Kamala Harris is campaigning on promises to help Americans recover financially from Joe Biden’s economic disaster. But her own policies are even worse.
And Harris’ new economic plan is the nightmare of everyday Americans.
Vice President Kamala Harris, the Democrat presidential nominee, has unveiled an economic plan that threatens to devastate the American economy and plunge hardworking families into financial despair.
According to Americans for Tax Reform (ATR), Harris’s plan would increase taxes by a staggering $5 trillion over the next decade, a move that could cripple businesses, stifle innovation, and drain the lifeblood from the middle class.
Harris’s economic proposal is nothing short of a full-scale attack on the American Dream. By undoing former President Donald Trump’s tax cuts, Harris aims to roll back the progress that has allowed millions of Americans to thrive.
Trump’s Tax Cuts and Jobs Act, which slashed the corporate tax rate from 35% to 21%, lowered income tax rates, and doubled the standard deduction, provided much-needed relief to American families and businesses. Under Trump’s leadership, the economy flourished, unemployment hit record lows, and wages rose for workers across the board.
But Harris, in her misguided attempt to appear “fiscally responsible,” wants to raise the corporate tax rate to 28%, a move that would reduce the deficit by $1 trillion over a decade but at what cost? Higher corporate taxes will inevitably lead to fewer jobs, reduced wages, and less investment in the American economy.
Businesses, faced with increased tax burdens, will either pass those costs onto consumers or, worse, move their operations overseas, taking good-paying American jobs with them.
Despite Harris’s claims that she will not raise taxes on those earning $400,000 or less, the Biden-Harris administration has already increased Internal Revenue Service (IRS) enforcement. This move alone is estimated to take $20 billion from working-class Americans.
Harris’s promise rings hollow when her policies are designed to squeeze every last dollar from the very people she pretends to champion.
One of the most insidious aspects of Harris’s plan is her proposal to raise the capital gains and dividends tax to a level that would be more than twice as high as China’s. China’s capital gains tax rate stands at 20%, while under Harris’s plan, the U.S. rate would soar to 44.6%. This would be devastating for American investors, particularly those planning for retirement.
ATR highlighted that under Harris’s plan, the combined federal-state capital gains tax could exceed 50% in many states, with California facing a rate of 59%, New Jersey 55.3%, and New York state at 53.4%.
Perhaps the most dangerous element of Harris’s plan is the proposal to impose a 25% minimum tax on unrealized gains for those earning more than $100 million. Unrealized gains are essentially theoretical profits that exist only on paper until an investment is sold.
Taxing these gains would not only be a logistical nightmare but also set a dangerous precedent for government overreach. The idea of taxing money that hasn’t been earned yet is not just absurd but a direct assault on the principles of free enterprise and individual rights.
According to ATR, 76% of independents oppose taxes on unrealized gains, recognizing it for the absurdity it is. Yet, Harris seems determined to push forward with this destructive policy, regardless of the widespread opposition.
Harris’s plan also includes tax hikes that would crush small businesses, the backbone of the American economy. By raising the individual tax rate for small business owners to 39.6% from the current 37%, Harris is signaling her disdain for entrepreneurship and innovation.
Small business owners, already struggling with the economic fallout from the COVID-19 pandemic, would be hit hard by these tax increases, forcing many to cut jobs, reduce hours, or close their doors altogether.
Adding insult to injury, Harris proposes a second “death tax,” which would impose a mandatory capital gains tax at death, in addition to the current death tax. This double taxation would make it even harder for families to pass down businesses and farms to future generations, further eroding the foundations of American prosperity.
Harris’s economic plan also reveals her commitment to a globalist agenda that prioritizes international interests over American competitiveness. By imposing a 21% global minimum corporate tax rate, Harris would go beyond the Organization for Economic Development’s (OECD) current 15% global minimum tax rate.
This would put American businesses at a severe disadvantage on the global stage, forcing them to compete with companies in countries with far more favorable tax environments.
Harris’s plan to quadruple the tax on stock buybacks is another blatant attack on the American economy. Stock buybacks, often used by companies to return value to shareholders, are a key component of many Americans’ retirement accounts, including 401(k)s.
By imposing this tax, Harris is effectively raiding the retirement savings of millions of Americans to fund her bloated government programs.
In a move that could only be described as economic suicide, Harris proposes a $37 billion tax on American energy. This tax would drive up energy costs for every American household, disproportionately affecting those already struggling to make ends meet.
Harris’s plan also includes a 30% federal excise tax on electricity used in cryptocurrency mining, a move that could stifle innovation in one of the most exciting and dynamic sectors of the economy.
Finally, Harris’s plan calls for a 32% increase in Medicare taxes, a burden that will be felt by every American who relies on this critical program. Instead of addressing the root causes of rising healthcare costs, Harris’s solution is to simply throw more taxpayer money at the problem, further bloating an already inefficient government bureaucracy.
In sum, Kamala Harris’s economic plan is a $5 trillion disaster waiting to happen. Her policies would burden American households and businesses with crushing taxes, drive jobs and investment overseas, and stifle the entrepreneurial spirit that has made America the greatest nation in the world.
Harris’s plan is not just an economic disaster; it is a betrayal of the American people. It is a clear indication of how much the Democrats hate America and how determined they are to destroy everything that makes this country great. Under Harris’s leadership, the American Dream would become a distant memory, replaced by a nightmarish vision of endless taxes, government overreach, and economic stagnation.
The stakes have never been higher. If Kamala Harris is allowed to implement her destructive policies, the America we know and love could be lost forever. It is up to every patriotic American to stand up, speak out, and fight back against this assault on our freedom, our prosperity, and our future.
Stay tuned to Prudent Politics for all of your news needs.
