Americans for Tax Reform (ATR) says that Vice President Kamala Harris, the Democrat running for president, wants to raise taxes by $5 trillion over ten years as part of her economic plan.
On Monday, Harris’s campaign announced a huge economic plan that would undo Trump’s tax cuts. They said it was “a financially sensible way to put money back in the pockets of working people and make sure billionaires and big companies pay their fair share.”
Trump’s Tax Cuts and Jobs Act lowered income tax rates and raised the standard deduction. It also lowered the business tax rate from 35% to 21%.
Harris says that raising the business tax rate to 28% would cut the debt by $1 Trillion over ten years.
She also said she would keep President Joe Biden’s promise not to raise taxes on people who make $400,000 or less a year. Even though this is said to be true, the Biden-Harris government has tightened tax laws, which is expected to cost working-class Americans $20 billion.
Harris’s plan for the economy would also make the tax on capital gains and profits 44.6 percent higher, which is more than twice as much as China’s. China charges a 20% tax on cash gains.
People who make more than $100 million a year would have to pay a minimum 25% tax on their deferred gains every year. On paper, unrealized gains are gains in a property, according to Investopedia. When an owner sells an investment for more than what they paid for it, they have “realized” a gain.
ATR talked about a study that found 76 percent of independents are against taxing gains that haven’t been achieved yet.
In the end, ATR said that these Harris tax hikes and other plans would make American families and businesses pay $5 trillion more in taxes.
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