Vice presidential hopeful, Senator Kamala Harris, committed to end the tax cuts implemented by President Donald Trump if elected with Democratic presidential nominee, Joe Biden.

A day ahead of Election Day, the California senator made the pitch in Pennsylvania, where she falsely claimed that the US$2.3 trillion tax cuts — intended for the middle class — only benefited the nation’s rich.

“Joe understands that when they passed that tax bill benefiting the top 1 percent and the biggest corporations of America, causing us to deal with a US$2 trillion deficit, that wasn’t about working people,” Biden’s running mate said on Election Day eve.

“And if we get done what we need to get done, Pennsylvania, in the next 24 hours, Joe and I are about to get rid of that tax bill and invest that money in working families, invest that money in infrastructure, building back up our roads and bridges,” she added, as she rallied for votes in the key battleground state.

Both Harris and Biden have repeatedly claimed throughout the campaign trail that the tax reform introduced by the incumbent Republican president only favored Wall Street and America’s billionaires.

Studies have shown, however, that middle-class Americans have also saved thousands from the Tax Cuts and Jobs Act in 2017 passed by President Trump — the first major tax reform signed in 30 years and also America’s biggest tax overhaul since former President Ronald Reagan.

Trump’s 2017 tax cut

President Trump’s tax overhaul effectively lowered both corporate and personal income taxes, providing tax relief to 82% of middle-class families with an average American family able to save at least US$1,800 in taxes annually.

In New York, for example, federal income taxes paid dropped by 2.4% or US$3.4 billion, according to a recent report.

The tax cut also boosted small businesses as it slashed their taxes by 20%  — the lowest tax rate in 80 years — providing a US$415 billion in tax relief for small business owners.

The White House earlier said that the President’s tax package also boosted investments in the country as it lowered the corporate tax rate to 21% from 35%. In the quarter following the passage of the bill, over US$300 billion had already poured back to the economy through investments which meant more jobs.

Trump-Biden spar on taxes 

Ahead of the election, President Trump vowed to continue lowering taxes if re-elected to and pass a sequel to his earlier tax measure.

“Biggest tax cut ever, and another one coming. Vote!” President Trump said.

Meanwhile, Democratic challenger, Joe Biden vowed to overturn the tax cuts implemented by Trump should he win the election.

“What we’re gonna do, we’re gonna get rid of the god awful US$2 trillion tax cut Trump passed,” he said then.

The former Obama VP also announced his plan to raise taxes by about US$4 trillion over the next decade — covering nearly all businesses and high-income American households, or those he described as “anyone earning more than US$400,000 annually.”

The post Kamala Harris Vows To End Trump’s Tax Cuts If Elected appeared first on The Scoop.

Source: The Scoop

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