Good day all. One of the things that help cause the massive economic expansion of the last 3 years, (Before the idiotic Panicdemic, economy killing lockdown), was the tax cuts pushed through by President Trump. These cuts put real money into the pockets of working, middle class Americans. Now, Heels Up Harris has announced that their first order of business is revoking those cuts.
Heels Up is a flaming socialist, and a typical limousine liberal. She’s a firm believe in “What I have is mine, what you have is mine as well.” To announce that these tax cuts, which put an average of $1000 into every working American’s pocket will be taken back is the height of folly, but then there is a reason she was blown out during the primaries. Here are the details from Breitbart:
Sen. Kamala Harris (D-CA) spoke to Hispanic Americans at a campaign stop in McAllen, Texas, on Friday, telling them that she and former Vice President Joe Biden’s “first order of business” is to get rid of President Trump’s tax cuts.
“I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” she said to cheers.
The people cheering this are either incredibly stupid, on drugs, or being paid to cheer by the Harris for Tyrant Biden for President organization. I doubt they actually have jobs either.
The cuts practically doubled the standard deduction for singles from $6,350 in 2017 to $12,000 in 2018; nearly doubled the standard deduction for married couples from $12,700 to $24,400; and bumped up the child tax credit from $1,000 in 2017 to $2,000 in 2018.
Eliminating the Trump tax cuts would slash those deductions on working people and families almost in half — effectively a huge tax increase, since a married couple will be paying federal taxes on $11,700 in income they weren’t paying under the TCJA. For a tax rate of 20 percent, that would be an annual tax increase of around $2300.
One of the reasons that Heels Up Harris and Dementia Joe, along with all the ultra rich Progressive Liberal Democratic CommuNazis are so hot to get rid of those tax cuts is simple. It didn’t cut THEIR taxes.
The TCJA also actually raised taxes on the rich by capping the wealthy’s ability to deduct their state and local taxes from reported federal income to just $10,000. Before, the wealthy were able to deduct every penny of their local and state taxes from their federal income. It was an unlimited deduction, so whatever the wealthy paid in local taxes was deducted, and they paid no federal income tax on that amount.
And this saw the taxes for people in the Hard Left Blue States skyrocket. Since the rich Liberals think taxes are something only the hoi polloi and the little people should be paying, they decided to move to states that don’t see them as a bottomless piggy bank. This, along with the Panicdemic lock-downs have crashed the blue state’s treasuries. They are desperate to keep that money coming in, even going so far as to trying to get the courts to overturn the tax cuts. The courts, even those infested with Obama judges, knew they didn’t have any authority under the constitution and dumped the cases into the trash.
Biden and Harris have repeatedly mischaracterized the TCJA as only helping the rich. They have also claimed they would not raise taxes, but their plan to eliminate the TCJA would effectively raise taxes on the middle class.
Biden and Harris are liars, and always have been. They will say and do anything to get into office, and once their, will make sure that they get theirs and everyone else gets the shaft. The damage the Democrats will do to the country is inestimable if they win. A market crash and depression are very likely, and of course, being Democrats, they will blame that on everyone else, starting with Donald Trump. The best thing we can do is make sure they don’t get the chance.
Thatisall
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