And misallocation of those tax collections. Progressive-Democratic Party Presidential candidate Kamala Harris wants to raise taxes on Americans and our corporations by some $5 trillion over the next decade and cut other taxes by more than $4 trillion. Or so she claims, especially regarding the latter. The former can be taken as gospel; raising taxes, especially on those Evil Rich Americans, is what Party does.
Under her plan, taxes would go up sharply on some high-income households, and top marginal tax rates would reach their highest point since 1986. The wealthiest investors and company founders would encounter sizable s that they don’t face under current law.
That capital-gains tax bill is made the more sizable by her plan to tax capital gains that haven’t been realized—i.e., gains that don’t exist.
Her claim to not have any tax increases on households making under $400,000 is shown to be a sham promise by her decision to ignore the effect her corporate tax increase to 28% and her increase in the diktated [sic] minimum corporate tax to 21% would have on middle-income workers and shareholders. The impact includes that tax on phantom capital gains that Harris wants to impose on us middle class workers who own shares of companies in our own, however miniscule, portfolios.
Left unanswered, so far, is what Harris intends to do with those tax revenues. Her silence here stands against the backdrop of the Biden-Harris administration’s years long cuts, in real terms, to funding for our defense establishment, leaving us the weakest we’ve been in decades at the moment of greatest national security danger we’ve faced in decades.
This tax policy also is one of the reasons Harris floated her price controls proposal—to try to distract us from the policies she’s serious about slipping past, a squirrel maneuver which a compliant press is actively aiding her with its concentration on price control proposals while minimizing coverage of the rest of her ideas.