Kamala’s Tax Plan

Yesterday’s New York Times email was headlined, “Why Kamala Harris’ Centrism Is Working.” By “centrism,” I think the Times means keeping as quiet as possible about her actual policy preferences. But a few people, like Stephen Moore’s Committee to Unleash Prosperity, are keeping track. They have done the math on Harris’s tax proposals:

The Harris tax plan would:

* Raise the corporate tax from 21% to 28%
* Quadruple the tax on stock buybacks from 1% to 4%
* Double the global minimum tax from 10% to 20%
* Raise the top Income tax rate from 37% to 39.6%
* Raise the corporate alternative minimum tax from 15% to 21%
* Raise the capital gains tax from 24% to 43.5%
* Impose the first-ever tax on unrealized capital gains at 25%
* Double the number of Americans subject to the death tax

The compounding effect of these multiple tiers of taxation would mean that a $100 investment in a new company could be subject to an 80% tax rate.

Which would bring investment and economic growth to a halt. It would be less destructive to ignite a series of nuclear explosions across the country.

One of the only Harris proposals that people have noticed is her plan for the government to fix grocery store prices. Because it worked so well in the Soviet Union, apparently. Reportedly, Washington Democrats have been reassuring reporters, telling them that no such plan has any chance of getting through Congress, so they should disregard it. Maybe they would say the same about Harris’s tax plan.

But why would anyone vote for a candidate, if the best you can say for her is don’t worry, none of her proposals will actually be implemented?

Besides, I am pretty sure Congressional Democrats would, in fact, enact some, if not all, of Kamala’s disastrous tax policies. And there is a good likelihood they will be in charge of Congress come January.

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