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Kamala Harris on Tax Reform
Democratic candidate for President (withdrawn); California Senator
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I will deliver tax cuts to working people and middle class
We are not going back because we also know Donald Trump would deliver tax cuts to his billionaire donors. I will deliver tax cuts to working people and the middle class. I will make sure you have a chance not just to get by, but to get ahead. Because
I believe in honoring the dignity of work. I will enact the first ever federal ban on price gouging on groceries, cap the price of insulin and limit out-of-pocket prescription costs for all Americans. I will fight to make sure that hardworking
Americans can actually afford a place to live.As president, I will fight to help home buyers with your down payment, take on the companies that are jacking up rents and build millions of new homes.
For years, we have heard excuses about why America can't build enough housing, enough with the excuses. I'm going to cut the red tape and work with the private sector and local governments to speed up building and get it done.
Source: 2024 Presidential hopefuls: Rally on the Ellipse
, Oct 30, 2024
Give startup businesses a $50,000 tax deduction
TRUMP: They're destroying our economy. And remember this. She is Biden. She's trying to get away from Biden. "I don't know the gentleman," she says. She is Biden. The worst inflation we've ever had. A horrible economy because inflation has made it so bad
--and she can't get away with that.HARRIS: Clearly, I am not Joe Biden, and I am certainly not Donald Trump. And what I do offer is a new generation of leadership for our country. Let's talk about our plans. And let's compare the plans. I have a plan
to give startup businesses $50,000 tax deduction, to pursue their ambitions, their innovation, their ideas, their hard work. I have a plan. $6,000 for young families for the first year of your child's life. To help you in that most critical stage
of your child's development. I have a plan that is about allowing people to be able to pursue what has been fleeting in terms of the American dream by offering help with down payment of $25,000, down payment assistance for first-time home buyers.
Source: ABC News 2024 Presidential debate in Philadelphia
, Sep 10, 2024
28% tax on long term capitals gains for $1M per year or more
This includes rolling back Trump's tax cuts for the wealthiest Americans, enacting a billionaire minimum tax, quadrupling the tax on stock buybacks, and other reforms to ensure the very wealthy are playing by the same rules as the middle class.
Under her plan, the tax rate on long-term capital gains for those earning a million dollars a year or more will be 28 percent, because when the government encourages investment, it leads to broad-based economic growth and creates jobs.
Source: 2024 Presidential campaign website KamalaHarris.com
, Sep 9, 2024
LIFT the Middle Class: supercharge earned-income tax credit
Harris pressed for a new tax credit geared at low- and middle-income families with and without children in her LIFT the Middle Class Act. Under that 2018 proposal, income-eligible single filers under the income caps would have received up to $3,000 and
married couples up to $6,000. Though phaseouts would have varied, $100,000 was the final cutoff for any tax credits.That sounds a lot like the monthly installments the IRS paid to parents in 2021, when Democrats boosted the child tax credit under
the pandemic-era American Rescue Plan. The Harris proposal would have been on top of the child tax credit and the earned-income tax credit. It would have been expensive, costing approximately $3.1 trillion.
The LIFT act amounted to a "supercharged"
earned-income tax credit, [one anlayst] said. But it's also "ancient history." The Democrats' focus now could be on the child tax credit in the wake of the 2021 increase and its looming decrease to $1,000 from $2,000.
Source: Morningstar Review on 2024 Presidential hopefuls
, Jul 27, 2024
We won't raise taxes on anyone earning less than $400,000
HARRIS: Joe Biden will not raise taxes on anyone who makes less than $400,000 a year. He has been very clear about that. Joe Biden will not end fracking, he has been very clear about that. Joe Biden is the one who, during the Great Recession
was responsible for the Recovery Act that brought America back. And now the Trump-Pence administration wants to take credit when they rode the coattails of Joe Biden's success for the economy that they had at the beginning of their term.
On the other hand, you have Donald Trump who has reigned over a recession that is being compared to the Great Depression.PENCE: [Biden] said he's going to repeal the Trump tax cuts.
Joe Biden has said it twice in the debate last week that he's going to repeal the Trump tax cuts. That was tax cuts that gave the average working family $2,000 in a tax break every single year.
Source: 2020 Vice-Presidential Debate in Utah
, Oct 7, 2020
Americans deserve transparency on president's taxes
Joe Biden has been transparent. The President has not. We now know that Donald Trump paid $750 in taxes. When I first heard about it, I literally said, "You mean $750,000?" And it was like no, $750. We now know Donald Trump is
in debt for $400 million. It'd be really good to know who the President of the United States owes money to because the American people have a right to know what is influencing the President's decisions.
