Previously published on September 2, 2024 in
The Harris-Walz Campaign Reveals Its Tax Plans
Rhetoric not substance tends to dominate all presidential campaigns. But for all the constraints imposed by time on the Harris-Walz campaign, it has put out reasonably straightforward statements of potential tax policies. These deserve attention and perspective. An overview offers this: though in many respects candidate Harris is trying to distinguish herself from the Biden administration, she seems eager on tax matters to carry forward its plans.
Biden from his first days in office strived to get legislation that would increase taxes on corporations and those at the high end of the income distribution. He wanted, he said, to get them to pay their “fair share.” He failed to get these changes through a less-than-cooperative Congress, even when his party had majorities in both houses. The broad strokes of the Harris plans would implement something very similar. They would add to the tax burden of corporations and individuals who earn more than $400,000 a year, while offering targeted relief to many at the lower end of the income distribution. According to the Harris-Walz campaign, the planned tax hikes would raise an additional $5 trillion over the next ten years, while the breaks would cost $4 trillion for a net gain to Washington of $1 trillion.
