Harris vs Trump on Tax Policies

[Copernicus]

In 2017, Republicans passed a major overhaul of the tax system, which included major tax benefits for wealthy individuals and corporations. A number of those benefits will expire next year.

See:

What will happen to the Trump tax cuts in 2025, and how will they affect the national debt?​

Trump wants to keep those changes in place and make them permanent, but Harris does not. Both Republicans and Democrats will be under tremendous pressure to make changes, as tax policy will have a major effect on deficits and national debt. The corporate tax rate used to be 35%, and Trump had lowered it to 21%.

Harris had proposed to eliminate Trump's corporate tax cut in the past, effectively raising those taxes back to 35%. Her current position is to raise them only to 28%, which is still a substantial cut from what they were originally. Corporations have lots of loopholes that allow them to pay little, or no, taxes anyway. So I'm not sure how much difference any of this makes unless those loopholes can be addressed, as well. Republicans will almost surely try to block her proposal, but she will have leverage because of their need to preserve other expiring tax cuts.

Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law​

 

[We Never Know]

In 2017, Republicans passed a major overhaul of the tax system, which included major tax benefits for wealthy individuals and corporations. A number of those benefits will expire next year.

See:

What will happen to the Trump tax cuts in 2025, and how will they affect the national debt?​

Trump wants to keep those changes in place and make them permanent, but Harris does not. Both Republicans and Democrats will be under tremendous pressure to make changes, as tax policy will have a major effect on deficits and national debt. The corporate tax rate used to be 35%, and Trump had lowered it to 21%.

Harris had proposed to eliminate Trump's corporate tax cut in the past, effectively raising those taxes back to 35%. Her current position is to raise them only to 28%, which is still a substantial cut from what they were originally. Corporations have lots of loopholes that allow them to pay little, or no, taxes anyway. So I'm not sure how much difference any of this makes unless those loopholes can be addressed, as well. Republicans will almost surely try to block her proposal, but she will have leverage because of their need to preserve other expiring tax cuts.

Harris proposes raising the corporate tax rate to 28%, rolling back a Trump law​

I have no problem with Harris raising it back up.
One question though, why hasn't she and Joe already done it?

 

[crossfire]

I have no problem with Harris raising it back up.
One question though, why hasn't she and Joe already done it?

The House of Representatives has been paralyzed over the past two years with the slim GOP majority and the opportunist leverage being employed by the ultra right Freedom caucus.

 

[We Never Know]

The House of Representatives has been paralyzed over the past two years with the slim GOP majority and the opportunist leverage being employed by the ultra right Freedom caucus.

So is she promising to do something she cant deliver on?

 

[crossfire]

So is she promising to do something she cant deliver on?

House of Representatives have 2-year terms, so all the House members are up for reelection in this presidential election. She's trying to get the base out to vote Democrat, so the Democrats can get the House majority back and get stuff done.

 

[We Never Know]

House of Representatives have 2-year terms, so all the House members are up for reelection in this presidential election. She's trying to get the base out to vote Democrat, so the Democrats can get the House majority back and get stuff done.

Exactly. She can't do it unless they get the house.
So its not "I will raise taxes if I win", its "I will raise taxes if I win and if we win the house".
Without the house win her promise is meaningless.

Btw...According to wiki....

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats

Party Government Since 1857 | US House of Representatives: History, Art & Archives

This chart shows the party divisions in both chambers of Congress and the party control of the White House since the advent of the modern party system. When the President's party holds the majority in both chambers, it is considered a unified government. Since 1857, the government has been...

history.house.gov

 

[Copernicus]

So is she promising to do something she cant deliver on?

No, but you would know that if you read the article I posted a link to or one of the many articles out there on the pending expirations of the Trump tax cuts. They are expiring in 2025, and Trump wants to make them permanent. Democrats want to roll back those that they consider giveaways to wealthy people, who didn't need them, and major corporations. Trump lowered the tax rate on corporations from 35% to 21%. What corporations did with that extra money was engage in stock buybacks to pump up the value of the shares held primarily by corporate executives and members of their boards of directors. Executive salaries also went up, but their tax rates were lowered significantly by the same tax cuts that Trump signed into law in 2017.

The point is that Harris will have a lot of leverage next year in shaping whatever comes through Congress, because Republicans will want to preserve as much of the Trump tax cuts as they can. Democrats will be looking to preserve those parts that benefitted lower income individuals. It is unlikely that Harris will get everything she wants, but neither will Republicans. That's the way politics works in the US--compromise. A lot will depend on what the makeup of the House and Senate will end up being. If both Houses are controlled by Democrats, then Harris will get a lot of things done. If not, then her influence will be diminished, but not eliminated. Joe Biden was able to get a lot done even with Republicans holding the House and half the Senate.

 

[crossfire]

Exactly. She can't do it unless they get the house.
So its not "I will raise taxes if I win", its "I will raise taxes if I win and if we win the house".
Without the house win her promise is meaningless.