Source: 2020 Vice-Presidential Debate in Utah
, Oct 7, 2020
Higher tax on wealthy to fund Medicare-for-All & teacher pay
The Harris version of Medicare for All would rest on much the same tax-the-rich moves the Sanders plan suggests. But she would limit her plan's premium fee to households making over $100,000 a year.
To fund a $315 billion plan to raise teacher salaries, she calls for strengthening the estate tax and cracking down on loopholes that let our wealthy avoid taxes on "estates worth multiple millions or billions."
Source: The Nation magazine on 2019 Democratic primary
, Nov 19, 2019
Tax credits for middle class & working families
There is no question that, over many decades, the rules have been written in a way that have been to the exclusion of lifting up the middle class and working families in America. That's why I'm proposing that one of the things that we do to
address that is that we reform the tax code in a way that we'll give middle-class working families that are making less than $100,000 a year a $6,000 tax credit that they can receive it up to $500 a month.
Source: CNN SOTU 2019 interview of presidential hopefuls
, May 12, 2019
Tax relief for middle class; repeal 2017 tax cuts
She introduced the LIFT the Middle Class Act which, Vox's Dylan Matthews explains, was basically an expansion of the earned income tax credit. Earlier, she proposed the
Rent Relief Act, which would offer tax credits to help with rents. She said she would fully repeal the 2017 Republican tax law and replace it with LIFT.
Source: Axios.com "What you need to know about 2020"
, May 7, 2019
Tax break for people unable to pay unexpected expense
[Harris Supports] a tax cut for the middle class and working-class Americans who can't afford to pay for an unexpected expense. Families making less than $100,000 a year, would receive
$6,000 that they could access at up to $500 a month. She will pay for it by repealing Trump's tax cut that benefited the wealthy and corporations.
Source: Detroit Free Press on Democratic 2020 Veepstakes
, May 5, 2019
Monthly tax credit would provide base income
Harris did introduce legislation to provide "middle class and working families with a tax credit of up to $6,000 a year--or up to $500 a month--to address the rising cost of living." It could fix one of the biggest drawbacks with the tax-credit system:
It's distributed just once a year. "A monthly payment would be responsive to that because it would provide you a base income you can rely on," says a senior research associate at the Tax Policy Center.
Source: Mother Jones magazine on 2020 Democratic primary
, Apr 23, 2019
LIFT Act: $500 monthly tax credit for eligible middle class
57 percent of Americans don't have enough cash to cover a $500 unexpected expense. That's one of the reasons I've introduced the LIFT the Middle Class Tax Act in the U.S. Senate, a bill that creates a major new middle-class tax credit that
would provide eligible families up to $6,000 a year--the equivalent of $500 a month.
Families would be able to receive the credit as a monthly stipend, rather than wait for a refund the following year. It's a different kind of safety net, one that prevents hardworking people from falling out of the middle class, or gives
them a fair shot at attaining it for their families. This is the kind of tax relief we can provide when we stop giving endless tax cuts to corporations and the wealthy.
Source: The Truths We Hold, by Kamala Harris, p.219
, Jan 8, 2019
Payments to needy, not tax breaks for the rich
The Lift the Middle Class Act would provide monthly cash payments of up to $500 to lower-income families, on top of the tax credits and public benefits they already receive. "Last year, Congress gave a trillion dollars in tax breaks to corporations,"
Harris told me. "That money should have gone to American taxpayers who need it instead of handing it over to corporations and the top 1 percent."Harris is offering as much as $3,000 a year for a single person or $6,000 a year for a married couple, on
top of existing tax and transfer programs, disbursed either as a lump-sum tax refund or as a monthly payment. Working families making less than $100,000 a year would qualify, including those making close to nothing. As many as 80 million
Americans would benefit, Harris's office has estimated, with the Center on Budget and Policy Priorities calculating that the proposal would lift 9 million people out of poverty, including nearly 3 million kids.
Source: The Atlantic, "Tax Plan," on 2020 presidential hopefuls
, Oct 18, 2018
Expand EITC, Child Tax Credit, and R&D Tax Credit
- Expand Pro-Work Tax Credits: Together the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) help keep millions of families from falling into poverty and enable many parents to afford childcare, which allows them to work
and provide for their families. Kamala supports expanding these credits and the American Opportunity Tax Credit, which helps pay for college.
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Research & Development Tax Credit: In 2014, Congress let the Research and Development Tax Credits expire, a key tool that helps spur innovation in the private sector. But despite bipartisan support, for months Washington failed to extend it.
Kamala supports expanding the research and development tax credit and rewarding businesses that invest in science and technology research.
Source: 2016 California Senate campaign website, KamalaHarris.org
, Aug 31, 2016
Page last updated: Nov 03, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org