{"id":2339570,"date":"2024-09-11T01:56:53","date_gmt":"2024-09-11T05:56:53","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-checking-harriss-claim-trump-tax-cuts-benefited-the-wealthy-washington-examiner\/"},"modified":"2024-09-11T02:02:36","modified_gmt":"2024-09-11T06:02:36","slug":"fact-checking-harriss-claim-trump-tax-cuts-benefited-the-wealthy-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-checking-harriss-claim-trump-tax-cuts-benefited-the-wealthy-washington-examiner\/","title":{"rendered":"Fact-checking Harris\u2019s claim Trump tax cuts benefited the wealthy &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffact-checking-harriss-claim-trump-tax-cuts-benefited-the-wealthy-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2339570&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article analyzes\u200b Vice President Kamala Harris&#8217;s assertion during a debate with former President Donald Trump, claiming that Trump&#8217;s tax cuts primarily\u200c benefited the wealthy. It provides context about the Tax Cuts and Jobs Act of 2017, \u2064which Trump\u200c enacted and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-call-for-investigation-into-newly-confirmed-vanita-gupta\/\" title=\"Republicans Call for Investigation Into Newly Confirmed Vanita Gupta\">faced significant opposition<\/a> from Democrats. Harris stated that Trump&#8217;s economic policies favor billionaires and would lead to a substantial increase in the national deficit, estimating it could add $5 trillion.<\/p>\n<p>While acknowledging that the Trump tax cuts did provide significant\u200c benefits to high-income individuals\u2014such as\u2063 a reduction in the top\u200b marginal\u2064 income tax rate and corporate tax cuts\u2014the article argues that they also resulted in tax\u200d reductions for middle- and lower-income\u2062 households. It cites\u200b research\u2062 from\u2064 the Tax Policy Center, which indicated that\u200d 80.4% of taxpayers received tax cuts across \u200cvarious income levels. Additionally, it addresses Harris&#8217;s claim about the deficit, noting that the Congressional Budget Office estimated that extending Trump&#8217;s tax cuts could add approximately \u200b$4.6 trillion to the deficit over a decade.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Fact-checking Harris&rsquo;s claim Trump tax cuts benefited the wealthy<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1755244\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Vice President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/kamala-harris\/\" target=\"_blank\" rel=\"noopener\" title>Kamala Harris<\/a> claimed <a href=\"https:\/\/www.washingtonexaminer.com\/live-blog\/2024-presidential-debate-live-updates-trump-harris-abc\/\" target=\"_blank\" rel=\"noopener\" title>in the debate<\/a> with former President Donald Trump that his previous tax cuts and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-debt-cancellation-a-main-cause-of-400b-increase-in-24-deficit\/\" title=\"Biden&#039;s student debt forgiveness major factor in 0B rise in 2024 deficit\">current tax policies<\/a> are designed to help the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/wealth\/\" target=\"_blank\" rel=\"noopener\" title>wealthy<\/a>. Here are the facts and context.<\/p>\n<div class=\"article-paywall\">\n<p>Trump&rsquo;s biggest legislative achievement was the 2017 passage of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax-cuts-and-jobs-act\/\" target=\"_blank\" rel=\"noopener\" title>Tax Cuts and Jobs Act<\/a>, better known as the Trump tax cuts. The legislation, which Democrats heavily opposed at the time, touched just about every facet of the tax code.<\/p>\n<p>&ldquo;When you look at his economic plan, it&rsquo;s all about tax breaks for the richest people,&rdquo; Harris said at one point during the debate.<\/p>\n<p>&ldquo;My opponent, on the other hand, his plan is to do what he has done before, which is to provide a tax cut for billionaires and big corporations, which will result in $5 trillion to America&rsquo;s deficit,&rdquo; she said at another point.<\/p>\n<p>The Trump tax cuts did benefit the wealthy, but they also benefited nearly every American because they lowered taxes across the board. The rich benefited from Trump lowering the top marginal income rate in 2017, from 39.6% to 37%. For this year, that rate applies to income above $578,126 for a single taxpayer. Many high-income households also benefited from the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/limbaugh-gop-seek-not-phony-bipartisanship-save-the-nation\/\" title=\"LIMBAUGH: GOP: Seek Not Phony Bipartisanship. Save The Nation\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/prageru-nikki-haley-explains-why-capitalism-wins\/\" title=\"PragerU: Nikki Haley Explains Why \u2018Capitalism Wins\u2019\">corporate tax rate<\/a> cut<\/a>, the new break for businesses that file through the individual side of the tax code, and the increase to the exemption for the estate tax. <\/p>\n<p>But the Trump tax cuts also lowered taxes for middle- and lower-income households, including by lowering income taxes for lower brackets, expanding the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a>, and doubling the standard deduction. <\/p>\n<p>An analysis by the Tax Policy Center, a left-of-center Washington think tank, found that 80.4% of taxpayers <a href=\"https:\/\/www.taxpolicycenter.org\/model-estimates\/individual-income-tax-provisions-tax-cuts-and-jobs-act-tcja-february-2018\/t18-0026\" target=\"_blank\" rel=\"noopener\" title>received<\/a> tax cuts, across the income spectrum. <\/p>\n<p>As for Harris&rsquo;s claim that Trump&rsquo;s plan would add $5 trillion to the deficit, the Congressional Budget Office, the official budget scorekeeper for Congress, found that extending the Trump tax cuts another decade <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-07\/trump-tax-cut-renewal-threatens-trillions-in-federal-debt-congress-fight\" target=\"_blank\" rel=\"noopener\" title>would add<\/a> $4.6 trillion to the deficit.