What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far
What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far
The vice president supports the tax increases proposed by the Biden White House, according to her campaign.
No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers.
Year Top Marginal Tax Rate Congress President
1980 70.00% 🟦 Jimmy Carter
1981 69.13% (🟦🟥) Ronald Reagan
1982 50.00% (🟦🟥) Ronald Reagan
1983 50.00% (🟦🟥) Ronald Reagan
1984 50.00% (🟦🟥) Ronald Reagan
1985 50.00% (🟦🟥) Ronald Reagan
1986 50.00% (🟦🟥) Ronald Reagan
1987 38.50% 🟦 Ronald Reagan
1988 28.00% 🟦 Ronald Reagan
1989 28.00% 🟦 George H.W. Bush
1990 28.00% 🟦 George H.W. Bush
1991 31.00% 🟦 George H.W. Bush
1992 31.00% 🟦 George H.W. Bush
1993 39.60% 🟦 Bill Clinton
1994 39.60% 🟦 Bill Clinton
1995 39.60% 🟥 Bill Clinton
1996 39.60% 🟥 Bill Clinton
1997 39.60% 🟥 Bill Clinton
1998 39.60% 🟥 Bill Clinton
1999 39.60% 🟥 Bill Clinton
2000 39.60% 🟥 Bill Clinton
2001 39.10% 🟥 George W. Bush
2002 38.60% 🟥 George W. Bush
2003 35.00% 🟥 George W. Bush
2004 35.00% 🟥 George W. Bush
2005 35.00% 🟥 George W. Bush
2006 35.00% 🟥 George W. Bush
2007 35.00% 🟦 George W. Bush
2008 35.00% 🟦 George W. Bush
2009 35.00% 🟦 Barack Obama
2010 35.00% 🟦 Barack Obama
2011 35.00% (🟦🟥) Barack Obama
2012 35.00% (🟦🟥) Barack Obama
2013 39.60% (🟦🟥) Barack Obama
2014 39.60% (🟦🟥) Barack Obama
2015 39.60% 🟥 Barack Obama
2016 39.60% 🟥 Barack Obama
2017 39.60% 🟥 Donald Trump
2018 37.00% 🟥 Donald Trump
2019 37.00% (🟦🟥) Donald Trump
2020 37.00% (🟦🟥) Donald Trump
2021 37.00% (🟦🟥) Joe Biden
2022 37.00% (🟦🟥) Joe Biden
2023 37.00% (🟦🟥) Joe Biden
KEY [Congressional Control: Democrat🟦 Republican🟥 Split(🟦🟥)] [President: Republican Democrat]
shamelessly copied from a reddit comment - sue me
Great visuals!
Looks like Reagan did a good job…
People really want to believe that her plan is terrible and would make regular people like them suffer more and pay more and it would destroy the middle class and aren’t we suffering enough! When it’s clearly only increased taxes for the very wealthy. It’s like their bias against democrats takes away reading comprehension.
I was told there's no difference between Harris and Trump though
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would see their taxes go up under the plan
That's still a problem, we need our taxes to go down.
Strong disagree... it's a problem because we need our taxes to go up so that we can actually fund public services without going into deeper debt. I'm cool with everyone under 80k not seeing a tax increase but the rest of us are paying unrealistically low taxes.
I’d like to see people making 50k and under pay 0 in tax, but still get tax breaks in the form of refunds, and have those who make 400k+ and businesses make up the entirety of the lack. (Assuming we can’t do UBI for whatever conservative bullshit reason)
It’s much easier to do that way than the way we are doing it now with taking from people who have next to nothing to spare..
Federal taxes do not fuel government spending.
Way to miss the forest for the trees. Though you probably figured no one should bother to read the article:
The expiring measures included a broader standard deduction, lower marginal income rates for many Americans, and a generous deduction for owners of many closely-held businesses. The White House tax plan states that Americans making less than $400,000 should not see tax increases in a deal. That means that Ms. Harris wants to extend much of the Tax Cuts and Jobs Act, her Republican rival’s signature legislative accomplishment.
If we stopped spending extreme amounts on military operations unrelated to the US then we would be able to lower our taxes easily.
We also subsidize a lot of healthcare insurance companies so moving towards universal healthcare would ALSO lower our taxes Source
(Here's a yale study showing that it would save Americans $450 Billion per year: Yale study)
Personally, I'm in favor of doing both of those but keeping our taxes exactly the same so we can use the extra money to either repay the national debt or fund a robust social services system that would give us significantly better living conditions overall (such as free lunches for kids in school and easy government assistance on housing).
Keeping taxes the same wouldnt result in repaying the debt, Or impacting social service system that will lead to better living conditions. It will still go into pockets of capitalists.