https://taxfoundation.org/blog/kamala-harris-tax-proposals-2024/
In all, Tax Foundation estimates the major tax increase proposals in the Biden-Harris FY 2025 budget would reduce economic output by 1.6 percent and employment by 666,000 full-time jobs. If Harris took the tax increases further, as she has supported in the past, the economic losses would be even larger.
What about the $400,000 Pledge?
President Biden has consistently pledged that he would not raise taxes on households earning under $400,000, which dates to his 2020 campaign. The pledge heavily guided the design of Biden’s tax proposals in his annual budgets, the Build Back Better Act in Congress, and the Inflation Reduction Act (IRA) signed into law in 2022.
While Harris has made supportive comments about the $400,000 pledge as running mate and Vice President, her elevation to Democratic nominee is an opportunity to rethink the tax pledge.
In all, Tax Foundation estimates the major tax increase proposals in the Biden-Harris FY 2025 budget would reduce economic output by 1.6 percent and employment by 666,000 full-time jobs. If Harris took the tax increases further, as she has supported in the past, the economic losses would be even larger.
What about the $400,000 Pledge?
President Biden has consistently pledged that he would not raise taxes on households earning under $400,000, which dates to his 2020 campaign. The pledge heavily guided the design of Biden’s tax proposals in his annual budgets, the Build Back Better Act in Congress, and the Inflation Reduction Act (IRA) signed into law in 2022.
While Harris has made supportive comments about the $400,000 pledge as running mate and Vice President, her elevation to Democratic nominee is an opportunity to rethink the tax pledge.