Kamala Harris tweeted on Saturday that if elected, she would “reverse” the Tax Cuts and Jobs Act.
“Working families have been left behind, while those at the top have reaped the benefits. When elected, I will reverse Trump’s trillion-dollar tax scam and put money back in the pockets of middle-class families,” Harris tweeted.
Since the start of her campaign, she’s called for repealing the Tax Cuts and Jobs Act at least eleven times.
“On day one, it is my full intention to repeal that tax bill that passed, representing the top one percent and the biggest corporations in America,” Harris said during a campaign stop in Davenport, Iowa on July 16.
Harris’s promise to repeal the tax cuts is a promise to raise taxes. If Harris repealed the tax cuts, the following would happen:
- 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.
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.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: “Most people got a tax cut.”
- CNN’s Jake Tapper did his own fact check and concluded: “The facts are, most Americans got a tax cut.”
- CNN’s Jake Tapper also stated: “In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut.”
- FactCheck.org stated: “Most people got some kind of tax cut in 2018 as a result of the law.”
- FactCheck.org also stated: “The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.”
- 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.”