Vice President Kamala Harris accepted her party’s presidential nomination on the final night of the Democratic National Convention in Chicago. She vowed to be president for “all Americans,” while describing the November election as the “most important in the life of our nation.”
She detailed why she believes another Donald Trump presidency would have “extremely serious” consequences while promising a tax cut for the middle class, border security and to restore reproductive rights.
Historic nomination: Harris is the first Black woman and first Asian American to lead a major-party ticket. If elected, she would be the first woman and Indian American president.
Harris on Trump giving tax breaks to the wealthy
Vice President Kamala Harris on Thursday said former President Donald Trump fights for the wealthy, not the middle class.
Facts First: Harris is referring to Trump’s vow to extend the provisions of his 2017 Tax Cuts and Jobs Act that expire next year. Her claim is mostly true, though extending the provisions would also help Americans who are not wealthy.
The 2017 Tax Cuts and Jobs Act, one of Trump’s key achievements in office, reduced taxes for most people, though the rich benefited far more than others. If the expiring provisions are made permanent, the highest-income households would receive more than 45% of the benefits, according to a July analysis by the Urban-Brookings Tax Policy Center.
If the law’s provisions are made permanent, households making at least $450,000 – roughly the top 5% – would be the biggest winners, the analysis found. They would see their after-tax income increase by 3.2%. For those in the top 1%, who make at least $1 million, that boost equates to a tax cut of about $70,000, on average, in 2027.
Middle-income households earning between roughly $65,000 and $116,000, on the other hand, would receive a tax cut of about $1,000, or 1.3% of their income, the analysis found.
Overall, extending the 2017 tax law provisions would reduce taxes for about three-quarters of households but hike them by about 10%, according to the analysis.
As for the impact on the national debt, extending the individual income and estate tax cuts, extending or maintaining some of the law’s corporate tax changes, and taking interest into account would increase the deficit by more than $4.6 trillion over a decade, according to the Congressional Budget Office.
CNN