<\/p>\n<p>But Harris is put in a tricky position because she&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3115079\/harris-ties-her-own-hands-with-400000-tax-pledge\/\" target=\"_blank\" rel=\"noreferrer noopener\">has said<\/a>&nbsp;she will keep the tax cuts for those earning under $400,000 a year &mdash; which would entail keeping the majority of the cuts. <\/p>\n<p>Harris and Trump have both <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3138259\/harris-tax-spending-proposals\/\" target=\"_blank\" rel=\"noopener\" title>proposed other tax cuts<\/a> in the lead up to the November election.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Harris has called for the elimination of taxes for tipped workers, a policy proposed just weeks before by Trump. Exempting tips from federal taxation would be a straightforward tax cut. However, tax experts have argued that it would probably lead more service workers to demand to be paid in tips rather than wages, which would result in a correspondingly larger reduction in federal revenues.<\/p>\n<p>Trump, meanwhile, also wants to eliminate taxes on Social Security benefits and has proposed lowering the corporate tax rate from 21% to 15%.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1755244\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1755244\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fact-checking Kamala Harris&#8217;s assertion that Trump\u2019s tax cuts favored the wealthy<\/p>\n<p>During a debate with former President Donald Trump, Vice President Kamala Harris asserted that his past tax cuts and current tax policies are aimed at benefiting the wealthy. Here\u2019s a breakdown of the facts and context surrounding her claim. <\/p>\n<p>Trump&#8217;s most significant legislative accomplishment was the 2017 enactment of the Tax Cuts and Jobs Act, commonly referred to as the Trump tax cuts. This legislation, which faced strong opposition from Democrats at the time, impacted nearly every aspect of the tax code. At one point in the debate, Harris stated, \u201cWhen you look at his economic plan, it\u2019s all about tax breaks for the richest people.\u201d She further claimed that Trump&#8217;s approach would lead to a $5 trillion increase in America\u2019s deficit due to providing tax cuts for billionaires and large corporations.<\/p>\n<p>While it is true that Trump&#8217;s tax cuts benefited wealthier individuals\u2014such as through a reduction in the top marginal income rate from 39.6% to 37%\u2014they also provided benefits across various income levels by lowering taxes overall. High-income households gained from reductions in corporate taxes and changes to estate taxes as well.<\/p>\n<p>Moreover, middle- and lower-income families saw their taxes decrease due to lowered rates for lower brackets, an expanded child tax credit, and a doubled standard deduction. According to an analysis by the Tax Policy Center\u2014a left-leaning think tank\u201480.4% of taxpayers received some form of tax cut across different income levels.<\/p>\n<p>Regarding Harris&#8217;s claim about adding $5 trillion to deficits due to Trump&#8217;s plan: The Congressional Budget Office estimated that extending these tax cuts for another decade would increase deficits by approximately $4.6 trillion. However, this puts Harris in a challenging position since she has indicated she would maintain these cuts for individuals earning under $400,000 annually\u2014which encompasses most of those reductions.<\/p>\n<p>As both candidates propose additional tax measures leading up to November&#8217;s election: Harris has suggested eliminating taxes on tips\u2014a proposal recently echoed by Trump\u2014which could simplify taxation but might also incentivize service workers towards tip-based compensation instead of wages; this could potentially reduce federal revenue significantly. Meanwhile, Trump aims to eliminate taxes on Social Security benefits while proposing a reduction in corporate taxes from 21% down to 15%<\/p>\n","protected":false},"author":3360,"featured_media":2339571,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/trump-tax-cuts-harris.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[14599,32438,40620,32076,12268],"class_list":["post-2339570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-fact-checking","tag-kamala-harris","tag-trump-tax-cuts","tag-washington-examiner","tag-wealthy"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/trump-tax-cuts-harris.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2339570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3360"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2339570"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2339570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2339571"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2339570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2339570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2339570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}