Kamala’s $5 Trillion Tax Hikes Mean $5 Trillion More to Spend

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Posted on 09/21/2024 8:51:35 PM PDT by E. Pluribus Unum

Can Harris fix America's deteriorating fiscal health?

Vice President Kamala Harris has proposed approximately $5 trillion in tax hikes over the next ten years, targeting wealthy Americans and rich corporations. For a federal government forecast to register $2 trillion in budget deficits during the same span, could this be the revenue boost needed to fix America’s deteriorating fiscal health? The projections show her policies are not even close to plugging the federal budget’s gaping hole.

Kamala’s Tax Hikes – A Primer

The public has heard the same song-and-dance routine for the last 20 years: Washington must make the affluent pay their fair share by imposing sizable tax hikes. Interestingly enough, the income tax shares before and after the Trump-era tax cuts are quite a sight for progressives. In 2021, the top 1% paid 45.8% of the nation’s income taxes, up from 37.3% in 2016. Conversely, the bottom 50% paid just 2.3% of the country’s income taxes after Trump’s landmark legislation, down from 3% before Trump.

Still, the Democratic nominee says more needs to be done. The meat and potatoes of her New Way Forward >agenda consist of raising the corporate income tax rate from 21% to 28%, increasing the corporate alternative minimum tax (CAMT) rate from 15% to 21%, quadrupling the stock buyback tax to 4%, boosting the top individual income tax rate to 39.6%, and taxing long-term capital gains at 28% for incomes above $1 million. At the same time, she is borrowing a few ideas from her opponents, such as exempting tips from federal income taxes and expanding the child tax credit.

Like former President Donald Trump’s policy proposals, many of the vice president’s ideas must pass Congress. A Republican-led lower and upper chamber decreases the odds that Harris’ initiatives will be approved...

(Excerpt) Read more at libertynation.com ...

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