Kamala Harris Vows to 'Get Rid' of Trump's Tax Cuts if Biden Wins
Biden's running mate promises to raise taxes
Sen. Kamala Harris (D-CA) promised that she and former Democratic presidential candidate Joe Biden’s “first order of business” will be to get rid of President Donald Trump's tax cuts if their ticket wins the election.
During a campaign stop in McAllen, Texas, Harris received cheers for announcing she will be raising taxes.
“I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” she said.
Trump's tax cuts, known as the Tax Cuts and Jobs Act of 2017 (TCJA), were a Godsend to the middle class.
Trump's cuts doubled the standard deduction for singles from $6,350 in 2017 to $12,000 in 2018.
The cuts almost doubled the standard deduction for married couples from $12,700 to $24,400.
Meanwhile, it bumped up the child tax credit from $1,000 in 2017 to $2,000 in 2018.
Harris's promised to get rid of these tax cuts will slash the deductions on working people and families almost in half.
"Joe Biden and I are about to work to get rid of that tax cut," Kamala Harris tells Hispanic Americans. pic.twitter.com/BT9sTqsDfK— Trump War Room - Text TRUMP to 88022 (@TrumpWarRoom) October 30, 2020
The TCJA raised taxes on the rich by capping the wealthy’s capacity to deduct their state and local taxes from reported federal income to just $10,000.
In the past, the wealthy were able to deduct every penny of the local and state taxes from their federal income.
The deduction was unlimited, meaning whatever the wealthy paid in local taxes was deducted, so they paid no federal income tax on that amount.
But Biden and Harris have mischaracterized the TCJA as only helping the wealthy.
They also claimed they would not raise taxes, but their plan to eliminate the TCJA will raise middle-class taxes.
Earleir this year, Trump said he would delay the payroll tax until the end of 2020 by using an executive order.
The president stated the tax would continue to be deferred until the end of 2020 and would likely be retroactive from July 1.
Trump added that the payroll tax break could be extended by the end of 2020.
“Hopefully, I’ll be here to do the job,” Trump said, hinting he will still be president after the election.