Democratic vice-presidential candidate Kamala Harris on Monday said she and Joe Biden would “eliminate” President Trump’s tax cuts on the middle class if elected, the wrong way to declare father that only the rich people of the nation will benefit.
“Joe understands that when they pass the tax bill that will benefit the top 1percent and the largest corporations in the US, we have to deal with a deficit of 2 trillion dollars, no it must be about the people at work, ”Harris told a crowd in Lehigh Valley, Pa., the night before Election Day.
TRUMP, TAX Auction and SALE OF TWO TAX PLAN FOR 2020
“And if we get what we need to do, Pennsylvania, in the next 24 hours, Joe and I are going to write off that tax bill and invest that money in working families, invest that money in infrastructure, rebuilding our roads and bridges, ”she continued.
The California and Biden senators have repeatedly stated that Trump’s 2017 tax reform is a boon for billionaires on Wall Street and the United States, but IRS studies and figures have shown that Americans are middle-class. Save has actually saved thousands of people.
According to a study released last month, the federal income tax that New Yorkers pay has dropped by nearly $ 3.4 billion, or 2.4%.
For those with incomes between $ 15,000 and $ 20,000, the tax cuts have reduced their tax liability by an average of 12.5 percent, according to IRS data released by MarketWatch.
For taxpayers earning between $ 40,000 and $ 50,000, that’s a 14.5 percent discount.
In a tweet Monday morning, Trump wrote, “Biden will INCREASE YOUR TAX (Biggest increase ever!)”
A recent study found the Democratic candidate’s proposal could in fact beat high-income people in New York and New Jersey at a federal and state tax rate of more than 58%.
A central promise in Biden’s White House bid is that Americans who make less than $ 400,000 a year won’t have to pay a penny in taxes if he is elected president.
But Biden has also publicly stated that he wants to eliminate Trump’s tax cuts and come up with his own proposal.
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“That’s why I’m going to get rid of Trump’s tax cuts,” Biden announced at his first presidential debate with Trump in Cleveland.
“I’m going to eliminate those tax cuts and invest in people who need help,” he continued.