From Breitbart: Democrat presidential nominee Vice President Kamala Harris’s economic plan would increase taxes by $5 trillion over ten years, according to Americans for Tax Reform (ATR).
Harris’s campaign announced an enormous economic package on Monday that would undo former President Donald Trump’s tax cuts, claiming it would be part of “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
Trump’s Tax Cuts and Jobs Act slashed the corporate tax rate from 35 to 21 percent, lowered income tax rates, and doubled the standard deduction.
Harris wants to raise the corporate tax rate to 28 percent, saying it would reduce the deficit by $1 trillion over a decade.
Breitbart also warns: Harris’s economic proposal would also raise the capital gains and dividends tax more than twice as high as China’s, or 44.6 percent. China has a capital gains tax of 20 percent.
Americans for Tax Reform announced:
The Harris campaign officially endorsed the laundry list of new and higher taxes included in the Biden-Harris administration’s fiscal year 2025 budget, a plan that would increase taxes by $5 trillion over ten years.
The burden of Harris’s tax increases will hit households in the form of diminished wage growth and higher costs of goods and services. These Harris tax increases will make the U.S. less competitive vs. our adversaries.
Below is another important excerpt from Breitbart:
Other major Harris tax increase proposals include:
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Having small business owners pay taxes on their individual tax returns, up to 39.6 percent from the current 37 percent
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Imposing a second “death tax” — a mandatory capital gains tax at death — in addition to the current death tax
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Imposing a 21 percent global minimum corporate tax rate, which goes beyond the Organization for Economic Development’s (OECD) current 15 percent global minimum tax rate
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Quadrupling the tax on stock buybacks, which would impact Americans’ 401(k)s and other retirement accounts
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A 30 percent federal excise tax on electricity used in cryptocurrency mining
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A $37 billion tax on American energy
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A 32 percent increase in Medicare taxes
$5 Trillion List of Tax Hikes Kamala Harris Just Endorsed https://t.co/TPJiTBol4E
— ATR (@taxreformer) August 21, 2024
Report: Kamala Harris Wants to Boost Taxes by $5 Trillion https://t.co/eF1uLSDolp
— Joel Pollak (@joelpollak) August 22, 2024
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