Vice President Kamala Harris recently unveiled a proposal aimed at providing tax relief to middle-class families. Emphasizing her commitment not to increase taxes for individuals earning less than $400,000 annually, Harris highlighted the need to address a tax system that primarily benefits the wealthy while neglecting working-class Americans.
Coming from a middle-class background herself, Harris stressed the importance of implementing tax breaks to empower middle-class families to not only make ends meet but also to progress financially.
As part of her tax credit plan, Harris proposed a tax deduction of up to $50,000 for new small businesses, along with a child tax credit of up to $6,000 for new parents. These measures are intended to alleviate financial burdens and support entrepreneurship and family well-being.
In a bid to create a more equitable tax structure, Harris suggested raising the corporate tax rate from 21% to 28%. This adjustment would reverse the reduction implemented during former President Donald Trump's tax reforms in 2017, aiming to ensure that the wealthiest individuals contribute their fair share in taxes.
By advocating for tax policies that prioritize the needs of the middle class and promote economic growth, Harris aims to foster a more inclusive and prosperous society. The proposed tax credits and adjustments reflect her vision of a tax system that supports working families and small businesses while holding the wealthiest accountable for their contributions.
