Democratic presidential candidate Vice President Kamala Harris’ economic plan would increase taxes by $5 trillion over 10 years, according to the American Tax Reform Association.
Harris’ campaign Announced President Donald Trump on Monday unveiled a massive economic stimulus package that would reverse former President Donald Trump’s tax cuts, billing it as part of a “fiscally responsible way to put money back in working people’s pockets and ensure billionaires and big corporations pay their fair share.”
President Trump’s Tax Cuts and Jobs Act cut the corporate tax rate from 35% to 21%, lowered income tax rates and doubled the standard deduction.
Harris wants to raise the corporate tax rate to 28%, which she says would reduce the deficit by $1 trillion over 10 years.
Harris also insisted that she would stick to President Joe Biden’s promise not to raise taxes on people making less than $400,000 a year. Despite this assertion, the Biden-Harris administration has stepped up enforcement of the Internal Revenue Service (IRS), which is estimated to have collected $20 billion from working-class Americans.
Harris’ economic proposal would also raise capital gains and dividend taxes to 44.6%, more than double China’s rate of 20%.
ATR Written:
China’s capital gains tax rate is 20%. Would it be wise to tax ourselves higher than China?
Under Harris’ plan, many states would have combined federal and state capital gains taxes above 50%: California would have a combined federal and state rate of 59%, New Jersey would have a combined rate of 55.3%, Oregon would have a combined rate of 54.5%, Minnesota would have a combined rate of 54.4%, and New York would have a combined rate of 53.4%.
The plan calls for imposing a minimum annual tax rate of 25% on unrealized gains on people earning more than $100 million. teethAccording to Investopedia, a gain on an investment is a profit on paper: the gain is only “realized” if the investor sells the investment for more than the original price.
ATR pointed to a poll showing that 76% of independents oppose taxing unrealized gains.
Harris’ other major tax increase proposals include:
- The tax rate that small business owners pay on their personal tax returns will be increased from the current 37% to 39.6%.
- In addition to the current inheritance tax, a second “inheritance tax” would be imposed, imposing a mandatory capital gains tax on death.
- It would impose a world minimum corporate tax rate of 21%, above the OECD’s current global minimum corporate tax rate of 15%.
- A fourfold increase in taxes on stock buybacks would impact Americans’ 401(k)s and other retirement accounts.
- 30% Federal Excise Tax on Electricity Used for Cryptocurrency Mining
- $37 billion tax on American energy
- A 32 percent increase in Medicare taxes
In essence, ATR said Harris’ tax increases and other proposals would increase taxes on American households and businesses by $5 trillion.
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter. Sean Moran 3.
