Sen. Kamala Harris. Photo courtesy of the U.S. Senate Historical Office.
Kamala Harris has already let slip that if the Democrats win, it will be a “Harris/Biden” administration. Here’s what Harris has proposed for your taxes, according to Taylor LaJoie at the Tax Foundation:
Kamala Harris has proposed multiple changes to the tax code, including:
- Raising the top marginal income tax rate on the top 1 percent (up to 39.6 percent from 37 percent)
- Implementing a 4 percent “income-based premium” on households making more than $100,000 annually to pay for her version of “Medicare for All”
- Creating a new refundable tax credit (the LIFT Act) that would be available to low- and middle-income taxpayers, designed to increase after-tax income to address the rising cost of living
- Raising capital gains tax rates at the same rates as ordinary income, though it is unclear if Harris would do so only on a subset of taxpayers.
- Raising the corporate income tax rate of 21 percent, established in the Tax Cuts and Jobs Act (TCJA), up to 35 percent
- Expanding the estate tax to cover increased teacher compensation
- Imposing a financial transaction tax (FTT) on stock trades at 0.2 percent, bond trades at 0.1 percent, and derivative transactions at 0.002 percent
Taylor is the Tax Foundation’s federal policy analyst, where he studies and writes on all issues related to the federal tax code. Prior to joining the Tax Foundation, Taylor was an economic policy advisor to Senator Mike Lee (R-UT).
