Vice President Kamala Harris, Democrats’ presumptive 2024 presidential candidate, has repeatedly vowed that, if elected, she will repeal the Tax Cuts and Jobs Act “on Day One.”
Passed in 2017 under the Trump Administration, the Tax Cuts and Jobs Act lowered taxes and simplified tax filing for most Americans and is already set to expire at the end of 2025, without re-authorization by Congress, as The Tax Foundation explains:
“The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made several significant changes to the individual income tax. These changes include a nearly doubled standard deduction, new limitations on itemized deductions, reduced income tax rates, and reforms to several other provisions. In all, these changes simplify the individual income tax by eliminating the need for millions of households to itemize their deductions.
“After December 31, 2025, most of the changes to the individual income tax code revert to pre-TCJA status. If Congress allows these changes to go into effect, most households would experience tax increases beginning in 2026. In the meantime, however, individual income taxes will be substantially lower for households across the income spectrum.”
But, if elected, Harris isn’t willing to wait for the tax law and its benefits to expire. As a video montage produced by Americans for Tax Reforms (ATR) shows, Harris has repeatedly said she will repeal the Tax Cuts and Jobs Act “on Day One” of her presidency.
ATR analysis reveals that repealing the tax bill would result in:
- An across-the-board income tax increase.
- An increase in the so-called “Death Tax.”
- A small business tax hike.
- Termination of the doubled child tax credit and the expanded standard deduction.
- Imposition of a 35% federal corporate income tax rate — a rate even higher than communist China and Maduro’s Venezuela.
For his part, Harris’ Republican opponent, former President Donald Trump, says his intention is to expand the tax benefits and make them permanent.
The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.