets.”
Trump, meanwhile, has vowed to make the 2017 tax cuts permanent. He touts his reforms as a major win for the American middle class and small businesses, emphasizing that under his presidency, Americans can expect “the biggest tax cut” ever.
Commentary:
A Kamala Harris presidency would be disastrous for the U.S. economy. Her commitment to letting the Trump tax cuts expire and raising corporate taxes would effectively be a continuation of Bidenomics on steroids.
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The tax burden would shift heavily onto middle-class Americans and small businesses, stifling economic growth and reducing take-home pay. By increasing taxes on businesses, Harris would undoubtedly slow job creation and hinder American competitiveness in the global market.
Bidenomics has already led to inflation and economic uncertainty, and a Harris administration would only exacerbate these issues. Rather than embracing pro-growth policies, she seems intent on reversing them, which could trigger a broader economic downturn. The 2017 Trump tax cuts were a much-needed boost to the economy, and their expiration under Harris would be a massive setback.
The Bottom Line:
The Trump campaign’s new website underscores the significant tax hikes Americans could face if Kamala Harris is elected and allows the Trump tax cuts to expire. While Harris has pledged not to raise taxes on those earning under $400,000, her broader tax policy would still have serious economic consequences.
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On the other hand, Trump is positioning himself as the candidate who will continue to lower taxes and spur economic growth. The 2024 election will likely be a pivotal moment for U.S. tax policy, with significant consequences for individuals and businesses alike.
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