President Donald Trump’s campaign has highlighted how devastating the Harris campaign’s tax hike will be for the struggling economy and small business owners.
Trump’s campaign reacted to reports from AP News that Harris used a campaign event in New Hampshire to unveil her so-called “pro-entrepreneur” plan to help small businesses by providing tax incentives. Harris also doubled down on her stance that wealthy Americans and large corporations should pay higher taxes.
In a post on Truth Social, Trump shared a clip highlighting what will happen if Harris gets her way and wrote, “COMRADE KAMALA’S SMALL BUSINESS “PLAN” WOULD DESTROY OUR SMALL BUSINESS ECONOMY…”
The Harris campaign hasn’t revealed what her proposed plan includes regarding tax hikes. In a press release shared by the Trump Campaign, it revealed that Harris had copied the tax “incentive” straight from President Trump’s 2019 proposal that the Democrats and Tim Walz had opposed. The plan sees Harris expending $5,000 in tax incentives for startup expenses to $50,000.
The Trump campaign explained that Harris’s plan seeks to eliminate Trump’s tax cuts, which she had voted against in the past. The Tax Cuts and Jobs Act of 2017 brought much-needed relief for American business owners and small business owners, but Harris’s plan will have the opposite effect.
According to the Trump Campaign, her plan would raise taxes on almost 26 million small businesses in the country, and tax rates would rise by over 43.4 percent.
The statement argued, “Don’t be fooled. The Harris-Walz tax plan calls for the largest tax hike in history, including a higher income tax, higher business taxes, higher investment taxes, an unrealized gains tax, and an expanded death tax,” and added, “ all of which will hurt small businesses and their customers.”
