Whether it was Joe Biden or now Kamala Harris, if Democrats win the White House this fall you can expect higher taxes in the next four years. That's because Kamalanomics looks a lot like Bidenomics, with both including a heavy dose of tax increases. Central to the Democrat agenda is allowing the 2017 Trump tax cuts to expire next year. But Harris' proposals also include plenty of new taxes, something critics warn could be devastating to the already sputtering economy.
Democrats claim the Trump tax cuts only benefited the "wealthy," so letting them expire won't hurt average Americans. But Grover Norquist, president of Americans for Tax Reform, says that couldn't be further from the truth. "The per-child tax credit, tax cuts on small businesses, on growing businesses, on international businesses, on individuals at all income levels, savers, people's 401(k)s....all of those tax cuts would be threatened by a Kamala Harris presidency," he tells KTRH.
Norquist warns letting the Trump tax cuts expire is only the start for "Kamalanomics." "She wants to tax energy, she wants another payroll tax, she wants a tax on growing small businesses, she wants a tax every time you have a bank transaction, she wants to tax the increase in property values if people's assets go up," he says. "Her tax plans don't make a lot of sense, other than she wants lots and lots of your money to spend."
"These are all things she's said again and again on national television," Norquist continues. "She has told us what she's going to do, so it's our own fault if we vote for her."