Staff Reports
Kamala Harris is currently entangled in a bit of a political pickle, and it’s one of her own making. The Vice President has been on a relentless crusade against former President Donald Trump’s tax cuts, branding them as a lavish giveaway to the rich that would swell the deficit. Ironically, in a twist worthy of a sitcom plot, she finds herself supporting the very tax cuts she loves to vilify, particularly for those earning under $400,000.
During a recent debate, Harris spotlighted Trump’s plan, criticizing it for being a “tax cut for billionaires and big corporations” that supposedly would blow a $5 trillion hole in the budget. However, the Vice President has conveniently overlooked the fact that if the individual provisions of the 2017 Tax Cuts and Jobs Act expire as scheduled, it is middle-class workers who could see a tax increase. In a bid to prevent that unwanted outcome, she would need to keep the provisions intact, which would reportedly add to the deficit – the same issue she has attributed to Trump.
Washington Examiner: Harris faces conundrum in trashing Trump tax cuts https://t.co/2uBM3tKZR4
— Ian’s Newsfeed 🇺🇸🇺🇸 (@IanHNewsFeed) September 13, 2024
The price tag associated with extending these tax cuts for the working class is staggering; estimates suggest it could soar to between $2 trillion and $3 trillion in lost revenue. Surprisingly, Harris’s campaign seems to be as tight-lipped about how they’ll cover this budgetary shortfall as a squirrel hiding its acorns. Without a concrete plan, it seems clear that Harris is aiming to have her cake and eat it too, a feat that is typically reserved for budgetary magicians.
To add to the plot twists, Harris has welcomed a number of tax initiatives championed by President Biden. These include a nudge to raise the corporate tax rate from the 21% set by Trump to a whopping 28% and an audacious proposal to tax unrealized capital gains on the ultra-wealthy. Now, it’s important to remember that Harris has a penchant for announcing tax cuts as well; for instance, she supports abolishing taxes for tipped workers and a generous $6,000 tax credit for new parents. Those sound like great ideas, but they also come with the notable catch of necessitating even more tax revenue to fund them.
Economic experts are beginning to scratch their heads over this tax conundrum. One economist pointed out that Harris’s additional proposed tax cuts could significantly drain the government’s coffers, further complicating an already complex tax landscape. With the impending expiration of the Trump tax cuts, next year promises to be explosive for lawmakers, who will be scrambling to determine what, if anything, they will hold onto from the 2017 tax changes.
This increasingly tangled web of support and opposition raises eyebrows and makes one wonder if Harris truly believes the concoction she’s stirring up. Could this be the ultimate display of political gymnastics, or just another example of those at the upper echelons of power trying to have it both ways? Only time will tell, but one thing remains certain: the tax conversation in Washington is far from over.
