Harris ties her own hands with $400,000 tax pledge
By
Haisten Willis
August 15, 2024 6:00 am
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Congress faces a major “tax cliff” in 2025 with the expiration of the individual components of the 2017 Tax Cuts and Jobs Act, otherwise known as the Trump tax cuts. This year’s elections will largely determine the fate of trillions of dollars in tax cuts and the course of policy for years to come. At stake are individual tax rates, the doubled standard deduction, the enlarged child tax credit, the new tax break for businesses that file as individuals, and the increased exemptions for the estate tax. The Washington Examiner is featuring a series this week on key considerations for this major tax battle. Read Part 1, Part 2, and Part 3. This final story covers Vice President Kamala Harris’s pledge not to raise taxes on those making under $400,000 a year.Vice President Kamala Harris, who hasn’t released a detailed economic plan, would have to thread the needle between a pair of seemingly contradictory tax pledges if she wins the election.
Her campaign says she’s keeping President Joe Biden‘s promise not to raise taxes on anyone making under $400,000. However, she also appears to be keeping Biden’s promise to let the 2017 Trump tax cuts “stay expired” when portions of the law lapse next year.
That expiration would raise taxes on middle-income earners in the absence of new legislation. The 2017 overhaul included lower tax rates, an enlarged child tax credit, a doubled standard deduction, and many other provisions that, on balance, cut taxes for people below the $400,000 threshold.
“We believe in a future where every person has the opportunity not just to get by but to get ahead,” Harris said at a Wisconsin campaign rally in late July. “Building up the middle class will be a defining goal of my presidency.”
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https://www.washingtonexaminer.com/news/white-house/3115079/harris-ties-her-own-hands-with-400000-tax-pledge/
