Among the various new taxes proposed by Kamala Harris’ presidential campaign are increased levies on capital gains and taxation of unrealized capital gains on wealthy Americans. Given recent history, this is particularly sneaky. The Biden-Harris team sparked rapid inflation, so now the Harris-Waltz duo wants to tax the phantom inflationary gain even before citizens holding assets as a shield against inflation have disposed of them. In other words, Harris plans to tax gains that don’t yet exist, which wouldn’t be possible without the inflation exacerbated under the Biden-Harris administration.
(Over)Taxing the Rich?
The Harris team rationalizes an assault on rich people’s capital to reduce the federal deficit, increase federal revenue, and “rebalance the tax code” so that the wealthy will “pay their share.” Targeting the rich is a standard slippery slope to justify government intrusions that will then be extended to more citizens and their assets.
Capital gains are generally a product of “real” growth due to increased demand or limited supply combined with inflation. As inflation escalates, the portion of gain on the disposition of capital assets attributable to sketchy Federal Reserve policy and not actual wealth also rises. The government artificially boosts asset values and then rakes off a percentage (28% under Harris’ latest proposals) of that artificial “gain.”
This is a moral hazard that has reared its ugly head before. Battling vicious inflation through the 1970s, the United Kingdom’s high capital tax rates stifled real economic growth. In a 1979 speech following the conservatives’ General Election victory, then-Chancellor of the Exchequer Geoffrey Howe condemned taxing phantom capital gains attributable not to real income growth but government-seeded inflation: “The objection to CGT [Capital Gains Tax] in its present form is that most of the yield comes from paper gains arising from inflation. The tax is, therefore, a capricious and sometimes savage levy on the capital itself.” […]
— Read More: granitegrok.com
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
