gatomontes99 Posted September 20, 2024 Report Posted September 20, 2024 Quote On a gross basis, we estimate that Vice President Harris’s proposals would increase taxes by about $4.1 trillion from 2025 to 2034. After taking various credits and tax cuts into account, Harris would raise about $1.7 trillion over 10 years on a conventional basis, and after factoring in reduced revenue from slower economic growth, the net revenue increase comes to $642 billion. We estimate the proposed tax changes would reduce long-run GDP by 2.0 percent, the capital stock by 3.0 percent, wages by 1.2 percent, and employment by about 786,000 full-time equivalent jobs. https://taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024/ Let's bullet point that. After you factor in the effect on the economy: Net tax revenue increase $642B 2% GDP loss 3% capital stock loss 1.2% lower wages 786,000 less jobs Meanwhile, DJT's tax plans would mostly benefit the federal budget Quote Make TCJA Individual Changes Permanent, +0.5% Make TCJA Estate Tax Changes Permanent, Less than +0.05% Make TCJA Business Changes Permanent, +0.5% Lower the Corporate Tax Rate from 21% to 20%, +0.1% Lower the Corporate Tax Rate from 20% to 15%, +0.3% Exempt Tips and Social Security from Income Tax, +0.1% Increase Tariffs on China to 60% and Impose a 10% Universal Tariff on All Goods, -0.8% Increase Universal Tariff from 10% to 20%, -0.5% Foreign Countries Retaliate to 10% and 60% Tariffs, -0.4% Totals may not sum due to rounding. https://taxfoundation.org/research/all/federal/donald-trump-tax-plan-2024/ Quote Don't you think that if I were wrong that I would know it?
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