• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Flashback: Harris proposed middle class tax increase for ‘Sanders-lite’ health care plan
Economy

Flashback: Harris proposed middle class tax increase for ‘Sanders-lite’ health care plan

by July 31, 2024
by July 31, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

During Vice President Kamala Harris’ run for president in the 2020 election cycle, the then-California senator proposed a new health care plan that had potentially high costs for the American middle class.

An archived version of Harris’ campaign website reviewed by Fox News Digital details her ‘Medicare For All Plan,’ which Harris, who personally authored the proposal, promised would provide ‘comprehensive health insurance that covers every American.’

Harris cited fellow presidential primary rival Vermont independent Sen. Bernie Sanders’ Medicare For All plan as the model for how to pay for her plan, with the then-California senator specifically pointing to an ‘income based premium paid by employers, higher taxes on the top 1%, taxing capital gains at the same rate as ordinary income, among others.’

Harris also provided a link to the Sanders plan, which included a 7.5% payroll tax increase for employers and a 4% increase in income taxes on households making over $29,000.

While Harris praised the Sanders plan for having ‘good options,’ she accused the Vermont senator of going too far with the 4% tax increase, instead proposing that the new tax only apply to households making over $100,000.

‘I would tax Wall Street stock trades at 0.2%, bond trades at 0.1%, and derivative transactions at 0.002%. Think of it like this: that’s a $2 fee on a $1,000 trade by investors and big banks,’ Harris continued. ‘I would also end foreign tax shelters by taxing offshore corporate income at the same rate as domestic corporate income. Together, these proposals would raise well over $2 trillion over ten years, more than enough to make up the difference from raising the middle class income threshold.’

However, the proposed 7.5% bump to employer payroll taxes and 4% tax hike on households over $100,000 was panned by critics, including those who ended up joining Harris in a future President Biden administration.

Then-Biden Deputy Campaign Manager Kate Bedingfield, who would go on to serve as the White House communications director from 2021-2023, called the plan a ‘Bernie Sanders-lite Medicare for All and a refusal to be straight with the American middle class, who would have a large tax increase forced on them with this plan.’

Despite Harris’ pledge to target employers and high-income households with the burden, some experts argue the cost would mostly be borne by middle-class workers.

Thomas Savidge, a research fellow at the American Institute for Economic Research, told Fox News Digital that any payroll tax increase to employers is likely to be passed on to employees in the form of lower wages.

‘The cost of payroll tax increases are ultimately borne by employees,’ Savidge said. ‘Increases in payroll taxes on employers take money away that could have been used to increase employee pay, offer better benefits, or hire additional staff.’

Savidge noted that the 4% increase in income taxes would cover a large percentage of the American middle class and would be especially harmful in the current economic environment, where concerns over inflation already have many tightening their belts and spending less.

According to U.S. Census Bureau data, over 37% of U.S. households make over $100,000 and could be impacted by the tax, representing a large chunk of middle-class workers.

Savidge also argued that the Harris proposal represents the most ‘extreme’ way to tackle American concerns over the cost of health care, noting that such a plan would distort the market while having significant impacts on wait times and quality of care.

‘This is an extreme way to go about it,’ Savidge said. ‘It’s going to end up making the problems that we have much worse.’

Harris’ current campaign website does not yet include her platform, and the new Democratic nominee also has yet to unveil a new health care plan.

The Harris campaign did not immediately respond to a Fox News Digital inquiry on whether Harris stood by the plan or if she would support one similar to it in this campaign.

However, the Harris proposal was slammed by the office of Trump’s running mate, Ohio Sen. JD Vance, who the Trump campaign has touted as its ‘policy attack dog on Kamala Harris.’ 

‘After four years of sky-high inflation rushing household budgets, the last thing the American people need is another tax hike from Kamala Harris, Vance spokesman William Martin told Fox News Digital. ‘Her middle class tax increase would hit millions of households, and has drawn comparisons to Bernie Sanders from this in her own party. There is no place for her weak, failed and dangerously liberal agenda in the White House.’

This post appeared first on FOX NEWS
You Might Also Like
  • Mike Pence slams Trump and his GOP ‘imitators’ for lurching away from conservatism
  • Biden takes aim at MAGA Republicans in Virginia Beach health care speech: ‘Different breed of cat’
  • Jeffries grilled on whether Biden pulled ‘the rug out’ from House Dems on DC crime bill
  • NYC to shelter 1,000 migrants in mental hospital parking lot
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Amazon is responsible for dangerous products sold on its site, federal agency rules
next post
Stellantis to offer broad buyouts to U.S. salaried workers, warns of possible layoffs

You may also like

Could Bitcoin Reach $200000? Market & Expert Insights

February 13, 2025

McCarthy screens Sound of Freedom for members of Congress

July 26, 2023

CBO director informs House Republicans that the US debt situation...

March 2, 2023

Kamala Harris to avoid the US-Mexico border during her Thursday...

January 19, 2023

TAKING ON TENT CITY: CA enclave tackling homeless camps declares...

April 15, 2023

Trump tells GOP to ‘pass the SAVE Act’ or ‘go...

July 10, 2024

Rep. Massie presses Garland on constitutionality of Special Counsel Jack...

June 5, 2024

Ex-NSA official Harry Coker confirmed as White House cyber chief...

December 13, 2023

Biden trolls DeSantis, Haley, Trump with giant billboards ahead of...

December 6, 2023

Law enforcement brace as anti-Israel groups vow to bring tens...

August 15, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    FBI paints grim picture of AI...

    July 29, 2023

    Pundits name their winners and losers...

    August 24, 2023

    Minnesota lawmakers considering ‘red flag’ law,...

    April 26, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here