In this article. Kamala Harris could inherit many of Biden's economic policies, including raising taxes on the rich and corporations, but with her own twist.
Kamala faces expiring tax cuts and a growing federal deficit, which could mean higher taxes for many Americans.
Kamala Harris could officially replace #Joe Biden as the Democratic presidential nominee. And she could #win . What are her economic policies and how will they affect the United States? For example, she was a supporter of Medicare for All and had a clear tax proposal. Unlike Biden, her plan for student loan forgiveness was narrow. What does Kamala Harris' victory mean for the U. S. economy? The main issue Kamala will face is the tax cuts that expire after 2025. Without passage of the new law, many of the tax breaks under the Tax Cuts and Jobs Act (TCJA) will expire.
these include lower federal income brackets, an increase in the standard deduction and a more generous child tax credit. According to the Tax Foundation, more than 60 percent of taxpayers could face a tax hike if this is not done.
Biden is pushing for higher taxes on the wealthy and businesses. The big question is whether Camara will keep Biden's promise not to raise taxes on those making less than $BTC the 2020 campaign, Camara wanted to repeal the TCJA corporate tax rate and raise it to 35%. Biden, on the other hand, proposed raising the rate to 28%.
The economic record of Biden and Camara - is it good enough for 2025 and beyond?
Camara's candidacy should build on Biden's economic record. Despite his record, voters are mostly interested in inflation. Greg Valliere, chief political strategist at AGF Investments, says Kamala is part of the administration and should be held accountable accordingly. "It will be difficult for her to propose a new plan without being perceived as disloyal. Despite low unemployment and growth exceeding recessionary expectations, the economy is considered Biden's weakness.
under Biden and Kamal, the federal debt has increased 25% to $ 7.
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