Just when deranged Democrats thought Comrade Kamala Harris finally brought something to the table, the border czar offered something worse. To match President Donald Trump’s tax cuts and incentives, the Democrap nominee pitched to impose corporate tax rate hikes combined with dole-outs for small businesses, first-time homeowners, and child tax credits.
Kamala’s proposals might sound good in a word salad. However, such a plan would have a horrendous effect on the economy, which the inept vice-president missed as she has nothing on her plate to prove her experience in policy-making and the economy.
A recent analysis revealed that if Harris pushed for her proposal, it would cost the country nearly 800,000 jobs and shrink the GDP by 2 percent. Not only that, wages would also be decreased by 1.2 percent.
The Tax Foundation pointed out that Comrade Kamala’s plan would raise taxes reaching almost $4.1 trillion in the next ten years, but will only make $642 billion in revenue.
“We find the tax policies would raise top tax rates on corporate and individual income to among the highest in the developed world, slowing economic growth and reducing competitiveness,” the group wrote.
“The tax credits and other carveouts would complicate the tax code, run more spending through the IRS, and, together with various price controls, fail to improve affordability challenges in housing and other sectors.”
If Trump loses to Harris in November, businesses will likely suffer a raise in investment income tax rate, shifting from 3.8 percent to 5 percent, and the Medicare tax rate would also surge at about the percentage.
Additionally, 131,000 working men would lose their jobs if Harris’ expanded earned income tax credit were implemented.
The corporate tax rate would also surge to 28 percent, leading to 125,000 job losses.
Furthermore, individuals with more than $400,000 salary would cause 86,000 job loss.
Tax Foundation added that Harris’ idea of taxing unrealized capital gains of more than $5 million at death and capital gains of over $1 million at a 28 percent rate would cut more than 75,000 jobs.
According to Tax Foundation’s senior policy analyst and modeling manager, Garrett Watson, Kamala’s proposals create ‘disincentives for work.’
Meanwhile, for Watson, if Trump succeeds in his bid for reelection and implements the Tax Cuts and Job Act, it will create 911,000 jobs for the American people.
Another economic proposal that the foundation mentioned that would help increase employment is the removal of tax tips for service workers, an idea that Lying Kamala stole.
Rigime leader Harris again destroying America daily ,with all her failed policies. She continues to make it hard on the average American citizen. Makes it so easy ,for her illegals coming through the border and getting everything free on tax payers dime. Sad Country it’s become under crooked Joe. Sad!!!!
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