Kamala Harris announces 'no tax hikes' for households below $400,000 annual income

On vember 11, US Vice Presidential elect Kamala Harris said that under Biden ministration, re will be tax hikes for households with less than $400,000 annual income. In a tweet, former California senator said that Biden's presidency’s Tax policy will  make high earners, society’s wealthiest, and major corporations pay a “fair share”, anyone making under $400,000 will “t pay a single penny.” Harris’ clarification comes as unsubstantiated claims me rounds that Joe Biden would introduce a significant tax jump from 12 percent to 25 percent for those earning $75,000 annually, citing Tax Policy Center and  Committee for a Responsible Federal Budget’s reports. 

In an online statement, Harris said that Biden’s plan calls for increased income and Social Security payroll taxes for households that have earnings above $400,000 a year. Americans speculated that Biden’s tax reforms would also le to upping Social Security payroll taxes, as his ministration will scrap President Donald Trump’s 2017 formed income tax reductions policy,  Tax Cuts and Jobs Act of 2017 (TCJA). In a Facebook post, Trump supporters alleged that Biden will subject incomes of $400,000 with 12.4 percent Social Security payroll tax currently applicable for incomes up to $137,700. 

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Biden tax plan 'highly progressive'

According to US Committee for a Responsible Federal Budget, Former Vice President Joe Biden’s tax proposal reports, corporate tax rate will be increased from 21 to 28 percent for domestic and foreign income for “higher earners.” Biden ministration will restore top individual tax rate from 37 to 39.6 percent, on ws above $400,000 to Social Security payroll tax, and pass various or cuts and increases. “Biden tax plan is highly progressive, increasing taxes for top 1 percent of earners”, committee’s report suggests.

During final Presidential debate with US President Donald Trump, Biden was heard saying that under his proposals, “ one with income below $400,000 would pay higher taxes than y do w. Does this make sense?”, clarifying ‘above $400,000’ threshold.  With Biden’s tax plans justed on gross income (AGI) of $400,000 per year and spike in corporate tax rate, government would raise $3.375 trillion in new tax revenue while increasing spending by $5.37 trillion over fiscal years 2021 – 2030, according to Wharton’s budget model. 

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