As we look to the future, the details of Kamala Harris’s 2024 tax agenda remain unclear. However, examining her track record as a US senator and her brief tenure as a 2020 presidential candidate reveals a strong commitment to leveraging the tax code to promote social and economic objectives, such as combatting child poverty and addressing climate change.
Lawmakers have historically utilized taxes for two primary purposes: to achieve policy objectives directly or to generate revenue for spending initiatives aimed at achieving those objectives. In recent years, there has been a notable increase in the former approach, exemplified by initiatives like the 2002 Inflation Reduction Act, which included green energy incentives.
Senator Harris has advocated for the expansion of government spending programs, such as health care initiatives, while also championing tax incentives to incentivize or discourage certain behaviors. One of her notable proposals, the LIFT Act, aimed to establish a refundable tax credit aligning with earnings for both unmarried and married workers, benefitting individuals with adjusted gross incomes up to $50,000 for singles and $100,000 for married couples.
While the ambitious LIFT Act did not materialize, it serves as a testament to Harris’s commitment to enhancing incomes for low- and moderate-income families. Additionally, her advocacy for tax credits assisting households spending a significant portion of their income on rent demonstrates a focus on supporting vulnerable populations.
Harris’s efforts extended beyond individual tax benefits to encompass initiatives promoting green energy adoption and economic growth. Her proposals included tax credits for electric vehicles, renewable energy sources, and rural businesses hiring full-time employees. Moreover, she sought to eliminate tax preferences for fossil fuels and restrict certain deductions for pharmaceutical companies.
Looking ahead, the fate of the 2017 Tax Cuts and Jobs Act (TCJA) remains a key consideration. Harris, who voted against the TCJA, has indicated a willingness to repeal or modify its provisions, particularly those benefiting the wealthiest households and large corporations. She has affirmed her commitment to shielding middle-class families from tax increases while proposing measures like equalizing capital gains taxation and imposing a tax on excess drug company profits.
Furthermore, Harris’s advocacy for government spending, epitomized by her endorsement of a Medicare for All plan, signals a holistic approach to policy-making. While the specifics of her tax policy platform for 2024 remain uncertain, her past actions suggest a future administration led by President Harris would prioritize leveraging the tax code to advance her policy priorities.
In summary, Senator Kamala Harris’s track record underscores her dedication to employing tax policy as a strategic tool for advancing social and economic objectives. As we look towards the future, Harris’s commitment to leveraging the tax code to achieve meaningful change remains a defining aspect of her policy agenda.
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