Democratic vice presidential candidate Kamala Harris said on Monday that she and Joe Biden would “get rid” of President Trump’s middle-class tax cuts if elected, mistakenly claiming that only the wealthy in the country in had benefited.
“Joe understands that when they passed this tax bill benefiting the richest 1% and the largest American corporations, forcing us to face a $ 2 trillion deficit, it was not about workers. Harris told a crowd in Lehigh Valley, PA. ., the day before polling day.
TRUMP, OFFER AND HISTORY OF TWO TAX PLANS IN 2020
“And if we do what we need to do, in Pennsylvania, in the next 24 hours, Joe and I are about to get rid of this tax bill and invest that money in working families, invest this money in infrastructure, to rebuild our roads and our bridges, ”she continued.
The California Senator and Biden have repeatedly claimed that Trump’s 2017 tax reform was a boon to Wall Street and American billionaires, but studies and IRS figures have shown middle-class Americans do. saved thousands.
Federal income taxes paid by New Yorkers fell nearly $ 3.4 billion, or 2.4%, according to a study released last month.
For people earning between $ 15,000 and $ 20,000, the tax cut reduced average tax liability by up to 12.5%, according to IRS figures analyzed by MarketWatch.
For taxpayers earning between $ 40,000 and $ 50,000, this represents a decrease of 14.5%.
In a tweet Monday morning, Trump wrote: “Biden will raise your taxes (biggest increase ever!)”
A recent study found that the Democratic nominee’s proposal could actually reduce the high incomes of New York and New Jersey with federal and state tax rates above 58%.
A central promise of Biden’s White House candidacy is that Americans earning less than $ 400,000 a year would not pay a dime more in taxes if elected president.
But Biden has also said publicly that he wants to scrap Trump’s tax cuts and come up with his own proposal.
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“This is why I’m going to eliminate Trump’s tax cuts,” Biden promised during the first presidential debate with Trump in Cleveland.
“I will eliminate these tax cuts and invest in the people who need help,” he continued.