Quote:
Originally Posted by Mathgod
Obama extending the Bush tax cuts was not something he wanted to do, but had little choice due to headwinds in congress. Besides, the economy was in a precarious spot as it was trying to recover from the 08 financial collapse, so any sudden change to tax policy was deemed to be risky.
Biden couldn't cancel the Trump tax cuts because he didn't have the votes in the Senate to make it happen.
Harris is running on increasing taxes on the rich and lowering them on the middle class. If she wins, how much she's able to get done depends on whether or not she gets all chambers of congress, and whether or not there are Manchin/Sinema types within her party who stand in her way. But yes I'm hoping for very significant increases in taxes for those making over 400k/year. I would hope they also look at other ways to raise revenue, such as estate taxes.
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I need Harris to repeal the SALT limit or atleast double it. It has been tragic for the last 7 years. Property taxes are so high and Trump capped it at $10K in order to fund the corporate tax cuts.