Kamala Harris's Economic Plan: A Disaster for Working Families

Vice President Kamala Harris's economic plan, which includes tax hikes on job creators and a taxpayer-funded expansion of the welfare state, would have devastating consequences for working families, including lost wages, fewer jobs, and higher taxes.

Vice President Kamala Harris's economic agenda poses a grave threat to the well-being of working families in America. Her plan includes a repeal of the Trump tax cuts, which would lead to significant tax increases for individuals and small businesses, as well as a dramatic expansion of government welfare programs. The consequences of these policies would be as predictable as they are painful.

The repeal of the Trump tax cuts alone would result in an average tax hike of $1,100 for Americans, according to a study by the Tax Foundation. This tax increase would disproportionately impact working-class families, who would see their tax bills rise by as much as $1,500 per year.

Kamala Harris's Economic Plan: A Disaster for Working Families

In addition to higher taxes, Harris's plan would also lead to job losses. The Tax Foundation estimates that the expiration of the Trump tax cuts would destroy nearly 2 million full-time jobs. This is because small businesses have used the law's 20% pass-through deduction to fund a new era of growth. Take away the deduction, and many will be forced to shrink or close their doors.

Harris's plan also includes a wealth tax and a corporate tax hike, which would further burden job creators and hurt the economy. The wealth tax would target Americans with assets over $50 million, imposing a 2% annual tax on their net worth. The corporate tax hike would raise the corporate tax rate from 21% to 28%, reversing one of the most significant pro-growth measures of the Trump tax cuts.

Kamala Harris's Economic Plan: A Disaster for Working Families

Harris claims that raising corporate taxes will "put money back in the pockets of working people." However, this is simply not true. In reality, corporate tax hikes lead to lower wages, fewer jobs, and higher prices for consumers.

The additional revenue generated by Harris's tax hikes would be used to fund a massive expansion of government welfare programs, including a permanent expanded Child Tax Credit. This program would provide monthly payments to families with children, regardless of their income or work status.

Kamala Harris's Economic Plan: A Disaster for Working Families

While the Child Tax Credit may sound like a good idea on the surface, it is actually a harmful policy that discourages work and traps families in poverty. A study by the University of Chicago found that if the expanded Child Tax Credit were made permanent, 1.5 million parents would stop working altogether.

Harris's economic plan is a recipe for disaster. It would lead to higher taxes, lower wages, fewer jobs, and a weaker economy. Working families would be the hardest hit, as they would bear the brunt of the tax burden and lose their jobs.

The consequences of Harris's economic agenda would be severe and long-lasting. It is essential that voters understand the true nature of her proposals and reject them at the ballot box.