{"id":2340504,"date":"2024-09-13T05:20:01","date_gmt":"2024-09-13T09:20:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/harris-faces-conundrum-in-trashing-trump-tax-cuts-washington-examiner\/"},"modified":"2024-09-13T05:21:55","modified_gmt":"2024-09-13T09:21:55","slug":"harris-faces-conundrum-in-trashing-trump-tax-cuts-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/harris-faces-conundrum-in-trashing-trump-tax-cuts-washington-examiner\/","title":{"rendered":"Harris faces conundrum in trashing Trump tax cuts &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/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%2Fharris-faces-conundrum-in-trashing-trump-tax-cuts-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=2340504&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>Vice President \u2062Kamala Harris finds herself in a\u2064 complicated situation as she critiques former President Donald Trump&#8217;s tax\u200d cuts while\u2063 simultaneously needing to\u2062 support \u200bkey provisions of the same legislation. She has publicly derided Trump\u2019s \u200btax plan as\u200d a \u200bsubstantial giveaway to the wealthy, claiming it would exacerbate \u200dthe federal deficit by around $5 trillion. During\u2062 a recent debate, she emphasized her opposition to tax cuts for billionaires and large corporations.<\/p>\n<p>Harris\u2019s campaign claims she does not intend to raise taxes on individuals earning under $400,000. However, if the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) \u2062expire next year, middle-class taxpayers\u200d could face increased taxes. To mitigate this, \u2062Harris likely needs to extend certain tax cuts for those under the $400,000 threshold, which would add to the deficit\u2014an ironic position \u2062given \u2062her strong criticism \u200bof Trump\u2019s fiscal policies.<\/p>\n<p>This extension could potentially\u200d cost between $2 trillion and $3 trillion in lost tax revenue, a concern the Harris campaign has \u200dyet to address clearly. Additionally, while Harris has \u200dsupported many of President Biden&#8217;s tax\u200c proposals, including raising the \u2064<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> from 21% to 28%, she\u2064 has not outlined a comprehensive plan \u2064for offsetting the revenue losses tied to\u2062 her tax policy positions.  <\/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\">Harris faces conundrum in trashing Trump tax cuts<\/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_1732423\" 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> is facing a conundrum over her criticism of former President Donald <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax-cuts-and-jobs-act\/\" target=\"_blank\" rel=\"noopener\" title>Trump&rsquo;s <\/a>tax plan.<\/p>\n<div class=\"article-paywall\">\n<p>Harris has been torching <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\" target=\"_blank\" rel=\"noopener\" title>Trump&rsquo;s<\/a> proposal to extend his signature tax cut legislation as a giveaway to the wealthy that would add to the deficit, but she supports extending the biggest part of it.<\/p>\n<p>&ldquo;My opponent &hellip; 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; Harris said during her debate with Trump on Tuesday.<\/p>\n<p>Harris&rsquo;s campaign has said she doesn&rsquo;t want to raise <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/taxes\" target=\"_blank\" rel=\"noopener\" title>taxes<\/a> on those earning under $400,000, but if the individual provisions of the 2017 <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tax-cuts-and-jobs-act\/\" target=\"_blank\" rel=\"noopener\" title>Tax Cuts and Jobs Act<\/a>, known as the TCJA or Trump tax cuts, expire as scheduled next year, most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stock-market-tanks-after-report-on-biden-plan-to-pay-for-leftist-agenda-experts-warn-it-is-insanity\/\" title=\"Stock Market Tanks After Report On Biden Plan To Pay For Leftist Agenda, Experts Warn: \u2018It Is Insanity\u2019\">middle-class workers<\/a> will see their taxes increase. To prevent that, Harris will have to extend the provisions for those earning under that threshold, adding to the deficit, just as she is hitting Trump for.<\/p>\n<p>Extending the tax cuts for those earning under $400,000 comes with a massive price tag, a price tag that Harris&rsquo;s campaign hasn&rsquo;t addressed.<\/p>\n<p>Brian Riedl, a budget expert at the Manhattan Institute, told the <em>Washington Examiner<\/em> that extending the tax cuts for the bottom 95% would cost in the ballpark of $2 trillion or $3 trillion in tax revenue.