Vice President Kamala Harris's proposed tax plan would reverse the Trump tax cuts, hike taxes on businesses, and expand welfare programs, leading to a weaker economy, fewer jobs, and higher costs for Americans.
If elected president, Vice President Kamala Harris would wield her power to dismantle former President Donald Trump's 2017 tax cuts and unleash a torrent of higher taxes that would cripple the economy, destroy jobs, and escalate government dependency. Her tax agenda stands as a testament to her disdain for the principles of economic growth and individual liberty.
At the heart of Harris's plan lies her intention to allow the expiration of the personal and small business tax cuts enacted by the Trump administration. This misguided move would saddle American taxpayers with an average increase of $1,100 in federal income taxes, while simultaneously diminishing their after-tax income across all income levels. The burden would fall most heavily on working-class families, with a household of four earning the median income facing a tax hike of $1,500.
The Harris Tax Agenda: A Blueprint for Economic Disaster
Compounding the misery, the expiration of these tax cuts would trigger the loss of nearly 2 million full-time jobs. Small businesses, which have relied on the 20% pass-through deduction to fuel growth, would be forced to shrink or close their doors, devastating communities and undermining economic prospects.
Faced with political pressure, Harris may partially preserve some of the Trump tax cuts, but only at a steep cost. She has hinted at implementing a wealth tax or raising the corporate tax rate from 21% to 28%, a move that would inflict further damage on businesses and stifle job creation. Raising corporate taxes, despite Harris's claims, would ultimately hurt working Americans by cutting wages, killing jobs, and escalating prices.
The Harris Tax Agenda: A Blueprint for Economic Disaster
With the billions of dollars she would raise through higher taxes, Harris has unveiled her intention to expand the Child Tax Credit permanently and extend it to include a $6,000 check for families with newborns. This scheme, disguised as a measure to support families, is in reality an attack on work. Harris seeks to transform the credit into a monthly cash subsidy that would discourage recipients from seeking employment, as evidenced by a 2021 study that showed the expanded Child Tax Credit combined with other federal handouts paid more than the median wage, disincentivizing work.
By pushing even more parents out of the workforce and onto permanent welfare, Harris's doubly expanded credit would perpetuate a vicious cycle, weakening the economy, reducing tax revenue, and exacerbating the need for government handouts.
The Harris Tax Agenda: A Blueprint for Economic Disaster
In the Harris economy, Americans would face higher taxes, lower wages, fewer jobs, and a relentless erosion of economic growth. Her backward-looking policies would undermine the prosperity that Americans have come to expect and stifle the potential of generations to come. Instead of "moving forward," Harris would inevitably drag our economy into the abyss of decline and stagnation.
