Vice President Kamala Harris has proposed approximately $5 trillion in tax hikes over the next ten years, targeting wealthy Americans and rich corporations.
Interestingly enough, the income tax shares before and after the Trump-era tax cuts are quite a sight for progressives.
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 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.
When her other policy blueprints are inserted into the equation, such as instituting housing tax credits, reinstating the American Rescue Plan's child tax credit, and exempting tips from federal income tax, net revenues would be about $1.7 trillion.
The cumulative net interest charges will total roughly $13 trillion, according to the CBO. So, all the collections from the Harris tax hikes would help service the national debt - predicted to top $50 trillion by 2034 - rather than balance the books.
The deteriorating fiscal health is so severe that even $5 trillion in tax hikes would be insufficient to pay America's bills.
Eminent economist Milton Friedman had it right when he wrote, "Government will spend whatever the tax system raises, plus as much more as they can get away with." Indeed, a $5 trillion tax increase means $5 trillion more to spend for Democrats on the welfare state and Republicans on the military-industrial complex.
https://www.libertynation.com/kamalas-5-trillion-tax-hikes-mean-5-trillion-more-to-spend/
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