More taxes on businesses?
Harris was also looking to repeal the TCJA, which would’ve kicked the corporate income tax rate back up to 35%. That was considerably higher than the 28% rate Biden proposed.
The new democratic candidate also supported ending foreign tax shelters by taxing offshore corporate income at the same rate as domestic corporate income. Her climate change plan called for a carbon tax and eliminating tax breaks for the fossil fuel enterprise.
But she backed extending and expanding renewable and clean-energy tax credits, especially for energy storage and other supportive infrastructure.
Kamala also wanted a new 100% tax on pharmaceutical company profits made from “abusive” drug costs, and she wished to take away the drug companies’ deduction for advertising expenses.
Here’s how Kamala Harris feels about taxing the wealthy
Even though the Kamala Harris tax reforms in the past didn’t focus on pummeling the rich, she certainly DID have some proposals to raise taxes on wealthier Americans.
Repealing the TCJA, which Harris has called for, would push the highest individual income tax rate back up to 39.6%; it’s currently at 37%. It would also reimpose limits on itemized deductions if your adjusted gross income exceeded a specific amount.
The estate tax exemption would also have decreased from $11.58 million to around $5.5 million, which means more estates would be subject to taxation.
Ironically, the tax reform act’s $10,000 limit on deductions for state and local taxes would’ve also been eradicated, mainly benefiting wealthy people.
Beyond ditching the TCJA, a few other proposals on the current Democratic runner’s wish list would increase taxes for higher-income people. For example, she supported a plan to hit households making over $100,000 with an additional 4% income-based premium.
She would, however, set a higher income threshold for families living in high-cost areas. Taxing capital gains at an identical rate as ordinary income is something she supported, as well. Kamala also guarantees workers up to six months of paid family and medical leave.
She wanted to impose additional payroll taxes on families making $100,000 or more to cover the costs of her paid family and medical leave plan. Harris also called for a financial transaction tax.
Under this Kamala Harris tax reform, there would’ve been a 0.1% tax on bond trades, a 0.2% tax on stock trades, and a 0.002% tax on derivative transactions.
Most if these discounts do not apply to seniors that are not home owners , the bath jscyzxu makeover also does bit apply if you don’t own a home.
Basically we don’t make the $2,000 whatever the exact range was
And still struggle to choose over paying rent, electricity , medicine
And sometimes food. So in reality what’s so great about these discounts the majority of us are not getting
Nor are we getting extra in our checks. Right now there’s meds my insurance doesn’t cover my health isn’t
The greatest therefore I need my meds. And within the last two months between electricity which is importante due to chronic asthma and sarcoidosis. I need my ac on. And now a new desease which is out of my hands and has become out of control. I’ve had to my np children for help because I don’t have the extra cash to pay for my meds. And I have to have these meds. So what can I do. I am elderly and in a fixed income. Yet I need my meds and I need the electricity first if all for my nebulizar treatments and with this weather that exacerbates my Asthma and my Sarcoidosis which also a lung desease. I would love to get some answers please. Hopefully this won’t be another email not read. Which brings me and many others to square one. AGAIN.
I’m just wondering where will the money for all her promises come from? How much more will it add to the federal deficit? Is she going to continue to send money to Ukraine without any accounting from them and will she be getting biden’s 10% cut now?
Is she going to get rid of the odious double taxation of US citizens living abroad. She should abolish citizenship based taxation, which is basically taxation without representation. What would the founding fathers say!! The USA is the only country in the world apart from Eritrea that imposes this awful burden on its expat citizens. It’s a disgrace.
I think it looks pretty good, lets go Kamala!!!!!!!
Balderdash, she is just blowing Biden’s smoke.