Vice President Kamala Harris has been under scrutiny for her campaign rhetoric since she was handed the Democratic nomination ahead of the November election. While the mainstream media has called out her penchant for missing the mark, the examples are few and far between. The Fourth Estate’s failure to push back against the plethora of claims emanating from the Harris camp seems to have provided her license.
Kamala Harris and Tax Rates
Like her boss, the vice president has repeatedly asserted that wealthy individuals and corporations would pay for her “new way forward” agenda. In a recent 60 Minutes interview that some pundits have purported might have sunk the Kamala Harris campaign, the Democratic presidential candidate reiterated the common claim that billionaires pay lower tax rates than teachers. “It is not right that teachers and nurses and firefighters are paying a higher tax rate than billionaires and the biggest corporations. And I plan on making that fair,” Harris told correspondent Bill Whitaker.
Left-leaning politicians, from President Biden to Sen. Bernie Sanders (I-VT), have peddled the same claim for years. But are the assertions grounded in reality?
If you are fortunate enough to earn more than $609,350 annually, you will pay a tax rate of 37%. This is in addition to the 20% capital gains tax rate, the 3.8% net investment income tax, and myriad other levies. As for corporations, they pay a tax rate of 21%. Yes, the affluent could trim their obligations through clever accounting tricks that are legal within the confines of the tax code. But the meat and potatoes is that high-net-worth folks pay large tax percentages. […]
— Read More: www.libertynation.com
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