RIGHT SPEAK: Kamala Harris Wants to Hike Taxes by $5 Trillion; $5 Trillion List of Tax Hikes Kamala Harris Just Endorsed

Report: Kamala Harris Wants to Hike Taxes by $5 Trillion:

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.

Harris also claimed she would uphold President Joe Biden’s promise to not raise taxes on those who make $400,00 or less per year. Despite this claim, the Biden-Harris administration has increased Internal Revenue Service (IRS) enforcement, which is estimated to take $20 billion from working-class Americans.

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.

ATR wrote: --->READ MORE HERE

Photo by Cameron Smith

$5 Trillion List of Tax Hikes Kamala Harris Just Endorsed:

Vice President Kamala Harris wants to extract a $5 trillion tax increase from American households and businesses, her campaign confirmed on Monday.

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.

Harris also endorsed further increasing the size and power of the already-supersized IRS and erode taxpayer rights by watering down procedures designed to protect taxpayers from abusive and dishonest IRS agents (details below.)

Kamala Harris’s tax increases include:

Small business tax rate hike to 39.6%

Small business owners pay business taxes on their individual tax return. The Harris endorsed budget raises the top marginal income tax rate to 39.6% from the current 37%.

Corporate tax rate higher than the EU and communist China.

Kamala Harris wants to hike the current 21% federal corporate income tax rate to 28%, higher than communist China’s 25% and the EU average of 21%, her campaign said Monday.

The Kamala Harris federal 28% rate is higher than the Asia average corporate tax rate of 19.8%, the EU average of 21%, the world average of 23.5%, and the OECD average of 23.7%. (See the Tax Foundation’s comprehensive listing here.)

The Harris federal 28% rate is also higher than Canada (26.2%), the UK (25%) Sweden (20.6%), and even Russia (20%), Afghanistan (20%), and Iraq (15%).

After adding state corporate income taxes, the combined federal-state tax burden in most states will easily exceed 30% under the Harris plan.

The Harris rate hurts the USA vs. China with its 25% rate. And note: Industry sectors of strategic use to the Chinese government pay an even lower rate of 15%.

American workers will bear the brunt of Harris’s corporate tax increase.

The non-partisan Joint Committee on Taxation affirmed in congressional testimony that corporate tax rate hikes hit “labor, laborers.” A study compiled by the Tax Foundation found that “labor bears between 50 percent and 100 percent of the burden of the corporate income tax, with 70 percent or higher the most likely outcome.”

Capital gains and dividends tax more than twice as high as communist China

Here is a direct quote from the Biden-Harris budget: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.“

Yes, you read that correctly: A Kamala Harris capital gains and dividends tax rate of 44.6%

China’s capital gains tax rate is 20%. Is it wise to have higher taxes than China?

Under the Harris plan, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 57.8%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.