Kamala Harris repeated her threat to repeal the Tax Cuts and Jobs Act “on Day One” if she became president, during a campaign stop in New Hampshire on Wednesday.
“On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,” Harris said. [Click here for video]
While Harris was speaking at a NAACP fundraiser last week, she threatened to “get rid of the whole thing,” if elected president.
A promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:
- A family of four earning the median income of $73,000 would see a $2,000 tax increase.
- A single parent (with one child) making $41,000 would see a $1,300 tax increase.
- Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.
- Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
- Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
- The USA would have the highest corporate income tax rate in the developed world.
- Taxes would rise in every state and every congressional district.
- The Death Tax would ensnare more families and businesses.
- The AMT would snap back to hit millions of households.
- Millions of households would see their child tax credit cut in half.
- Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
As noted by the New York Times: “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
The Washington Post also stated: “Most Americans received a tax cut.”
More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”
In Harris’s home state of California, the report found that residents received a 27.1% reduction in their taxes, on average. In the state where Harris made the tax hike threat – New Hampshire – residents received a 25.2 percent tax cut on average.
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