Donald Trump by Gage Skidmore licensed under CC
President Trump campaigned against Kamala Harris’s tax plan to increase the top individual income tax rate to 39.6 percent.
If the Trump tax cuts are allowed to expire, the top individual income tax rate will revert to the higher Obama-era level of 39.6 percent. When combined with the existing 3.8 percent Obamacare surtax, individually owned businesses could face a top tax rate hike to 43.4 percent.
President Trump made this exact point while ripping Kamala Harris’ plan to raise the top individual tax rate in a major campaign speech given at the Economic Club of New York on September 5th:
President Trump: “Her tax plan, which includes the promise to end the Trump tax cuts, which again, by itself would be a massive tax increase, would increase taxes by over $5 trillion, a record many times over. It would result in the largest small business tax hike in history, massively raising taxes on 25 million small business people, and raising small business tax rates to 43% and higher. In other words, 20% higher than Communist China.
President Trump bashed Harris’s plan to hike the top individual income tax rate during a campaign rally in Walker, Michigan on September 27th:
President Trump: “Now they’re trying, the Democrats want to raise it. It’s hard to say would you please vote for me to raise the tax, they’re going to raise it up to 39 or 40% or maybe even 50%. You better not let these people get in office they’re going to destroy what we built.”
Americans for Tax Reform stands with President Trump’s agenda of “permanent income tax cuts all across the board.”
