When Americans filed their taxes last month, many middle and working class taxpayers were shocked to find they were – well, seriously screwed -- by “the biggest tax cut in history,” as touted by Individual-1 occupying the Oval Office.
Simply put – the new tax law helped the rich get richer for those earning over $347,940 with a tax cut that was nearly double the size of the cut for those earning more than $65,640, and triple the size of the tax cut for those earning over $36,450. (Figures from: www.bloomberg.com/...)
In fact, the Tax Policy Center estimates, one in 20 middle-income families actually paid more in taxes due to the GOP tax Cuts.
Add to this top earners invested in corporate stocks gained an additional benefit when the 35% corporate tax was cut down to 21%. Rich get richer indeed.
Democratic candidates for the 2020 presidential election all agree the “Trump Tax Cuts” must be repealed. However, as pointed out in a Bloomberg article, repealing existing law is a tough sell to voters.
Even with a GOP-controlled Senate and House, Republicans have tried and failed to repeal Obamacare more than 50 times, according to the same Bloomberg article.
Solution: Repeal The ‘Rich Get Richer’ Portion Of The Tax Bill & Replace It With Kamala Harris’ LIFT: Livable Incomes for Families Today
“So far, the most concrete plan to repeal and replace is Senator Kamala Harris’s proposed LIFT the Middle Class Act. Harris will have legislation that would replace the Trump law with a progressive tax policy that ensures that the benefits go to middle- and low-income families, defined in her plan as those earning less than $100,000 a year.
The proposal is estimated to cost around $2 trillion (over 10 years), about the same amount as the Trump cuts. It could help as many as 80 million working families by offering up to $3,000 a year for a single person or $6,000 a year for a married couple. People could elect to have the payments disbursed as a lump-sum tax refund or a monthly stipend.”
https://www.bloomberg.com/opinion/articles/2018-11-05/democrats-options-for-repealing-trump-s-tax-cuts
This bears repeating – working families can choose to receive this tax cut as a lump sum tax refund OR divide their credit into monthly payments from the Federal government. Keep in mind these families would receive the LIFT benefit in addition to Earned Income Tax Credit and the child tax credit.
“Kyle Pomerleau, chief economist at the Tax Foundation, which is considered a right-leaning tax policy think tank, said Harris’ plan stacks up favorably.
"Overall, it’s a very large tax cut," Pomerleau said of Harris’ plan. "So, she is right when she says that it is significant. I think that it is is one of the biggest in terms of middle-class tax cuts."
He estimated that Harris’ plan would increase the after-tax income of middle-income earners by 5.6 percent in its first year…”
https://www.politifact.com/california/article/2019/apr/11/kamala-harris-calls-her-lift-plan-most-significant/
And That’s Not All -- Senator Kamala Harris Has Re-Introduced Her Rent Relief Act For The Working Poor.
Here’s how it works:
“A rent-burdened household making $25,000 per year, for example, would be eligible to claim 100 percent of the excess rent (the share higher than 30 percent) as a credit. Rent relief isn’t limited to low-income families: In many areas, households making up to $100,000 would be eligible for some credit.
The good part of the bill is that it puts money back into the wallets of the poor, and gives them more stability. A big rent hike would be much less likely to force them out of their apartment or their neighborhood.”
https://www.housingwire.com/articles/48781-harris-reintroduces-rent-relief-legislation
Let’s Recap These Innovative Policies from Senator Kamala Harris:
- The LIFT Act helps Working and Middle Class Families.
- The Rent Relief Act helps the Working Poor.
- And it’s all paid for by repealing GOP Tax Cuts for the wealthy.
Sound good to you? Of course it does!
***
EVENTS:
Senator Kamala Harris will host an organizing event for her presidential campaign at Los Angeles Southwest College on Sunday, May 19th.
When: Doors open at 2:30pm PST & event program begins at 3:00PM PST.
Where: Los Angeles Southwest College, 1600 W Imperial Hwy, Los Angeles, CA 90047
Tickets here: Mobilize.US
TO DONATE VIA “KOSSACKS4KAMALA” CLICK HERE.
TO DONATE VIA “KAMALA HARRIS FOR THE PEOPLE” CLICK HERE.
***
UPDATE re: The Rent Relief Act
Some have repeated the “concern” (expressed mostly by conservative media) that the “fatal flaw” in Kamala Harris’ Rent Relief Act is that greedy landlords will capitalize on this legislation by jacking up rents considerably.
What they ignore is the vast majority of states already have Rent Control laws on the books to prevent rent gouging.
To date, only 11 out of 50 states have not yet passed Rent Control laws. See chart here: www.landlord.com/…
Hope this helps clarify what the critics are saying.