https://scottgrannis.blogspot.com/2024/08/kamalas-tax-proposals-frightening.htmlScott Grannis writes: Kamala's tax proposals: frightening!
"If you subscribe to my good friend Steve Moore's daily Hotline (CTUP) (subscribe for free here), you have already seen this. I reprint it so as to maximize its distribution. These proposals are so astoundingly anti-business and anti-prosperity that I can't imagine they will ever see the light of day. But at the very least you have here a liberal wish-list that, if even partially enacted, would very likely eviscerate the economy. Click here for more background info."
Kamala Proposes $5 Trillion in New Taxes – the Biggest Tax Hike in the History of the World
We've argued that Harris-Walz is the most anti-business ticket by a major presidential party in our lifetimes and perhaps in American history. And we said this BEFORE we saw the new tax plan.
Instead of lowering tax rates to make America more competitive, it raises nearly everyone.
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
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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. -----------------------------------------------------
[Doug] It's been asked of me, how do you define Marxism, Marxist? See above.
Actually a new business won't be subjected to an 80% tax rate because no one would open a new business under these rules.
The dearth of new businesses, new employers, IS the problem - already.
New Way Forward translated to English, 'I will make everything worse'.
