Sen. Kamala Harris Immediately Introduces Middle Class Tax Cut Bill

[babylonsister]

https://www.politicususa.com/2019/01/03/sen-kamala-harris-immediately-introduces-middle-class-tax-cut-bill.html

Posted on Thu, Jan 3rd, 2019 by Jason Easley
Sen. Kamala Harris Immediately Introduces Middle Class Tax Cut Bill


Democrats are moving quickly on the first day of the new Congress as Sen. Kamala Harris (D-CA) has reintroduced legislation to cut taxes for the middle class.

According to Sen. Harris’s office, The LIFT the Middle-Class Act would:

· Provide up to $6,000 a year per family, in the form of a refundable tax credit.

o Tax credit applies to households earning under $100,000 annually.

o Tax credit provides up to $3,000 for single filers earning under $50,000 per year.

· The tax cut can be accessed each month or at the end of the year.

o Families can receive up to $500 per month.

o Individuals can receive up to $250 per month.

· The advance credit each month would also provide families an alternative to taking out predatory payday loans. The median payday loan borrowed is $350 and interest on these loans can be as high as 780% annually, which often force borrowers deeper in debt. By making more money available, it would also help families budget for other goals.

· The Institute on Taxation and Economic Policy estimates the LIFT Act would impact one in every two workers and two out of every three children in America. In addition, ITEP estimates approximately 1 million Pell Grant eligible students would qualify for the credit of up to $3,000.

In a statement provided to PoliicusUSA, Sen. Harris said, ” We need to make America’s tax code work for working people. Instead of more tax breaks for the top 1% and corporations, we should be lifting up millions of American families. A real tax cut for middle class families is a good place to start. That is why the LIFT the Middle Class Act is my first priority in the new Congress.”

One of the biggest problems with the Republican tax cuts for the rich is that they did nothing in the present and will increase taxes in the future on the middle-class and poor. If Republicans wanted to really grow the economy and avoid a recession, Harris’s bill is what a real middle-class tax cut looks like.

Democrats are hitting the ground running, as the takeover of the House has emboldened Senate Democrats to push even harder in their fight for the middle class.

[manor321]

1. I'm confused

Republicans have created a massive deficit. How can we just cut taxes? Cutting taxes is a Republican thing. Why are we trying to compete by cutting taxes? Does this bill end the tax cuts on the rich and corporations? Otherwise this is weak sauce. It reinforces the Republicans' message.

[Hermit-The-Prog]

10. no

Republicans cut taxes for the rich.

This bill attempts to take the burden for that off of those the Republicans want to surreptitiously crush. Republicans can either pass it or reveal to the majority of voters exactly who they are.

Recovering the Republican kickback to ultra-rich can come later.

[In It to Win It]

18. I think Republicans will take it and then take the victory lap...

and then complain about how the deficit is growing.

[metalbot]

31. This exactly

Now that Democrats have the House, Republicans will have rediscovered their deficit concerns. They'll take any tax cuts offered, and then use the created deficit as a hammer against spending.

[CentralMass]

2. The revenue stream and budget are broken and we have have a Democrat selling a tax cut.

Can i get shafted on SS when i retire to pay for that please.

[safeinOhio]

4. How about taking back

those huge tax breaks for the rich and big business? As it is now, is little folks are footing the bill for them.

[CentralMass]

6. How about focusing on polices that will pay for the cost of government instead of handing out candy

[Hermit-The-Prog]

25. how about we take care of people first

You might want to review FDR.

Oh, also, click my 'sig'.

[CentralMass]

28. We do that by providing enough revenue to the government to fund programs like those that FDR starte

More tax cuts aren't the answer.
The fiscal policies of Reagan, George H.W Bush, George W. Bush, President Obama (by not reversing Bush's polices) have brought Grover Norquist's starve the beast to fruition. The countries gross debt to GDP ratio was 31.7% in 1981 and is around 106% today. The national debt is approching $22 trillion with a budget deficit of $850 billion and rising. The interest on the national debt is $364 billion.

We need to restore fiscal sanity to country to fund it instead setting up for the the dimantling of the social safety net. This massive debt puts funding of the services and institution that we all need at risk.

More tax cuts are just adding fuel to the fire.

[malaise]

3. Brilliant strategy

Let ReTHUGs and the Con make him break another promise - after all he promised the middle class a 10% tax cut during the mid term campaign.

https://www.vox.com/policy-and-politics/2018/11/3/18059108/trump-middle-class-tax-cut-kevin-brady

t’s been about two weeks since President Donald Trump said Republicans would deliver a 10 percent tax cut to the middle class before the 2018 midterm elections. Of course it was never going to happen.

The president has been pulling out all the stops in an effort to get his base fired up ahead of Tuesday, including stoking fears about a migrant caravan hundreds of miles away and rolling out a race-baiting closing ad.

Beyond the fear-mongering, Trump in late October also started to say the GOP was also going to pass a new tax cut ahead of the election, telling reporters he and congressional leaders were working “round the clock” to get it done. At a subsequent campaign rally in Texas, he repeated the claim, saying it would be “put in next week.”

