A Dramatic Tax Pounding Come 2026 If Kamala is Elected President

American Thinker ^ | 09/20/24 | Bruce Willey

[SeekAndFind]

It’s a matter of debate as to whether or not the future of democracy is at stake in this year’s presidential election. But the future of your tax bill certainly is. And the differences for successful business owners could be dramatic depending on who wins.

Although Democrat nominee and current vice president Kamala Harris has offered few new tax policy specifics, she did roll out a grab bag of expensive tax credits, including $25,000 grants for first-time homebuyers.

In addition, The Wall Street Journal reports that she’s expected to hew closely to Joe Biden’s tax philosophy. And she did re-emphasize that she will stick to President Biden’s “no tax increases for earners under $400,000” pledge.

With billions of dollars in proposed new tax credits and no new taxes for those below a $400,000 income threshold, a Democrat administration will by definition be coming after higher-income taxpayers full force.

There have been enough public statements and published policy proposals from both sides to be able to compare a successful business owner’s likely tax bill under a Harris presidency compared to a second Trump presidency. The differences are stark.

Trump Tax Legacy: Cuts and Jobs Act incentives

The defining tax policy of Donald Trump’s presidency was the 2017 Tax Cuts and Jobs Act (TCJA), which combined significant personal and corporate tax cuts with features that encouraged more aggressive business investment.

The TCJA lowered most individual tax rates; adjusted tax bracket thresholds upward; adjusted various personal tax credits; and limited state and local tax deductions, mortgage interest deductions, and charitable giving deductions.

On the business front, the TCJA lowered corporate tax rates dramatically, taking the U.S. from one of the highest corporate tax rates in the industrialized world to about the average rate of the nations belonging to the OECD …

[SeekAndFind]

Highlights of Kamala Harris’ previously stated plans:

* Raising corporate taxes 66% to a marginal rate of 35%
Pushing the top income tax rate to 39.6%.

* Taxing capital gains and dividends at ordinary income tax rates.

* She would also give huge tax credits to middle- and low-income families that are estimated to cost the federal government more than $2 trillion over the next decade.

Finally, she has in the past proposed “Medicare for All,” one of the most costly policies ever proposed at roughly $3 trillion annually. Harris suggested a surtax of 4% on all incomes above $100,000 to pay for it.

In addition, the 2021 Inflation Reduction Act contained a massive increase in funding for IRS auditors, and the IRS’s own data show that 63% of 2023 IRS audits targeted taxpayers with incomes under $200,000. So the idea that there’s some kind of legal fence around sub-$400,000 earners is illusory.

The Biden/Harris administration has also proposed hiking corporate tax rates by 33%, raising rates on high earners, and setting a minimum tax rate for them regardless of other tax considerations.

[metmom]

Taxing unrealized gains is evil.

You get taxed at the full rate for the money and yet if you sell at a loss, you can only deduct a small amount each year for the loss, so it takes years to recoup the taxes you paid out. And you don’t get interest on it.

[frank ballenger]

Looking at the bright side, when millions of us are forced into concentration camps doing slave labor, we won’t have earnings to be overtaxed. We’ll be tax free. /S

As soon as that thought went into your mind “Oh, Frank, don’t exaggerate” please replace it with stories of Hillary Clinton this week saying those who disagree with the woke Left (disinformation mongers) should be “in prison.”

And nearly half of most college student surveys saying “hate speech” and “promotion of ideas that endanger democracy” should be banned and punished under new laws.

And Michigan State Legislature had a bill introduced that would make it a state crime to misidentify a person’s gender and sexual identity as by not using their proper preferred pronoun when talking to them. Jail time.

Already in several states, interference with a woman getting an abortion or her access to a place offering information or abortions is illegal under recently passed constitutional amendments. 2022 on the books in MI, CA and VT are examples. There are 11 states with such measures on the ballot in 2024.

[The Sons of Liberty]

A Dramatic Tax Pounding Come 2026 If Kamala is Elected President

If the communist dems steal the election -

Bend over and grab your ankles!

[Thank You Rush]

I bet the woman has never done her own tax returns.

[Texas resident]

From the article:

Highlights of her previously stated plans:

Raising corporate taxes 66% to a marginal rate of 35%
*Corporations don’t pay taxes. They pass it on to their customers.

Pushing the top income tax rate to 39.6%.
*And lowering the threshold for that rate.

Taxing capital gains and dividends at ordinary income tax rates.
* And taxing UNREALIZED Capital gains.

This will wreck every investment industry from home sales to stocks and bonds.

Joy!

[JesusIsLord]

If we were serious about reducing the national debt and ending deficit spending, I would suggest our government do the following:

1 - Pass a balanced budget amendment. This should serve to end govt insane and wasteful spending.
2 - Create a new income tax bracket for income over $500K. Tax it at 75%. Tax subordinate income brackets at progressively less rates but higher than what we have today. Require all income levels to be taxed, no matter how small. By law, the high tax rates will be made to persist until the national debt is reduced to a reasonable level based on a reasonable index.

[BiteYourSelf]

Yup,get ready to Ben Dover.🙄

[P.O.E.]

* She would also give huge tax credits to middle- and low-income families that are estimated to cost the federal government more than $2 trillion over the next decade.

I'm going to guess more credits to low- or no-income families. I doubt anyone over $35K annually will see anything. (unless of course with lots of dependents)