Friday, August 30, 2024

CBS Calculates How Your Income Would Change with a Harris vs Trump Tax Plan

Presidential candidates commonly trot out new tax proposals as part of their campaign platforms, often pledging to help ease the financial burden on taxpayers. This year, the plans emerging from rivals Kamala Harris and Donald Trump could affect voters' paychecks in very different ways.

Posted by retort at 05:15 PM | 7 COMMENTS | permalink

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"The two proposals reflect different views of how best to support U.S. families and fuel economic growth.

On the one hand, Trump's plan would provide tax cuts for all income groups, but the biggest winners would be higher-income Americans.

The greatest benefits under Harris' plan would go to the lowest-income Americans, while she would up the taxes of the top-earning households.

"It's true that Trump looks like he's winner for everybody, but he'll provide much bigger giveaways to the top 1% and top 0.1%, whereas Harris will be negative for these people," said Kent Smetters, faculty director of the Penn Wharton Budget Model, a group within the University of Pennsylvania's Wharton School that analyzes the budgetary impact of government policies.

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"Ultimately, both plans would come with significant price tags, although the combination of Trump's tax cuts for corporations and individuals would prove more expensive, Penn Wharton forecast.

It estimates that his proposal would add $5.8 trillion to the federal deficit over the next decade, compared with $2 trillion for Harris' plan."

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Trump, the working man's man!

#1 | Posted by Corky at 2024-08-30 05:32 PM

Tax cuts?

This nation doesn't need tax cuts.

We need to raise taxes on all income brackets and cut all subsidies for the wealthy.

#2 | Posted by ClownShack at 2024-08-30 05:37 PM

"The greatest benefits under Harris' plan would go to the lowest-income Americans, while she would up the taxes of the top-earning households.

That makes sense to me.

#3 | Posted by danni at 2024-08-30 06:56 PM

#2

Nope. We do need tax cuts for low income people. I'd go so far as to zero out taxes for anybody making less than $50k - and zero means zero, no payroll taxes either. I'd pay for it with MASSIVE tax increases on anybody making more than $300k, with a top tax bracket of 99% kicking in at incomes over $1million a year, uncapping the payroll tax so that nobody gets a 15.3% tax cut for income over $168k, and eliminate the 'capital gains' tax because capital gains are just income and should be taxed as such.

I would eliminate all subsidies for the wealthy, and all subsidies for corporations. For them, I'd replace the 'carrot' of subsidies with the 'stick' of penalties. Oh, you laid off 1000 people and aren't bankrupt? Your taxes just went up by their salaries for the next 25 years unless you hire them back. You're building or selling non-electric cars? Your taxes just went up by the retail price of those cars. You did a stock buyback? Guess how much your tax penalty is.

#4 | Posted by DarkVader at 2024-08-31 12:11 PM

It's easy.

Trump = Tax Cuts for the Rich, to help them get richer as everyone else struggles.

Harris = Tax cuts for everyday middle class and lower income Americans, the rich pay more.

If we look at history, "trickle down" is BS, 100%. Doesn't work for anyone but the wealthy.

I live in a poor town, county and community. Most here make under $40k, many under $20k. YEARLY. It amuses me to see that in the past. most of them loved the Traitor Trump who sits on a Golden Toilet and gives all of his rich buddies breaks while they suffer. He is a con, a liar, a cheat and an evil man who only cares about himself. It's why he is running, to try and keep his convictions from happening. But this time, things are changing pretty rapidly.

The poor, in the past, have voted against their interests due to being "duped" by the con but this time the USA hater/traitor Trump will be voted against. See, people in this small poor town are waking up this time. I drove around and saw ONE trump sign this year so far, and THREE Harris signs. In a red rural town.

So this time, people are waking up and the traitor will go down in flames, bigly.

#5 | Posted by NOTGOINGBACK at 2024-08-31 12:31 PM

The money will eventually end up in the coffers of the wealthy anyway. It might as well flow through the hands of those who need it the most, first.

#6 | Posted by Whatsleft at 2024-08-31 07:37 PM

@#5 ... It's easy.

Trump = Tax Cuts for the Rich, to help them get richer as everyone else struggles.

Harris = Tax cuts for everyday middle class and lower income Americans, the rich pay more. ...

Yup.

Do you think for a minute those ultra-wealthy are donating to the Trump campaign out of the goodness of their heart?

Or are they donating to the Trump campaign because they know that the return on their ~investment~ in the Trump campagn will be greater (much greater?) than 100%.


Stated differently, for every dollar the ultra-wealthy donate to the Trump campaign, they likely expect to receive more than a dollar in tax benefits.

Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump's "Big, Beautiful Tax Cut" (2021)
www.propublica.org

... Billionaire business owners deployed lobbyists to make sure Trump's 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed. ...

Yup, an investment.

#7 | Posted by LampLighter at 2024-08-31 07:57 PM

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