According to the Americans for Tax Reform, Kamala Harris’ tax plan will extract a $5 Trillion tax increase from American households and businesses.
- Small business tax rate hike to 39.6%
- Corporate tax rate higher than the EU and communist China.
- Capital gains and dividends tax more than twice as high as communist China
- Unconstitutional wealth tax on unrealized gains
- A second Death Tax by taking away stepped-up basis when parents die
- Global tax cartel with 21% minimum tax rate
- Quadrupled tax on stock buybacks — a Harris tax that will hit every American with a 401K or IRAor union pension
- 30% federal excise tax on electricity used in cryptocurrency mining
- Applies the wash sale rules to digital assets
- $37 billion tax on American energy
- 32% increase to Medicare taxes
- $24 billion retirement tax
- Real estate tax hike on Like-Kind exchanges
- An even further-supersized IRS
- Erodes taxpayer rights by making it easier for IRS agents to stack up questionable penalties against taxpayers
From Americans for Tax Reform:
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.
See the entire report here.
