At a rally in Texas yesterday, Democratic vice presidential nominee Kamala Harris criticized President Trump for the Tax Cuts and Jobs Act (TCJA) of 2017 which Bloomberg acknowledged cut taxes on the middle class and fueled economic growth.
A clip of the speech shared by the Trump campaign noted that speaking in front of a Hispanic Americans, Harris said, “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.”
"Joe Biden and I are about to work to get rid of that tax cut," Kamala Harris tells Hispanic Americans. pic.twitter.com/BT9sTqsDfK— Trump War Room – Text TRUMP to 88022 (@TrumpWarRoom) October 30, 2020
Harris attempted to prefaced the quote as she said on the one hand, “When you ask Joe Biden, ‘How is the economy doing?’ Joe Biden says, ‘Well tell me how working people are doing. Tell me how working families are doing.'”
“On the other hand you have Donald Trump, who when asked about the economy, asks about the stock market, asks how rich people are doing. As one of his first orders of business, passes a tax bill benefiting the top one percent and the biggest corporations of America,” she believes.
Two thirds of the stock market (public markets) is owned by institutional investors, including pension funds who invest their assets on behalf of working people who make up the bottom 90%.
I'm not able to square these estimates like these with the fact that >2/3rds of equities are owned by institutional investors. And parsing the "ultimate" owner of an institutional investor into the income distribution is hard. https://t.co/4If98oWSjK https://t.co/9xatXN2EKU pic.twitter.com/cVW3gFhilU— Arpit Gupta (@arpitrage) February 12, 2020
Breitbart reported that 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 and for a tax rate of 20 percent, that would be an annual tax increase of around $2300, according to Breitbart.
Full video below:
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