What about that $400,000 Pledge?
President Biden has consistently pledged that he would not increase taxes on households earning under $400,000, which dates to his 2020 campaign.
The pledge heavily guided the design of Biden’s tax proposals in his annual budgets, the Build Back Better Act in Congress, and the Inflation Reduction Act signed into law in 2022.
While Harris has made supportive comments about that pledge as Vice President, her boost to Democratic nominee is an opportunity to rethink the idea. The pledge has several tax policy weaknesses, including:
1. It would’ve decreased policymakers’ options to reform the tax code and increase offsets, limiting tax increases to approximately 2% of the population.
2. The pledge would’ve increased the tax code’s complexity by requiring policymakers to devise ideas about not raising taxes on most American households.
3. Vital details of the pledge remained inconsistent and unanswered, like the lack of adjustment for inflation.
By ditching this tax pledge, Harris could’ve considered more expansive policy options that are more consistent with sound tax policy, like eliminating tax expenditures to offset pro-growth tax changes related to the 2025 individual tax expirations. Besides creating options for a more rational tax policy, stepping away from the pledge would increase honesty with the American public that policy changes to rectify our inefficient tax code and dire spending situation will require alterations beyond the top 2% of revenue earners.
We like hearing from our readers. What are YOUR views regarding these Kamala Harris tax reforms? Be sure to let us know in the comments section.
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And if you liked this article on Kamala Harris tax reforms, we highly recommend you also read: Avoiding Election Scams: 5 Important Things Seniors Should Know
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.