6 Kamala Harris Tax Reforms We Avoided by Choosing Trump

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.