In The New York Sun, Larry Kudlow notes that at the recent debate with Donald Trump, Kamala Harris couldn’t provide a good answer to the most important question of all, “when it comes to the economy, do you believe Americans are better off than they were four years ago?” Kudlow writes:
Vice President Harris flubbed the most important question of the campaign. Big hat tip to Byron York, the veteran ace columnist of the Washington Examiner.
Mr. York was referring to the economy, which is the most important issue in the campaign, and was the first question of the debate and went to Ms. Harris: “when it comes to the economy, do you believe Americans are better off than they were four years ago?”
Mr. York’s key point about Ms. Harris’s answer was that there was virtually no there, there.
Her most heralded proposal is a $50,000 small business startup deduction. Under current tax law, though, which is still President Trump’s tax cut law, new business owners can already deduct most early stage expenses like payroll and equipment costs.
Startup expenses really are minimal. And so many small business startups will never spend $50,000. In other words, it’s a poorly thought out plan.
And she never mentioned her proposal to repeal virtually all of the highly successful Trump tax cuts, including the 100 percent immediate expensing bonus for the purchase of new machinery and equipment.
That bonus depreciation is one of the most powerful, pro-growth policies for large, small, and new businesses. And it looks like Ms. Harris would repeal it.
Plus, her so-called economic plan raises the top income tax rate to 39.6 percent, which is what most successful new and small business owners pay.
Plus, her plan would repeal the 20 percent small business cost deduction embodied in the Trump plan. Plus, she would raise the capital gains tax, which rewards successful small business owners. And on top of that raises the estate tax which is another reward for successful small business owners.
So she can prattle on about a startup deduction, but really what one hand giveth, the other hand taketh away and then some.
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