Sen. Kamala Harris (D-CA) spoke to Hispanic Americans at a campaign stop in McAllen, Texas, on Friday, telling them that she and former Vice President Joe Biden’s “first order of business” is to get rid of President Trump’s tax cuts.
“I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” she said to cheers.
As Breitbart News’s John Nolte has reported, the Trump tax cuts, known as the Tax Cuts and Jobs Act of 2017 (TCJA), were a boon for the middle class.
The cuts practically doubled the standard deduction for singles from $6,350 in 2017 to $12,000 in 2018; nearly doubled the standard deduction for married couples from $12,700 to $24,400; and bumped up the child tax credit from $1,000 in 2017 to $2,000 in 2018.
Eliminating the Trump tax cuts would slash those deductions on working people and families almost in half — effectively a huge tax increase, since a married couple will be paying federal taxes on $11,700 in income they weren’t paying under the TCJA. For a tax rate of 20 percent, that would be an annual tax increase of around $2300.
Cheers???? These people are applauding this (paraphrasing): we’re going to take more of your money? Just how stupid are these people?
Trump’s tax cuts were not a “boon for the middle class.” They only helped the ultra wealthy hide away more money. Nobody reading this blog benefitted from those tax cuts. Trickle down economics failed under Reagan, failed under Bush, and once again failed under Trump. Cutting taxes on the rich doesn’t encourage them to “create jobs,” they just buy a jet ski or whatever and hoard the rest away in an off shore bank account.
So when the rich buy a new “jet ski or whatever” said products just magically appear and nobody has to go to a job at a factory to create said products? You are a sad example of what has become of our educational system.
Not entirely sure where you stand as far as low, middle or upper class of income but i am middle class and it did help me. i got more than i would of gotten in previous years.
1:22
You are either a fool or just a dumbocrat partisan hack to think those tax cuts didn’t benefit the middle class
1:22 PM – Maybe you are a middle class that does not understand economics. If they raised the standard deduction for everyone, then anyone who pays taxes saved there. Child tax credits also went up. Your percentage of what taxes you paid also changed. Now what did you not get????????????????????????