A.G. Gancarski
Taxed enough already? The Donald Trump campaign is betting that you think so.
And it’s also betting that it can convince voters that a vote for Kamala Harris is a vote for a tax hike, arguing that her plan to “let the Trump Tax Cuts expire will raise taxes by nearly $2,600 a year for American families.”
A new ad, called “Gonna,” makes that point, quoting the Vice President saying that “taxes are gonna have to go up.”
In addition to allowing the former President’s tax plan to lapse at the end of 2025, Harris also is looking to target corporations, no matter what their size, raising the corporate tax rate to 28%.
“President Trump passed the largest tax CUTS for working families in history and will make them permanent when he is back in the White House in addition to ending taxes on tips for service workers, ending taxes on overtime, and ending taxes on Social Security for our seniors. On the contrary, Kamala Harris voted against the Trump Tax Cuts and says she wants to get rid of them,” says Trump Campaign National Press Secretary Karoline Leavitt.
For his part, Trump is pitching no taxes on tips, overtime pay, or Social Security.
The former President, meanwhile, wants to increase tariffs on foreign countries, including a 60% tax on Chinese goods and 20% from other countries.
Harris calls that proposal a “sales tax on the American people.”
See the ad below.
5 comments
Billy Rotberg
October 3, 2024 at 5:52 pm
Make the merchant cash advance industry grow again. Vote Blue! ❄️🤣🤡💩
MHDuuuval
October 3, 2024 at 10:34 pm
Trump wants to cut corporate taxes even lower than he did in 2017 and give the wealthiest .01% another multi-trillion tax break.
“Starving the beast,” MAGAs and Grover Norquist call it. Less revenue means more opportunity to cut back on entitlements to individuals — though not reducing breaks for large entities, friends (donors and clients) of Trump, or the military-industrial-Congressional complex.
Billy Rotberg
October 4, 2024 at 9:10 am
Explain to a small mom and pop corporation why they should pay more.
MarvinM
October 4, 2024 at 1:54 pm
Most actual Mom and Pop corporations are filing as S-corporations and passing on the tax liability to their shareholders (who are usually just them and a small group of other family members and friends) and they will pay their personal tax rate, so a change in the corporate tax rate makes no difference.
But if there is a Mom and Pop corporation who for whatever reason is not filing S-corp, and becomes subject to the proposed tax increase, just wanna remind everyone, you only pay taxes on profit. That’s what you took in minus expenses.
Let’s say M & P’s MAGAHat Emporium, Inc. does their tax returns and after expenses is liable for taxes on $100,000 of profit.
At 21% tax they pay $21,000 federal tax.
At 28% tax they pay $28,000 federal tax.
For a business that makes (not takes in, makes a profit of) $100,000, the “more they have to pay” is just $7000.
If you are running a company and doing that well, why not pay just that little bit more back into the fabric of the society that is allowing you to be able to do that work? (helps reduce deficit also)
MHDuuuval
October 4, 2024 at 5:49 pm
No. You explain why the top 0.01 percent should get a second multi-trillion-dollar tax break and mom and pop not see their tax rates lowered again like big corporations will if DJT gets his way.
Trump is looking out for the big donor while running a boilerroom operation to nick the moms and pops out there for commemorative coins, hats, and such like.
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