[Hermit-The-Prog]

11. you got it!

[SoCalNative]

7. Really?

because I'm considered middle class (make under $100k a year) and I pay plenty of taxes, and normally have very little in deductions available, if any.

[PSPS]

9. "Plenty of taxes"

Let's see. Using 2018 tables:

100K taxable income = 18% federal income tax
The median income in the country is about 50K = 14% federal income tax
1 million taxable income = 34% federal income tax

"Plenty" is a rather subjective term but the above rates don't seem onerous to me at all.

The top tax bracket is a mere 37% in 2018 while, in 1981, it was 70%. Using inflation-adjusted figures for the above:

36K (100K today) taxable income = 30% federal income tax; while
396K (1 million today) taxable income = 64% federal income tax

The above makes it quite obvious that it's a silly notion to promote a "middle-class tax cut." It's not needed. Instead, the parasite class has to start paying their fair share to support their own country.

[Delmette2.0]

14. +1

[Demsrule86]

30. What?

2018 tax tble


Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over
12% $9,525 $19,050
22% $38,700 $77,400
24% $82,500 $165,000
32% $157,500 $315,000

[Amishman]

8. Both of those are wrong

1) 54 percent of households pay income tax, which would include much of the middle class. Besides, I definitely wouldn't say 100k household income is rich or upper class. Heck in NYC or SF that's probably barely middle class

https://www.npr.org/2017/04/17/523960808/we-asked-people-what-they-know-about-taxes-see-if-you-know-the-answers

2) the top 0.1% absolutely do pay taxes, they pay more as an absolute dollar amount than those below them. The real problem is they aren't paying what they are supposed to because of loopholes. From what I found their effective tax rate is about 27%; so they are underpaying by 10% of their total income or about 1/4th of their tax obligation.

https://www.forbes.com/sites/michaeldurkheimer/2018/03/01/0-001-percent-one-percent/#acc62f2cf215

We need to know what we are talking about and speak the truth if we want to convince people that major change is needed.

[PSPS]

13. Not wrong

As my other post shows, the income taxes are hardly onerous (50K = 14%, 100K = 18%) unless you're one of those "entitled" people who feels they should have all the benefits of living in a society without chipping in for its operation.

The scandal is the top tax bracket: 37% now compared to 70% in 1981.

[Cal Carpenter]

16. But you have to put it in context of cost of living

If we were getting, say, health care, higher education, meaningful public transportation, etc, with those taxes perhaps that 14% wouldn't be onerous.

But in many parts of the country, $50k is hardly enough to keep a roof over your head and food in your belly especially if you have children, because the cost of housing and health care and college loans and property taxes etc etc etc....

I absolutely agree with your point about the top tax bracket. That's where the focus needs to be. We have to recognize that taxing exorbitant wealth is not 'redistributing' it any more than our existing tax and employment and minimum wage laws do. But to say that 14% isn't onerous is only true in the abstract given current conditions in this country.

[George II]

17. You're calling a middle class tax cut proposed by a Democratic Senator a "bribe"? Seriously?

[fleabiscuit]

24. You have a copy of the "money game" rules you're playing by?

I’d like to see a copy.

[madville]

15. So a single person making over 50k a year gets nothing?

I'm tired of single people always getting the short end of the stick in these deals. Because I chose not to be married or have kids I get penalized and have to pay more while a married couple under 100k gets a free 6k a year? Complete BS along with child tax credits and earned income credit refunds that penalize single people as well.

[fleabiscuit]

19. You aren't being penalized. nt

[leftynyc]

32. Same here

NOBODY pays more in taxes than single people without children.

[ChazII]

22. K&r n/t

[ooky]

23. How is Harris proposing to pay for it?

If it will be paid for by repealing the Trump tax scam it could be a good thing. The tax scam is costing us 150 billion a year already in deficit spending. I saw an estimate of 200 billion a year for Harris' plan. Seems it could get many out of poverty and generate spending and commerce from the poor/middle up. I'm not for any more tax cuts without first taking back the one the Republicans gave to the rich and the corporations last year, but if we could redirect that money back to the people who need it I could get behind it.

[democratisphere]

26. Agree completely.

[shanny]

27. I'd rather see a tax increase...on the rich.

Bigly.

[Demsrule86]

29. No, the first tax cut must be repealed and tax reform must happen...the GOP asshats have

made it so you have to pay taxes on your house if you sell it within five years. What is you get transferred, and put much anti-middle class stuff in the bill also it rewards companies for moving jobs overseas...it must go.

[akraven]

33. Gawds, I LOVE our Dems in Congress. Kamala is brilliant!

(Way up here we call all our bestie politicians by their first names, please don't be offended.) This would be so good! With sTrump's new tax "code" my MAGAt neighbors are going to be hit HARD. Serves them right. Go without heating fuel for a winter, idiots.

It seems Sen. Harris has hit the round not just running but jetting!