<\/p>\n<p>It&rsquo;s not clear whether or how Harris would offset those lost revenues. She has not presented a full budget plan. <\/p>\n<p>But Harris has endorsed most of former President Joe Biden&rsquo;s tax proposals. For instance, she has backed increasing the corporate tax rate from 21%, which was set by the 2017 Trump tax overhaul, to 28%.<\/p>\n<p>Another part of the Biden tax agenda that Harris has since endorsed involves taxing the unrealized capital gains of the nation&rsquo;s wealthiest. That specific proposal in Biden&rsquo;s budget would tax the unrealized capital gains of those with wealth in excess of $100 million, which is a group that is small in number but significant in terms of overall investment. The plan, first outlined in 2023, would impose a 25% minimum tax on the total income of those with assets greater than $100 million.<\/p>\n<p>But Harris has also proposed more tax cuts. She has backed the idea, first proposed by Trump, of ending taxes for tipped workers. She&rsquo;s also called for a new $6,000 tax credit for the parents of newborns &mdash; all things that would need even more tax revenue to pay for.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>&ldquo;She&rsquo;s proposed additional tax cuts like an even larger expansion to 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>, for instance, that would use up even more revenue,&rdquo; Erica York, senior economist at the Tax Foundation, told the <em>Washington Examiner<\/em>.<\/p>\n<p>All of this will come to a head next year when the House and the Senate negotiate what to extend in the individual Trump tax cuts, which expire at the end of the year.<\/p>\n<\/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_1732423\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1732423\"}});<\/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>Vice President Kamala Harris is in a difficult position regarding her critique of former President Donald Trump&#8217;s tax plan. While she has been vocally opposing Trump&#8217;s proposal to prolong his hallmark tax cuts, labeling it a benefit for the wealthy that would increase the deficit, she also advocates for extending the largest component of those cuts. During her debate with Trump, Harris stated, \u201cMy opponent\u2026his 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 added to America\u2019s deficit.\u201d Her campaign maintains that she does not intend to raise taxes on individuals earning less than $400,000; however, if the individual provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire as planned next year, many middle-class workers will face higher taxes. To avoid this outcome, Harris would need to extend these provisions for those below that income threshold\u2014an action that would contribute further to the deficit and contradict her criticisms of Trump.<\/p>\n<p>Extending these tax cuts for individuals earning under $400,000 could cost around $2 trillion or $3 trillion in lost revenue according to Brian Riedl from the Manhattan Institute. It remains uncertain how Harris plans to compensate for this revenue loss since she has not released a comprehensive budget plan. Nevertheless, she has endorsed several of former President Joe Biden&#8217;s tax initiatives. For example, she supports raising the corporate tax rate from 21%\u2014established by Trump&#8217;s 2017 overhaul\u2014to 28%. Additionally, one aspect of Biden&#8217;s agenda that Harris backs involves taxing unrealized capital gains on wealth exceeding $100 million\u2014a small but influential group regarding overall investments.<\/p>\n<p>Harris has also proposed new tax cuts such as eliminating taxes for tipped workers and introducing a $6,000 credit for parents of newborns\u2014all measures requiring additional revenue sources. Erica York from the Tax Foundation noted that these proposals could further deplete available funds due to their costs.<\/p>\n<p>Next year will be pivotal as Congress negotiates which elements of Trump\u2019s individual tax cuts should be extended before they expire at year&#8217;s end<\/p>\n","protected":false},"author":3360,"featured_media":2340505,"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\/08\/harris-tax-hike.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4489,4021,37525,3634,32076],"class_list":["post-2340504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-conundrum","tag-harris","tag-tax-cuts","tag-trump","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/harris-tax-hike.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2340504","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=2340504"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2340504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2340505"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2340504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2340504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2340504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}