During Kamala Harris’s Campaign, she presented her thoughts on the increased taxes. Harris has made the statement that she is following Biden’s economic strategy and properly supports it. According to this Harris has announced that after getting elected she is going to increase the taxation that can increase the burden on people. However, Kamala Harris’s $5 Trillion Tax Plan statement includes that people who are earning more will need to pay more. She includes all the higher-earning people to charge higher taxes that can increase the overall federal tax that is responsible for the country’s growth and development.
USA Vice President Kamala Harris presented her statement which can backfire if not presented or explained in detail. Therefore, the Democratic Party needs to share detailed information to support Biden’s Tax Strategy properly. This statement can catch people attention and influence them to vote for them.
Kamala Harris’s $5 Trillion Tax Plan So Far
Political campaigns are going on and leaders are presenting their plans to attract voters to get higher votes to get a majority. American Vice President Kamala Harris has presented her thoughts on Harris’s $5 Trillion Tax Plan. She shared her thoughts that after winning, they are increasing the taxes for corporations. This act contributes in increasing federal revenue collection. This collection can be used to provide different services and increase the overall country’s economy.
Initially, she stated that she support Biden’s Taxation System that includes higher taxes for people for higher revenue generation. This statement can grab people’s attention which can be a plus point. However, people who listen only to the main statement can cause backfire. Therefore, Harris explained it more precisely.
$5 Trillion Harris’s Tax Plan- Overview
| Article On | Kamala Harris’s $5 Trillion Tax Plan So Far |
| Country | United States of America |
| Department | USA Government |
| Affecting people | Citizen of USA |
| Tax Amount | $5 Trillion |
| Official Website | Kamala Harris (USA Vice President) |
Kamala Harris’s statement on the $5 Trillion Tax
Vice President Kamala Harris has presented the statement that they have increased taxes by $5 trillion over a decade. She added that the federal government can increase the revenue by adopting a tax increase by President Biden. Harris stated that she supports the tax hikes that can increase the overall federal budget prepared by the Biden administration.
According to Harris, people are making more than $400,000 annually which can support them to pay higher taxes without financial issues. Therefore, Ms. Harris is looking to increase the taxes on the people who come under the wealthiest Americans including large corporations. It presents Harris’s beliefs to increase the tax for the corporation which can help to generate higher revenue and support the economy.
According to Harris, next president will need to pay attention and work with Congress. It needs to done to address the tax cuts law approved by the Donald Trump in year 2017. However, many of the tax cuts are going to expire after 2025. This means millions of people will need to pay more in taxes which can affect their overall budget.
Biden’s Taxation Strategy
Harris has included Biden’s Taxation Strategy which includes that people with higher wealth need to pay as tax. It contributes to increase federal revenue over the year. This can increase the overall tax collection and can be used to provide different services and financial support to people who require it. Harris’s $5 Trillion Tax is the result of this taxation that can increase when this taxation is incorporated further.
Therefore, Harris made the statement that people earning $400,000 or higher will need to pay more tax. However, people earning lower the limit will not get any changes in the present taxation. This statement has provided some relief among low-income people and created controversy among wealthier people.
Higher tax on big companies
According to Harris’s explanation for the $5 Trillion Harris Tax, it includes that big companies were provided some taxation relief by Donald Trump, which led to 15%. Now, Harris announced that they are going to increase the corporate taxes to 28% from 21%. This can bring up to $1.3 Trillion in revenue collection within 10 years. Moreover, Harris also endorsed the tax raise on the stock buybacks from 1 percent to 4 percent.
The Democrats approved the Inflation Reduction Act in the year 2020. It makes the big companies pay taxes 15% of their income reported to their investors. This can allow curbing companies to use deductions including tax credits to reduce the tax liability to zero. Thus, Harris is supporting to increase tax from 15% to 21%. This statement and adoption can disallow companies from employee compensation deductions for companies making more than $1 million.
Americans earning more than $400,000 need to pay more taxes
The US $5 Trillion Tax Plan can raise taxes for Americans earning high income. It can include two different avenues which first include the increase rate on which they pay the income tax and second include the reshaping of the taxation of investment gains.
This taxation over investment gains is for the wealthiest taxpayers. This means people earning $400,000 or more need to pay more as the tax. Whereas, people earning lower than $400,000 will not get any impact towards paying their taxes or their tax rate. This can support the federal government to generate more revenue that can meet the Harris $5 Trillion Tax Plan.
| Homepage | Click Here |
