Trump passed tax cuts in 2017 and Harris has repeatedly said she’d overturn them. That means her presidency would damage the economy and make America’s working class suffer.
If you thought the Biden economy was bad, you should be terrified of Vice President Kamala Harris.
If elected president, she will likely spend her first year fighting to kill the expiring provisions of former President Donald Trump’s 2017 tax cut law while pushing for higher taxes on job creators and a dramatic taxpayer-funded expansion of the welfare state. The consequences will be as predictable as they will be painful: less money in working-class Americans’ pockets due to tax hikes and lost wages, millions of fewer jobs, and millions more people swapping gainful employment for a government check.
That’s our conclusion after analyzing many of the policies that Harris has supported. Her first year in office would give her a golden opportunity to enact a sweeping economic agenda. At the end of 2025, most of the personal and small business tax cuts of the 2017 law will expire. Harris, who has long opposed every part of that law, could bring about one of the largest tax hikes in American history without lifting a finger.
In a forthcoming study, we show just how damaging that would be. If the personal income tax cuts were allowed to expire, Americans would see their federal income taxes rise by $1,100, on average. Additionally, every income decile would see their average after-tax income drop.
Working-class Americans would be the hardest hit. For example, a household of four earning the median income with typical deductions would see their tax bill rise by $1,500, according to the Tax Foundation.
