Posted on 08/22/2024 11:44:15 AM PDT by ChicagoConservative27
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’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.
(Excerpt) Read more at breitbart.com ...
The joy of sticking it to those nasty productive people.
It would allow the people owning expensive property to deduct ALL of their property taxes. That would be popular for many in places like NJ or MA.
None of her followers seem to comprehend that higher corporate taxes will mean higher prices. And I honestly don’t understand why they don’t.
Rich people and corporations need to pay their “fair share”, exploding national debt and destruction of the economy be damned!
The Democrat Great Depression 2.0 plan.
She wants to raise taxes $5 trillion so she can spent $15 trillion.
They don’t understand because they don’t want to. They like hearing sweet nothings even if they make no sense, even if they are being completely manipulated.
PS maybe change your tagline, at least until November 5th 😀
Only $15 trillion? This is Kamala we’re talking about, more like $25 trillion or so. ;-)
I think, when you add how much the Federal government is already taken, $5 trillion would be about 70% of all possible wealth that is generated in the country. That’s just a napkin calculation, so I could be off a bit but probably not to the bad.
Why settle for $5 Trillion over 5 years? She could get it all in one year by just confiscating all income over $1M from Gates, the Fakebook guy, and hundreds of other lefty billionaires. Of course those finally given the opportunity to pay their “fair share” would leave the U.S., but I’d call that a win-win.
It’s their initiative to relieve students of their loans. They still have to pay back but while pretending they didn’t they overspent on other things and are now deeper in debt
These people have nonclue
Look the money has to come from somewhere.
The Jarvis-Gann-Stockman hypothesis (“starve the beast”) is falsified by experience. Cutting taxes affects spending NOT AT ALL. Refusing to pay for the government because you don’t like it simply devalues the dollar and drowns your children and grandchildren in debt.
The Great Compromise of 1986 (Republicans cut taxes as much as they want, Democrats borrow or print as much as they want) is destroying the nation.
There’s no such thing as a tax policy which is separate from a budget and a spending plan.
TANSTAFL.
This proposal really has no bearing on trying to be fiscally responsible, or good stewards of our tax money. By their own admission, this is envy and income redistribution.
Camelhair is a bigger Commie than Putin.
Inasmuch as I have detested Kamala Harris for at least 25 years, I don't appreciate the headline as truncated. It ends up being disonest hyperbole, thus disparaging conservatives.
The truth is that either taxes have to go up, or spending has to go down or the Republic is finished.
Neither Republicans, nor Democrats will ever cut spending. It’s just now going to happen.
HOWEVER, taxing Capital Gains...especially Unrealized Gains...is the worst possible way to do it.
It’s the income tax must be raised, and the best way to do that is to lower the income level which is taxable. EVERYONE should pay income tax. Exempt MAYBE the first $10k, but after that...taxable.
Personally, I prefer a flat tax with no exemptions or credits.
The government is not a “steward of your tax money”.
The taxes and other revenues are supposed to pay for spending without money printing and devaluation.
The idea that they will stop the spending if only taxes are cut/blocked/refused is false. In was false in 1979 and every year after that. Forty years of irresponsible tax policy has the nation on the brink of revolution. And not a good one at that.
I have to disagree. If the options are “the Republic is finished” or “we let Congress keep spending as much as they want and just try to tax our way out of it”, I’ll take option 1, because option 2 has the same result, only it’s slower, allowing the commies to amass more followers and more power before the showdown.
That “JOY” idea is pathetic.
This whole week has been about feeling good, not solving
issues that face our nation, unless it means jailing half
the populace.
Think I’m kidding. The new talking points on the street
are geared at forcing us out of the nation, or housing
us in a re-education camp until everyone we knew is dead.
“I have to disagree. If the options are “the Republic is finished” or “we let Congress keep spending as much as they want and just try to tax our way out of it”, I’ll take option 1, because option 2 has the same result, only it’s slower, allowing the commies to amass more followers and more power before the showdown.”
That’s my default position.
There is no will in Congress OR the American People to fix it. None.
Anyone who thinks the American people are going to pay off those TRILLIONS in debt, or even continue to pay the interest, is naive. It will not happen, not now and not in the future.
The Republic will accelerate headlong into REAL default.
And it will be worldwide ugly.
On the order of the Fall of Rome.
I can hear her say that she will not raise taxes on anyone earning less than a living wage.
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