Like all good Democrats, Kamala Harris views taxation as a tool by which to level the playing field.
Whether by forcing the rich to pay their “fair share” (as defined by Democrats, of course), to extract “excess profits” from greedy corporations, or as a means by which to leverage their never-ending list of (failed) socialist experiments, Democrats neverreach a point when anything is taxed enough.
While there are multiple reasons Harris and the Democrat Party are terrified to release specifics of her planned policies and proposals, the above paragraph points to the majority of those reasons.
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In fact, the opening paragraph points to five trillion of those reasons, as reported by Americans for Tax Reform, in an article titled “$5 Trillion List of Tax Hikes Kamala Harris Just Endorsed”:
Harris wants to extract a $5 trillion tax increase from American households and businesses, her campaign confirmed on Monday.
The Harris campaign officially endorsed the laundry list of new and higher taxes included in the Biden-Harris administration’s fiscal year 2025 budget, a plan that would increase taxes by $5 trillion over ten years.
The burden of Harris’s tax increases will hit households in the form of diminished wage growth and higher costs of goods and services. These Harris tax increases will make the U.S. less competitive vs. our adversaries.
Harris also endorsed further increasing the size and power of the already-supersized IRS and erode taxpayer rights by watering down procedures designed to protect taxpayers from abusive and dishonest IRS agents.
Let’s run through a few of the most egregious tax increases on Kamala’s list, shall we?
Increasing the 21 percent corporate income tax rate to 28 percent, higher than Communist China
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%.
The 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%.
The Harris 28% rate is also higher than Canada (26.2%), the UK (25%) Sweden (20.6%), and even Russia (20%), Afghanistan (20%), and Iraq (15%).
After adding state corporate income taxes, the combined federal-state tax burden in most states will easily exceed 30% under the Harris plan.
The Harris tax rate hurts the USA vs. China with its 25% rate. And note: Industry sectors of strategic use to the Chinese government pay an even lower rate of 15%.
Is there any wonder why the Democrats didn’t want to bust that out at their four-day, gaslighting extravaganza?
Raise the capital gains and dividends tax to more than twice as high as Communist China
Here is a direct quote from the Biden-Harris budget: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.“
Yes, you read that correctly: A Kamala Harris capital gains and dividends tax rate of 44.6%
China’s capital gains tax rate is 20%. Is it wise to have higher taxes than China?
Under the Harris plan, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 57.8%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Ronald Reagan is no doubt rolling over in his grave.
And, as a former Certified Financial Planner, here’s my “favorite.”
Impose unconstitutional, 25 percent wealth tax on unrealized gains
The Harris-endorsed plan calls for an annual 25% percent minimum tax on the unrealized gains of individuals with income and assets exceeding $100 million. Once in place, it won’t be long before the threshold is lowered to hit more and more Americans.
Americans overwhelmingly oppose taxes on unrealized gains, by a factor of three to one, including 76% of independents. Americans know that a “gain” isn’t “real” until it is actually realized, in hand.
This Harris tax is similar to the wealth taxes pushed by radical progressives such as Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.)
Unrealized capital gains, commonly referred to as “capital appreciation,” refers to an increase in value of an equity investment — such as a stock or a home — that the owner doesn’t “realize,” meaning, sell all or part of, thus creating a capital gain. Only then should taxes be paid. Harris and the Democrats see it differently.
Moreover, we haven’t heard from them about what would happen if that equity investment decreased in value over the next tax period. Would the investor then be able to take a capital loss? One can only imagine the accounting nightmares.
Increase Medicare taxes by 32 percent
Harris endorsed raising Medicare taxes from the current rate of 3.8% to 5% for individuals making over $400,000 per year, roughly a 32% tax hike. The plan reportedly broadens the Net Investment Income Tax (NIIT) to apply to non-passive business income, and Harris would also increase the hospital insurance (HI) payroll tax from 0.9% to 2.1% for individuals earning over $400,000.
You know — more of that “fair share” nonsense, as popularized on the left by Barack Obama.
Finally, evil rich people, just when you think you’ve been saved by retirement…
Cap retirement plan benefits, impose a $24 billion retirement tax
The Harris proposal calls for capping the retirement plan benefits of certain individuals. The White House projects this limitation on retirement benefits will raise $24 billion in taxes from individuals with retirement account balances above $10 million and earnings above $400,000.
You can read the entire list of Harris tax increases here.
The Bottom Line
Like all presidential candidates, Kamala Harris is entitled to put forth any and all policy proposals to her heart’s content. Doing so before being officially nominated would have given voters and delegates the opportunity make informed decisions.
But by intentionally hiding her policies from the public, with the blessing of the Democrat Party, of course, Harris was allowed to play “hide the ball” — for the singular reason that the Democrats knew damn well (and still do) how the public would react if provided “the rest of the story.”
God help us if this deceitful woman wins in November.