According to the Wall Street Journal, Kamala Harris keeps changing her tax plan. Her latest proposal is to raise the corporate tax rate to 28% and the top capital-gains tax to roughly 32%, the highest since the 1970s.
Kamala Harris and the knucklehead want all manner of taxes imposed on the American people. Among them is an attack on investments, including 401Ks and the profits from corporations before one investor gets a dime.
Harris wants a 32% corporate tax rate – we’d be uncompetitive worldwide. Add that to state capital gains, and it comes to 36%.
They plan a 28% federal corporate tax and an average of a 5% state and local tax; the government would snatch away roughly 33 cents of every dollar of profit. This leaves 67 cents to the shareholders. Those include over 100 million Americans who own stock directly or through pension and other retirement funds. Every percentage point that Congress and Ms. Harris raise the tax would dilute the value of the stock owned by the rest of us.
Add it all up, and the government would snatch at least 50% of nearly every corporation in America under the Harris tax scheme. That sounds an awful lot like socialism.
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