If Harris wins, there is no way in hell that your taxes will not go up.
On the line is the future of the Tax Cuts and Jobs Act, which a Republican Congress passed and former President Donald Trump signed into law in 2017.
To avoid blowing too large of a hole in the federal budget at the time, Republicans scheduled many of the tax cuts to expire after 2025. That deadline has created a rare opportunity to reshape federal tax policy next year, and lawmakers in each party intend to be ready to wield whatever power voters give them in November.
Many of the expiring tax measures are ones that benefit middle-class Americans, including a larger standard deduction, lower marginal income tax rates and a more generous child tax credit.
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The Biden administration has said it would seek to pay for extending tax cuts next year in part by raising the corporate tax rate, raising the highest marginal income rate, and making ultrawealthy Americans pay taxes on investment gains on assets they have not yet sold.
While Harris is expected to adopt the bulk of those ideas, Democrats on Capitol Hill have struggled with them. When Democrats last controlled both chambers of Congress, in 2021 and 2022, lawmakers rejected much of Biden’s tax agenda, making it uncertain where the party could land next year.
making ultrawealthy Americans pay taxes on investment gains on assets they have not yet sold.
While Harris is expected to adopt the bulk of those ideas, Democrats on Capitol Hill have struggled with them. When Democrats last controlled both chambers of Congress, in 2021 and 2022, lawmakers rejected much of Biden’s tax agenda,
There are warning shots, too, with Bush and Jamaal both primaried out. Extreme Leftism is not a winner any more, and since (D) pols depend on holders of “investment gains…..not yet sold” for huge campaign contributions, that’s probably dead, dead, dead.
But they still have the Totalitarian State going strong, so……