Senator Kamala Harris (D-Calif.) vowed to repeal the 2017 Republican-led tax cuts if she becomes president, despite the booming economy.
Last week, economic reports showed unemployment at a 49-year low, wages rising, and job creation soaring for the month of April. Many Republicans pointed to the economic leadership of President Donald Trump, his efforts to cut back business regulations and the passage of the 2017 Tax Cuts and Jobs Act.
While the Tax Cuts and Jobs Act seems to have hit the gas on the record-breakingly slow economic recovery of the Obama administration, Harris wants to see a full repeal of the policy.
When people ask me “How are you going to pay for middle-class tax cuts?” I'll tell you – I’m going to repeal that Trump trillion dollar tax cut that benefitted the top 1% and the biggest corporations in our country. #NAACPDetroit
— Kamala Harris (@KamalaHarris) May 6, 2019
During a campaign event Monday night, Harris told the crowd she wants to “get rid of the whole thing.” According to the report from Bloomberg, Harris said the repeal would be a top priority if she takes the keys to the Oval Office from President Trump in 2020.
“On day one, we’re going to repeal that tax bill that benefited the top 1 percent and corporations,” Harris said. Instead, she would implement the LIFT Act, a bill currently in Congress that would reimplement the corporate taxes Trump repealed in return for an increase on the income tax credit for middle-earners.
Watch her comments below:
While Harris’ plan aims to benefit the average working American, signs show Trump’s economic strategy is already doing that. Much to the chagrin of the New York Times, the Trump tax cuts resulted in a tax cut for most Americans, lowering the amount most families paid.
Harris’ plan to saddle businesses with a higher tax burden by repealing the Tax Cuts and Jobs Act could slow this economic boom and hurt the American economy, according to a report by the White House Council of Economic Advisors.
While Harris may think that the tax cuts were bad for the American people because their tax returns were smaller, she may want to take a closer look at the real impacts of letting businesses drive the economy instead of the government.