(The Economic Collapse Blog)—She just can’t help herself. If Kamala Harris was smart, she would not have any specific policy positions. She is not a serious candidate and she should not try to be one. Her best chance of winning to to just wave and smile a lot. When she was running on “joy” for the first couple of weeks, millions of Americans loved that. Of course it was a total charade because just like Hillary Clinton, behind the scenes Kamala Harris is extremely mean and vicious. That is why she has always had such a high turnover rate among her staff. But if she had just kept running on “joy”, there is a very good chance that she could have won.
Unfortunately for Harris, she feels compelled to tell the American people what she actually plans to do once she becomes president.
And that is a really bad thing for her campaign, because just about everyone hates her ideas.
For example, why would she tell the American people that she wants to raise taxes? I don’t know anyone that actually wants to pay more taxes.
She should have just said nothing about taxes and then raised them after the election. By telling people in advance what she plans to do, she is just losing votes.
Americans for Tax Reform examined the plan that she has endorsed, and they concluded that it would raise taxes by 5 trillion dollars over the next 10 years.
The biggest chunk of that new money would come from raising the corporate tax rate from 21 percent to 28 percent…
U.S. Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said on Monday.
Harris campaign spokesperson James Singer said the move 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.”
We are being told that raising the corporate tax rate to 28 percent would bring in about a trillion dollars in revenue over the course of the next ten years…
When Trump was president, he slashed the corporate tax rate to 21% from 35% and implemented other tax breaks that are set to expire next year. Trump has vowed to make the cuts permanent.
The Committee for a Responsible Federal Budget, a nonpartisan advocacy group, said on Monday that Harris’ proposal to raise the corporate income tax rate to 28% would reduce the U.S. deficit by $1 trillion over a decade.
But we certainly won’t raise that kind of revenue if corporations start moving out of the country in very large numbers. If what Kamala Harris is proposing becomes law, we will actually have a higher corporate tax rate than 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%.
If you don’t want to be called a communist, don’t try to tax businesses even harder than the communists.
Another element of the plan that Kamala Harris wants to implement that is causing a lot of controversy is a proposal to tax the unrealized capital gains of the ultra-wealthy. According to the Los Angeles Times, taxing those unrealized capital gains is part of a scheme for “a 25% minimum tax on the annual income of taxpayers with wealth of more than $100 million”…
All right, guys, take a deep breath. Harris hasn’t proposed taxing your unrealized capital gains, or mine. What she has said, as the Harris campaign told me, is that she “supports the revenue raisers in the FY25 Biden-Harris [administration] budget. Nothing beyond that.”
So what’s in that Biden-Harris administration budget for fiscal year 2025?
The budget plan does indeed call for taxation of unrealized capital gains held by the country’s uber-rich. That’s part of its proposal for a 25% minimum tax on the annual income of taxpayers with wealth of more than $100 million — a wealth tax. If you’re a member of that cohort, lucky you. But at that level of affluence you don’t have grounds to complain about paying a minimum 25% of your annual income.
Maybe you agree with Harris that it is time to stick it to the ultra-wealthy. Okay, but what is going to happen when lots of them decide to move out of the United States because they don’t want their unrealized gains taxed?
As Chicago venture investor Robert Nelson has pointed out, this proposal would have very serious consequences for our economy…
Taxing unrealized gains is truly the most insane, economy destroying, innovation killing, market crashing, retirement fund decimating, unconstitutional idea, which was probably planted by Russia or China to destroy the economy. Dems need to run away from this wildly stupid idea.
Many of the ultra-wealthy were originally inclined to support Harris.
Why is she seemingly intent on driving them away?
So far, I have just discussed two of the elements of the plan that Harris has endorsed. There are quite a few others that are also very troubling…
- Having small business owners pay taxes on their individual tax returns, up to 39.6 percent from the current 37 percent
- Imposing a second “death tax” — a mandatory capital gains tax at death — in addition to the current death tax
- Imposing a 21 percent global minimum corporate tax rate, which goes beyond the Organization for Economic Development’s (OECD) current 15 percent global minimum tax rate
- Quadrupling the tax on stock buybacks, which would impact Americans’ 401(k)s and other retirement accounts
- A 30 percent federal excise tax on electricity used in cryptocurrency mining
- A $37 billion tax on American energy
- A 32 percent increase in Medicare taxes
This is insane.
The federal government does not have a revenue problem.
Right now, the federal government is bringing in about 5 trillion dollars a year. What the federal government has is a spending problem.
We are trying to live way beyond our means, but the American people just keep sending the same big spenders back to Washington.
We are literally in the process of committing national suicide, and I really wish that I could get more people to understand that.
The national debt has surged past the 35 trillion dollar mark, and it continues to rise at a pace of more than 200 million dollars an hour.
Our federal government is the largest government in the entire history of our planet, and if #ComradeKamala gets into the White House it will inevitably get even larger.
Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
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