Btw...According to wiki....

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats

Party Government Since 1857 | US House of Representatives: History, Art & Archives

This chart shows the party divisions in both chambers of Congress and the party control of the White House since the advent of the modern party system. When the President's party holds the majority in both chambers, it is considered a unified government. Since 1857, the government has been...

history.house.gov

you missed this part from the current congress:

118th (2023–2025)

(House) Republicans

(Senate) Democrats

President Democrat (Biden)

Divided

You also missed the part about 2 of the senators are independents, not Democrats (but they often side with the democrats.) There are more Republican Senators than Democrats.

14On the opening day of the One Hundred Seventeenth Congress, the U.S. Senate was comprised of 51 Republicans, 46 Democrats, 2 Independents (who caucused with the Democrats), and 1 vacancy. No candidate received a majority of votes in the general election for Georgia's class 2 seat or in the special election for Georgia's class 3 seat. Runoff elections for both of the state's Senate seats were scheduled for January 5, 2021. Democratic candidates won both elections. Following the inauguration of Vice President Kamala D. Harris on January 20, 2021, the Senate had a Democratic majority, comprised of 50 Republicans, 48 Democrats, and 2 Independents (who caucus with the Democrats). The Vice President is able to cast tie-breaking votes in the Senate. See United States Senate, "Party Division," U.S. Senate: Party Division.​

 

[Heyo]

I have no problem with Harris raising it back up.
One question though, why hasn't she and Joe already done it?

A valid question, and not only for Joe, Obama had the same problem, majorities in House and Senate, but not fulfilling all his election promises.
A cynical person (which I am now and then), would say they didn't plan to make good on their promises anyway.
A more knowledgable person would explain how much work has to go into making laws, that it's impossible to do everything at once.
And then there are the DINOs like Sinema and Manchin, who have to be convinced (or bribed) to toe the party line.
Last but not least is the democrat mentality. They are soft and go for bipartisan solutions, making compromises, in hope that the pubs will be committed to a law they agreed to sign - which is just wishful thinking.

 

[We Never Know]

you missed this part from the current congress:

118th (2023–2025)

(House) Republicans

(Senate) Democrats

President Democrat (Biden)

Divided

You also missed the part about 2 of the senators are independents, not Democrats (but they often side with the democrats.) There are more Republican Senators than Democrats.

14On the opening day of the One Hundred Seventeenth Congress, the U.S. Senate was comprised of 51 Republicans, 46 Democrats, 2 Independents (who caucused with the Democrats), and 1 vacancy. No candidate received a majority of votes in the general election for Georgia's class 2 seat or in the special election for Georgia's class 3 seat. Runoff elections for both of the state's Senate seats were scheduled for January 5, 2021. Democratic candidates won both elections. Following the inauguration of Vice President Kamala D. Harris on January 20, 2021, the Senate had a Democratic majority, comprised of 50 Republicans, 48 Democrats, and 2 Independents (who caucus with the Democrats). The Vice President is able to cast tie-breaking votes in the Senate. See United States Senate, "Party Division," U.S. Senate: Party Division.​

Didn't miss anything. I asked why she and Joe hadn't done it already. You said because the House of Representatives has been paralyzed over the past two years with the slim GOP majority(current)

She and Joe had near two years where they controlled it all. Why didn't they do it then?

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats
President -Democrat

 

[crossfire]

Didn't miss anything. I asked why she and Joe hadn't done it already. You said because the House of Representatives has been paralyzed over the past two years with the slim GOP majority(current)

She and Joe had near two years where they controlled it all. Why didn't they do it then?

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats
President -Democrat

Busy with Covid measures?

 

[We Never Know]

Busy with Covid measures?

Who knows.
But no one can convince me they didn't do it because they didn't have control.

 

[We Never Know]

No, but you would know that if you read the article I posted a link to or one of the many articles out there on the pending expirations of the Trump tax cuts. They are expiring in 2025, and Trump wants to make them permanent. Democrats want to roll back those that they consider giveaways to wealthy people, who didn't need them, and major corporations. Trump lowered the tax rate on corporations from 35% to 21%. What corporations did with that extra money was engage in stock buybacks to pump up the value of the shares held primarily by corporate executives and members of their boards of directors. Executive salaries also went up, but their tax rates were lowered significantly by the same tax cuts that Trump signed into law in 2017.

The point is that Harris will have a lot of leverage next year in shaping whatever comes through Congress, because Republicans will want to preserve as much of the Trump tax cuts as they can. Democrats will be looking to preserve those parts that benefitted lower income individuals. It is unlikely that Harris will get everything she wants, but neither will Republicans. That's the way politics works in the US--compromise. A lot will depend on what the makeup of the House and Senate will end up being. If both Houses are controlled by Democrats, then Harris will get a lot of things done. If not, then her influence will be diminished, but not eliminated. Joe Biden was able to get a lot done even with Republicans holding the House and half the Senate.

