You can try to tax corporations and you can try to tax imports, but all taxes are paid by people in the end.
In her acceptance speech at last week’s Democratic National Convention, Vice President Kamala Harris promised to deliver «a middle-class tax cut that will benefit more than 100 million Americans.»
Her campaign has yet to flesh out the details of that idea, but what little is known about Harris’ tax proposals suggests that middle-class families will face a tax hike in a Harris administration—albeit an indirect one.
Nearly all Americans would face a higher federal tax burden if Harris followed through on President Joe Biden’s proposal to raise the corporate income tax to 28 percent from 21 percent. The New York Times reported this weekend that Harris’ campaign has signaled that she supports Biden’s plan for $5 trillion in tax hikes—including an $1.3 trillion increase of the corporate income tax.
Confusingly, the Times also specifies that «no one making less than $400,000 a year would see their taxes go up»—a talking point that Biden has used for years and that Harris is apparently preparing to adapt (and the Times is happy to parrot).
