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Donald Trump played a strange video at his rally Wednesday meant to criticize Kamala Harris’s plan to increase taxes for the middle class. But a closer look at the video finds that none of the clips included advocated for increasing taxes on the middle class.
“She’s the taxing queen. She’s going to raise your taxes, where you’re going to be at least paying at least three thousand dollars a year more. Take a look,” Trump said before referring to the screen behind him.
Behind him, Trump played a video that edited together different times Harris had announced her plan to “get rid of that tax bill” and “get rid of that tax cut,” referring to the corporate tax rate cuts Trump had installed during his time in office. In fact, two of the included clips are of Harris explicitly talking about corporate tax rates.
Originally, the Trump administration had claimed that the corporate tax rate cuts at the center of his 2017 tax bill would boost household income by a “very conservative” estimate of $4,000 per household, according to the Center for Budget and Policy Priorities.
In reality, workers who earned below an average of $114,000 saw no change in their earnings as a result of the corporate tax rate cut, while wealthy business owners and top executives reaped the benefits. Harris plans to increase the corporate tax rate from 21 percent to 28 percent.
The video also contained footage of Harris saying that estate taxes “are going to have to go up.” Harris has proposed a plan to lower housing costs that would be funded primarily through changes to the federal estate tax law and an increase to the corporate tax rate.
Harris has yet to publish a proposal for increasing the yield from estate taxes, whether it would mean upping the rate or lowering the exemptions. Currently, only 0.2 percent of U.S. adults are subject to the federal estate tax, according to IRS data.
The video also contained footage of Harris’s campaign co-chair, Chris Coons, defending her plan for a 25 percent tax on unrealized capital gains. It contains another clip of Bharat Ramamurti, President Joe Biden’s former National Economic Council deputy director, explaining that the plan would only affect those with a net worth of more than $100 million, or less than 1 percent of taxpayers—a fact that Trump’s video carefully elides.
The video also contained footage of Harris advocating for a carbon tax, which would penalize big polluters. While this could potentially increase energy costs for consumers, it is not a tax on the middle class.
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Source: www.yahoo.com