The Trump campaign recently launched a website called KamalaTaxIncrease.com, which outlines how much voters in each state could potentially pay in taxes if the Trump tax cuts are allowed to expire next year. The website criticizes Kamala Harris for voting against the Trump Tax Cuts and warns that if she is elected, taxpayers can expect to pay more and have less money in their pockets. The Tax Foundation provided data for the website, showing that most taxpayers would see a noticeable increase in taxes if the cuts expire.
According to the website, the national average tax hike would be $2,580.57 per year, with residents in states like California and Washington facing even higher increases. For example, residents in California could expect an average increase of $3,360, while those in Washington could see a $4,375 increase. The Tax Foundation also has a calculator on its website that allows individuals to estimate their tax increases based on personal factors such as income and marital status.
The Tax Cuts and Jobs Act, passed in 2017 by Trump and Republican lawmakers, significantly changed the nation’s tax code, lowering the top individual income tax bracket and increasing the standard deduction. However, the law is set to expire in 2025, with Vice President Harris proposing to reverse the Trump-era cuts. She plans to raise the rate that major businesses pay and increase the federal government’s small business tax deduction.
Trump has promised to make his 2017 tax law permanent if re-elected, contrasting his plan with Harris’s proposed tax hikes. The Chamber of Commerce and 500 businesses recently sent an open letter urging lawmakers to maintain the Trump tax cuts, warning of the potential consequences of allowing them to expire. The letter emphasized the importance of pro-growth tax policies in supporting businesses, wages, and overall economic growth.
The impact of a tax increase would not only affect individual Americans but also harm businesses, reduce take-home pay for workers, and lead to job losses and a decrease in innovation. Pro-growth tax policies are vital for maintaining the country’s competitiveness and attracting investment and innovation. It is crucial for policymakers to understand the broader implications of tax policy and work towards maintaining and improving pro-growth policies to support economic growth and job creation.
As the 2024 campaign trail heats up, both Trump and Harris have made tax policies a central issue in their campaigns. While Trump aims to continue his tax policies to provide a tax cut for all classes, Harris plans to reverse the Trump tax cuts and increase taxes on major businesses. The battle over tax policy will likely continue to be a key issue for voters in the upcoming election.
