Kamala Harris pretends like she isn’t Radical. But the truth is now out for all to see.
And Harris has exposed her true colors with this recent endorsement.
Kamala Harris has once again revealed her true colors with her latest endorsement of Joe Biden’s Fiscal Year 2025 budget proposal, which calls for a massive increase in taxes on capital gains.
This radical proposal could see Americans forced to give up nearly half of their profits on the sale of assets like homes, an alarming move that threatens to stifle economic growth and penalize hardworking Americans who are simply trying to build a secure financial future for themselves and their families.
This isn’t just a minor policy tweak; it’s a full-scale assault on the American Dream. By pushing for a capital gains tax rate of up to 44.6 percent, Harris is demonstrating a shocking disregard for the economic well-being of millions of Americans. This plan is not just unfair—it’s downright dangerous.
Under the Biden-Harris proposal, long-term capital gains could be taxed at a rate of up to 44.6 percent, a drastic increase from the current maximum rate of 20 percent. This represents more than a 100 percent hike in taxes on capital gains, a move that would disproportionately affect those who have worked hard to invest in assets like real estate, stocks, and small businesses.
Any asset held for over a year and sold for a gain could be subject to this exorbitant tax rate, leaving millions of Americans facing the prospect of handing over nearly half of their profits to the government.
This is a far cry from the current tax structure, where individuals making under $492,000 per year are taxed at just 15 percent on long-term capital gains. The proposed plan would completely upend this system, hitting everyday Americans with a tax burden that is not only excessive but potentially crippling.
The justification for this drastic increase? According to Harris, it’s about making the wealthy pay their “fair share.” But in reality, this proposal is a thinly veiled attempt to redistribute wealth and impose punitive taxes on those who have managed to achieve some level of financial success.
By shifting the capital gains tax rate to mirror the income tax rate for wealthy Americans, Harris is effectively punishing success and disincentivizing investment—a move that could have disastrous consequences for the economy as a whole.
The dangers of Harris’s capital gains tax plan extend far beyond the immediate impact on those who sell assets for a profit. The proposal also includes an increase in the general net investment income tax rate to five percent, along with a hike in the top tax bracket rate to 39.6 percent.
These measures, which Harris fully supports, would further burden those who are already paying a significant share of their income in taxes.
But perhaps even more concerning is the proposal’s potential to harm everyday investors and the broader economy. The plan includes a 25 percent wealth tax on those with more than $100 million in assets—a measure that might sound like it only affects the ultra-wealthy, but could actually have far-reaching consequences for millions of Americans.
If the owner of a publicly traded company is forced to sell off a large portion of their shares to meet their tax obligations, the value of the company could plummet, dragging down the stock price and harming the retirement savings of ordinary investors.
This could create a ripple effect throughout the economy, destabilizing asset and capital markets and potentially leading to a broader economic downturn.
Richard Shinder, a contributor at The Hill, warned of these very dangers when Biden first proposed the wealth tax. He pointed out that “asset-rich, cash-poor” taxpayers might be forced to sell assets to meet their tax obligations, risking a destabilization of the very markets that so many Americans rely on for their financial security.
Shinder also highlighted the potential for abuse in administering such a tax, as IRS officials would have a structural incentive to overestimate asset values in order to maximize tax revenue. This could lead to an environment ripe for corruption and abuse, further undermining trust in the government and the fairness of the tax system.
As if the capital gains tax hike and wealth tax weren’t enough, Harris is also reportedly considering lowering the threshold for the estate, or “death,” tax. Currently, this threshold stands at $13.61 million for a single filer, but under Harris’s watch, it could be drastically reduced, subjecting even more Americans to this punitive tax.
The estate tax is one of the most unfair taxes in the U.S. tax code, as it forces families to pay a hefty tax bill on the assets they inherit from their loved ones. For many families, this means selling off family businesses, farms, or other valuable assets just to pay the tax—a heartbreaking outcome that destroys the legacy of hard work and sacrifice left by previous generations.
Tax and trust attorney David Brillant recently told Yahoo Finance that if Kamala Harris wins in 2024, capital gains and estate tax rates will likely increase significantly. This is a clear warning to American families: if Harris and the Democrats have their way, the government will take a bigger and bigger share of the wealth you’ve worked so hard to build and pass on to your children.
Harris’s support for these draconian tax measures is just the latest example of the Democrats’ broader assault on economic freedom and prosperity. From price controls to inflationary spending, the Biden-Harris administration has consistently pushed policies that hurt the very people they claim to protect.
These latest tax proposals are no different—they represent a fundamental misunderstanding of what drives economic growth and prosperity in America.
Instead of encouraging investment, innovation, and entrepreneurship, Harris and her fellow Democrats are focused on punishing success and redistributing wealth. This approach is not only economically disastrous, but it also undermines the very principles of fairness and opportunity that have made America the land of opportunity.
As we head into the 2024 election, the choice before the American people could not be clearer. On one side, we have Kamala Harris and the Democrats, who are intent on raising taxes, punishing success, and stifling economic growth.
On the other side, we have leaders like Donald Trump who understand that the key to a strong economy is not more government control, but more freedom and opportunity for all Americans.
The Biden-Harris administration’s reckless tax proposals are a clear reminder of the stakes in this election.
If Harris and the Democrats have their way, American families will be forced to give up more and more of their hard-earned wealth to a government that seems determined to make it harder for them to achieve the American Dream. It’s time to say enough is enough.
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