Kamala Harris’ Tax Increases and Cuts Take Shape

“Vice President Kamala Harris’s tax proposals pick up the unfinished business of the Biden administration, pushing to raise taxes on corporations and high-income households while leaving most Americans’ taxes unchanged or lower,” the Wall Street Journal reports.

“Harris, the Democratic nominee for president, would increase taxes by about $5 trillion over the next decade and cut other taxes by more than $4 trillion. The federal government’s total collections—projected at $63 trillion over 10 years—would be little changed, but the Harris agenda would shift who pays.”

“Under her plan, taxes would go up sharply on some high-income households, and top marginal tax rates would reach their highest point since 1986. The wealthiest investors and company founders would encounter sizable capital-gains tax bills that they don’t face under current law.”