In a strategic move ahead of the 2024 presidential election, the Trump campaign has unveiled a new website — and it has Vice President Kamala Harris’ campaign scrambling.
The Trump campaign website, aimed at informing voters about potential tax increases under a Kamala Harris presidency, uses data from the Tax Foundation to calculate how much voters in each state might expect to pay in additional taxes if the Trump-era tax cuts expire.
The campaign site gained immediate attention from conservative news.
“Kamala Harris voted against the Trump Tax Cuts and will let them expire if she’s elected,” the website claims. “Democrats in Washington don’t care about you – they will work together with Kamala Harris to make sure you pay more taxes and have less money in your pocket. According to the Tax Foundation, if the Trump Tax Cuts expire, most taxpayers will see a notable tax increase.”
Karoline Leavitt, the Trump campaign’s national press secretary, challenged Harris directly in a statement.
“When Kamala is in Pennsylvania, Michigan, and Wisconsin this week – will she tell voters that on average they will pay more than $2,000 in extra taxes each year if she is elected and lets the Trump Tax Cuts expire?” Leavitt asked.
“The choice is simple – more money in your pockets with President Trump or higher taxes with Kamala Harris.”
The website provides state-by-state breakdowns of potential tax increases.
For instance, the website claims California residents could face an average increase of $3,360, while Washington state residents might see a $4,375 hike. Florida and Nevada residents are projected to face increases of $3,505 and $3,523, respectively. The national average tax hike is estimated at $2,580.57.
These projections are based on the potential expiration of the Tax Cuts and Jobs Act, passed in 2017 during Trump’s presidency. The act, which is set to sunset in 2025, reduced the top individual income tax bracket from 39.6% to 37% and nearly doubled the standard deduction.
Vice President Harris has proposed hikes in the tax code, including raising the corporate tax rate from 21% to 28%. She argues this will ensure “big corporations pay their fair share” since they are “often paying a lower tax rate than our teachers and our nurses and our firefighters.”
Harris has claimed she will not to raise taxes on anyone making under $400,000 a year.
The business community has reacted strongly to the possibility of the Trump tax cuts expiring. Last week, the Chamber of Commerce and 500 businesses published an open letter warning of “the largest tax increase in American history” if the cuts are not maintained.
Wall Street is closely watching these developments.
“Tax policy is a huge, huge concern for investors. Tax policy is something that is front and center in this election.” Goldman Sachs analysts have warned that Harris’ proposed 28% tax rate could result in a 5% hit to S&P 500 companies’ earnings, while Trump’s proposed cuts could raise earnings by about 4%,” BMO US Wealth Management CIO Yung-Yu Ma recently told Reuters
The Trump campaign continues to push its tax message.
“When President Trump is back in office he will make the Trump tax cuts permanent, slash the corporate tax rate for companies that put American interests first, and make America affordable and wealthy again,” Leavitt told The New York Post.