The dems didn't need compromise their first two years.

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats
President -Democrat

The dems had a trifecta.

It gets old when people say their party(either) didn't do something(taxes, the border, etc) because they were blocked by the other party.

 

[crossfire]

Who knows.
But no one can convince me they didn't do it because they didn't have control.

You might find this to be an interesting read:

MSN

 

[We Never Know]

You might find this to be an interesting read:

MSN

Oh I agree the repubs have dropped the ball because of Trump. Its party wars as always.

It talk about the current congress then goes on to say the dems are poised to get back congress.

But this "if we get control yada yada" is always a nothingburger, especially when the dems had a trifecta their first two years with Biden.

 

[tytlyf]

The tax policies between the parties have been the same for decades.

Democrats want higher taxes on corporations, billionaires and the 1%
Republicans want no taxes on corporations, billionaires and the 1%

The problem is if there's no taxes on corporations, billionaires and the 1%, the middle and lower classes are paying more in taxes.

Republicans have consistently been against policies that benefit the lower and middle classes. Always favoring corporate policies.

 

[Copernicus]

The dems didn't need compromise their first two years.

117th (2021–2023)
House Majority -Democrats
Senate Majority -Democrats
President -Democrat

The dems had a trifecta.

It gets old when people say their party(either) didn't do something(taxes, the border, etc) because they were blocked by the other party.

You ignore the thinness of those Congressional majorities, even though it has been pointed out to you. Democrats did not have full control, and Republicans were able to filibuster or slow walk anything that Democrats tried to get through the Senate. Just the same, Biden was able to make a lot of progress and fulfill a number of his campaign promises. I consider the infrastructure law to be their greatest accomplishment, because that was something that Republicans promised, but never accomplished, when they had their own trifecta. Bash the Democrats all you want--and we both know that that is the party you prefer to bash--but they did more with their "trifecta" than the Republicans did with theirs. The major Republican accomplishments were a very flawed overhaul of the tax system that led to huge increase in the national debt and packing the Supreme Court. The packing of SCOTUS led to a massive loss of reproductive rights for families and produced unprecedented structural changes in our legal system, including an radical change to the way the Second Amendment is interpreted and an damaging increase in the influence of money in our election system.

See:

What Democrats achieved – and didn’t – in two years controlling Congress​

 

[We Never Know]

You ignore the thinness of those Congressional majorities, even though it has been pointed out to you. Democrats did not have full control, and Republicans were able to filibuster or slow walk anything that Democrats tried to get through the Senate. Just the same, Biden was able to make a lot of progress and fulfill a number of his campaign promises. I consider the infrastructure law to be their greatest accomplishment, because that was something that Republicans promised, but never accomplished, when they had their own trifecta. Bash the Democrats all you want--and we both know that that is the party you prefer to bash--but they did more with their "trifecta" than the Republicans did with theirs. The major Republican accomplishments were a very flawed overhaul of the tax system that led to huge increase in the national debt and packing the Supreme Court. The packing of SCOTUS led to a massive loss of reproductive rights for families and produced unprecedented structural changes in our legal system.

See:

What Democrats achieved – and didn’t – in two years controlling Congress​

I bash both parties. I don't have a preference like you.

While I have no problem bashing both parties, you bash one and make excuses for the other.

Even when the dems have control your blame the repubs. Why not just admit anything good you try to credit to the dems and anything bad you try to blame the repubs. And that's fine. I call it party blind.

 

[Copernicus]

I bash both parties. I don't have a preference like you.

Your bashing seems more focused on Democrats and their policies, but that's just how I interpret your posts. I don't see you as a MAGA supporter. I don't try to hide my preferences.

While I have no problem bashing both parties, you bash one and make excuses for the other.

Not always. I've done my share of bashing Democrats, just as you've done yours of bashing Republicans. But I openly admit my preference for the Democratic Party. We have a two-party system, and there are stark differences between the parties. More than a century ago, I would likely have been a Republican, because they tended to be more progressive and forward-thinking than Democrats back then.

Even when the dems have control your blame the repubs. Why not just admit anything good you try to credit to the dems and anything bad you try to blame the repubs. And that's fine. I call it party blind.

I'm anything but party-blind. Usually, the Republicans are on the wrong side of the issues, in terms of my values. My childhood was in the 1950s. I'm not going back there, but that seems to be the direction that most of the Republican Party is now headed. That doesn't mean that I disagree with everything they say or that I've never voted for a Republican in local elections.

 

[Evangelicalhumanist]

Oh I agree the repubs have dropped the ball because of Trump. Its party wars as always.

It talk about the current congress then goes on to say the dems are poised to get back congress.

But this "if we get control yada yada" is always a nothingburger, especially when the dems had a trifecta their first two years with Biden.

And speaking of yada yada...those first 2 years were in the thick of a pandemic and trying mightily to save the U.S. economy from that crisis. I'm sure you couldn't have done it with one hand tied behind your back, but...