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Harris's tax plan focuses on relief from the middle class rather than the ultra-rich



California's young senator, who officially announced his candidacy for president in 2020 on Sunday, says the middle class has been ignored. So she wants to provide them – along with working families with lower incomes – a tax credit of up to $ 6,000 a year to help them cope with the cost of living, a $ 3 trillion dollar gift for 10 years [19659003] Sens. Bernie Sanders and Elizabeth Warren, both potential candidates for 2020 and the original representative, Alexandria Occasio-Cortez, have set out plans to drastically increase taxes on the ultra-rich. Last week's Warren presented a proposal for wealth tax on those who cost more than $ 50 million, while Occasio-Cortez proposed to impose a 70% income tax over $ 1
0 million, to pay for a green new rate that will include a guarantee for jobs and renewable energy investments

Harris, on the other hand, calls for a direct allocation of middle class and working Americans – an approach , which sounds less political joy "But they are mirror images of each other," says Howard Gleckman, senior research fellow at the Center for Tax Policy, and Harris focuses on providing a large tax credit to people with low and moderate incomes.It focuses less on how it will pay for it.Warren is just the oppositeIt focuses primarily on the taxation of rich people and does not say much. much more about what it will do with the money. Harris, who will be participating in CNN's mayoralty on Monday night in Iowa, also supports rising taxes for the richest 1%, says Lili Adams, her Communications Director. The senator first introduced his idea of ​​middle-class tax credit last fall after hearing people whose salaries do not match the cost of living in the country

Its legislation will provide a refundable $ 6,000 tax credit. for couples who receive up to $ 60,000 year. Single dollars up to $ 30,000 and single parents who earn up to $ 80,000 will receive a $ 3,000 credit. The credit will then cease. Pairs and single parents whose earnings exceed $ 100,000 and one-time senders that are over $ 50,000 will no longer be eligible.

Unlike the usual tax credit, however, the bill will allow taxpayers to earn income – up to $ 500 – – on a monthly basis. This would give families an alternative to borrow for payment, which usually comes with very high interest rates, as suggested.

However, the total cost would be expensive $ 3 trillion. For 10 years, he has discovered the impartial Center for Tax Policy.

Harris proposes to pay for it by repealing the provisions of the tax legislation of the 2017 PP, which is beneficial to make more than $ 100,000 and pay a fee to financial institutions. But experts say this is not enough to cover the costs.

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It would add to the income tax, which provides a break in the work of parents with lower incomes. But the Harris Bill would offer credit to those who do not have children.

The expansion of the EITC to more people – particularly childless men – has long been supported by two parties, although Republicans have recently cooled off the idea because of it, "said Alan Ward, a resident of the conservative American Entrepreneurship Institute. The PA is unlikely to support the legislation proposed by the candidate for the Democratic Party president.


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