Trump should not adopt Kamala Harris’s tax hike plan
President Trump’s 2017 tax cut, the Tax Cuts and Jobs Act, was an unmitigated success and a signature accomplishment of the first Trump administration. The Trump tax cut lowered individual income tax rates and corporate taxes and made other changes that led to unprecedented economic growth.
Unfortunately, there are voices purporting to speak for Trump who want to poison upcoming tax reform legislation by adopting former Vice President Kamala Harris’s proposal to increase the top tax rate on high earners.
These populist voices on the right — who sound like socialists — should be ignored, because their idea to hike taxes is neither popular nor good tax policy.
Congress needs to act fast, because the law extending tax cuts for individual filers expires at the end of the year. If Congress passes a clean extension of existing tax cuts under the 2017 law, jobs will be created, the economy will expand and taxpayers will be allowed to keep more of their own hard-earned money.
The © The Hill
