Harris plan would bring tax increases for richest 1% and cuts for the bottom 99%s
1 month, 4 weeks ago

Harris plan would bring tax increases for richest 1% and cuts for the bottom 99%s

Raw Story  

As Republican nominee Donald Trump advances proposals that would further enrich the wealthiest Americans and profitable corporations, an analysis published Wednesday found that Vice President Kamala Harris' tax policy agenda would on average hike taxes on the nation's top 1% while cutting them for every other income group. ITEP found that if Harris' proposals—including an expansion of the Child Tax Credit, an extension of elements of the 2017 Trump-GOP tax law for those with annual incomes below $400,000, and Medicare tax reforms that would raise levies for those with yearly incomes above $400,000—were in effect in 2026, "the richest 1% of Americans would receive an average tax increase equal to 4.1% of their income." The group estimated that under Harris' proposals, the poorest 20% of Americans would see an average tax cut of $1,130 in 2026 while the richest 1% would see an average increase of $121,460. Steve Wamhoff, ITEP's federal policy director, said Wednesday that "if you are among the richest 1% who benefited a great deal from the Trump tax cuts or a foreign investor who benefited from Trump's corporate tax cuts, you would pay more under Harris' plan."

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History of this topic

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report
2 months ago

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends
2 months ago

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

Harris, Trump tax proposals: Who wins, who loses?
2 months ago

Harris, Trump tax proposals: Who wins, who loses?

Salon  

Eighty-one percent of voters say the economy is very important in the upcoming presidential election, according to Pew Research. Alajian said former President Donald Trump’s proposals would result in “overall lower taxes for the wealthy,” while Vice President Kamala Harris has a “focus on providing tax relief for lower-income families.” The president alone doesn’t set tax policy and would depend …

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else
2 months, 1 week ago

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else

Raw Story  

A detailed new analysis of the tax proposals Republican nominee Donald Trump has floated during the 2024 presidential campaign show they would result in annual tax increases for the bottom 95% of the U.S. income distribution—and a substantial giveaway to the richest 5%. The Institute on Taxation and Economic Policy described its study, published Monday, as the "most comprehensive analysis …

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%
2 months, 2 weeks ago

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%

Salon  

Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis. We need your help to stay independent Subscribe today to support Salon's progressive journalism The income tax exemptions, green-energy credit repeals and 2017 tax law …

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds
2 months, 2 weeks ago

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds

Huff Post  

LOADING ERROR LOADING Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods. “We’re doing tariffs on other countries.” The conservative Tax Foundation has said Trump’s tariffs would essentially be …

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says
2 months, 2 weeks ago

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says

NPR  

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says toggle caption Saul Loeb/AFP via Getty Images With less than a month left until Election Day, both the Harris and Trump campaigns have presented their economic visions to the American people — including proposed tax cuts, border security spending and affordable housing policies. Trump's estimated …

Analysis shows Trump tax plan would make rich people richer — and working people poorer
2 months, 2 weeks ago

Analysis shows Trump tax plan would make rich people richer — and working people poorer

Raw Story  

Republican presidential nominee Donald Trump's proposal to further reduce the U.S. corporate tax rate from 21% to 15% would make the bottom half of the nation's income distribution poorer while boosting the fortunes of those at the very top, according to an analysis published Thursday by economists at American University. If implemented, the economists found, Trump's plan would "modestly reduce" …

Your guide to the presidential candidates’ views on tax policy
2 months, 3 weeks ago

Your guide to the presidential candidates’ views on tax policy

LA Times  

Though sparse on details, the broad outlines of what Vice President Kamala Harris and former President Trump want to do on taxes are clear — and they are very different. “Harris has a more ‘coherent’ plan because she’s essentially got Biden’s budget proposals, which are fairly scored, scrubbed and all that stuff,” said Douglas Holtz-Eakin, president of the conservative-leaning American …

Voters may be better off with Kamala – but they dream of being like Trump
2 months, 3 weeks ago

Voters may be better off with Kamala – but they dream of being like Trump

The Independent  

Back in the 1970s and 80s there was an American economist who became the darling of the conservative, small-state right. That’s a way of guaranteeing World War Three.” But because Trump might be losing the right-wing intellectuals over fears of the ruinous consequences of trade wars, don’t think he’s losing the American people. Another Trump proposal is a massive extension …

Trump says he’ll boost the economy by cutting federal spending and corporate taxes
3 months, 2 weeks ago

Trump says he’ll boost the economy by cutting federal spending and corporate taxes

LA Times  

Donald Trump speaks at a campaign event at the Economic Club of New York on Thursday. Former President Trump told a group of executives and industry leaders on Thursday that he wants to lead a “national economic renaissance” by slashing regulations to boost energy production, embracing cryptocurrencies and drastically cutting government spending as well as corporate taxes for companies that …

Harris pitches a ‘billionaire minimum tax’ while Trump goes the other way
3 months, 2 weeks ago

Harris pitches a ‘billionaire minimum tax’ while Trump goes the other way

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. After taking the stage to Beyonce’s “Freedom,” Harris said small businesses like the brewery …

'Explosive path': Experts say 'expensive' Trump tax plan will add $5.8 trillion to deficit
3 months, 3 weeks ago

'Explosive path': Experts say 'expensive' Trump tax plan will add $5.8 trillion to deficit

Raw Story  

Donald Trump's tax plan for a second potential term as president would be much more expensive than the one proposed by Vice President Kamala Harris, according to experts. "Former President Donald Trump would seek to extend the tax cuts enacted through the Tax Cuts and Jobs Act, his signature 2017 legislation that reduced taxes for most Americans, although research has …

What we know about Kamala Harris’s tax plans
3 months, 3 weeks ago

What we know about Kamala Harris’s tax plans

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In her keynote address at the Democratic National …

Kamala Harris proposes raising corporate tax rate to 28 percent; Here's all you need to know
4 months ago

Kamala Harris proposes raising corporate tax rate to 28 percent; Here's all you need to know

Hindustan Times  

U.S. Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said on Monday. Kamala Harris, a Democrat, has pledged to maintain President Joe Biden's promise not to raise taxes on people who make $400,000 or less a year. The Committee …

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3
11 months ago

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3

ABC  

The government will halve the stage 3 tax cuts for the highest earners and use the money to deliver an $804 tax cut across the board. Key points: The Albanese government is making changes to stage 3 tax cuts, halving them for the highest earners The prime minister will tell the press club the reversal was motivated by changing economic …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

Column: How often have tax cuts for the rich trickled down to the rest of us? Never
3 years, 10 months ago

Column: How often have tax cuts for the rich trickled down to the rest of us? Never

LA Times  

We can probably stipulate that almost no one really believes that tax cuts for the rich are good for the economy. “The effect size of major tax cuts for the rich on real GDP per capita is close to zero and statistically insignificant,” they write. “Lower taxes on the rich encourage high earners to bargain more forcefully to increase their …

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