Kamala Harris says 'No tax cuts for the wealthy'; aims to build employee-centric economy

US Vice President-elect Kamala Harris said on Sunday that Joe Biden ministration will eliminate tax cuts for huge corporations and wealthy individuals and contribute to building an ecomy for working families of country. 

In a tweet, former California senator said that Biden's government will scrap President Donald Trump’s 2017 formed income tax reductions policy and n work towards building an ecomy that caters to working-class majority.

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Earlier this week, Kamala Harris h anunced that under Biden ministration, re will be tax hikes for households with less than $400,000 annual income. 

She said improved Tax policy will  make high earners, wealthiest, and major corporations pay a “fair share”, while those earning less than $400,000 will “t pay a single penny.” 

Harris’ clarification came amid claims that Joe Biden might introduce a significant tax jump from 12% to $25 for those earning $75,000 annually. 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 developing Social Security payroll taxes, as his ministration will scrap income tax reductions policy, Tax Cuts and Jobs Act of 2017 (TCJA).

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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% for domestic and foreign income for “higher earners.” Biden ministration will restore top individual tax rate from 37 to 39.6%, 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% of earners”, committee’s report suggests.

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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