"This is indeed a problem for Harris - especially if she has a Republican House and/or Senate. Getting the right kind of bill crafted to make everyone happy will be bridge too far. And we all know how things work in Washington - they don't. The tax cuts will expire without action, and Harris will be about as popular as a root canal."
Ever since I was old enough to shave, I had heard this tired old argument. "Republicans are only interested in getting tax cuts to the rich". This argument has long ago been proven to be false, but who cares? It still sounds good to the huddled masses. In fact, the message used to be that Republicans were only cozy with big bankers and the ultra-wealthy. Today, that is also false. Other than Elon Musk, most of the new wealthy are bluer than the sky. And bankers? A hot bed for socialist type thinking and actions.
Guess what year is coming up? That is right, 2025. And what happens in 2025? The Tax Cut and Jobs Act (also known as the Trump Tax Cuts), which Trump signed into law shortly after taking office, is going to sunset at the end of 2025. Biden and Harris have been frothing at the mouth with excitement - to get rid of these tax cuts. Why? To "stick it" to the rich. Why? According to the Democrat narrative, only the rich benefitted from this tax cut. Harris can get rid of these ultra rich tax cuts, and still keep her promise of not raising taxes on anyone making over $400,000/year.
But hold the phone! Let's try and read the fine print a bit finer on this bill. Yes, there was some relief for the ultra-wealthy. Why? They are the job creators, and those cuts helped them create more jobs. But get ready for this, as it is a whopper - and it will put Harris right in the middle of a real pickle. Folks making between $50,000 and $100,000 (and that is a BUNCH of folks), got a tax cut of 15% to 17%. Those making between $100,000 and $500,000 also got some relief, but not as much. For Harris to keep her promise of letting these cuts sunset, much of the country will be in a world of hurt. That would break her promise of not raising taxes on those making less than $400,000.
This is indeed a problem for Harris - especially if she has a Republican House and/or Senate. Getting the right kind of bill crafted to make everyone happy will be bridge too far. And we all know how things work in Washington - they don't. The tax cuts will expire without action, and Harris will be about as popular as a root canal.
What to do, what to do. Remember one thing - she wanted this job. Should she win the election, she will have one year to come up with a "win-win" solution. If she can't, her approval ratings will be less than Biden's on his worst day. Welcome to the pickle Ms. Harris. Enjoy the ride - while you can.
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