Democrat presidential candidate Kamala Harris has confirmed her support for $5 trillion in tax increases over 10 years in the Biden-Harris administration’s proposed budget. What should be truly terrifying to any taxpayer is the fact that the total increase is not the worst thing about Harris’ plan.
Among the many and varied tax hikes Harris and running mate Tim Walz endorse is a big increase in the top tax rate on capital gains. “[T]he proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent,” an explanation of the Biden-Harris budget states. The top tax rate on capital gains held for more than a year is currently 20 percent, for those with taxable income above $518,000. The tax is paid only if the individual sells the assets.
Capital gains taxes are not indexed for inflation, so the tax bite will rise dramatically whenever the Federal Reserve increases the money supply to cover the rapidly rising U.S. government debt, which is inevitable under all believable current scenarios. People will be paying real taxes on imaginary increases in capital gains. That extra tax cost will lower the value of the affected assets. If you own stocks, land, or other valuables, the Harris-Walz tax hike will reduce their value.
Even more egregiously, “The Harris-endorsed budget calls for an annual 25 percent minimum tax on the unrealized gains of individuals with income and assets exceeding $100 million,” Americans for Tax Reform notes. “Once in place, it won’t be long before the threshold is lowered to hit more and more Americans.” […]
— Read More: thefederalist.com
Trump Denies “Fake News” Report on Changes to Economic Plans
by Publius
President-elect Donald Trump has refuted a Washington Post report suggesting his aides were considering a more restrained tariff policy. The report claimed that Trump’s transition team was contemplating a tariff plan that would be less extensive than his campaign promises, targeting only imports deemed critical to national or economic security….
Gold Breaks Out With Central Bank Surge and Interest Rate Drops Expected
by Sponsored Post
Precious metals are seeing gains once again following the post-election dip, just as many economists had expected. Even China, which had been holding back for five months, returned to purchasing massive quantities of gold. “Falling U.S. interest rates and ongoing solid demand from central banks are supporting the gold price,”…
JPMorgan: “Debasement Trade” Into Bitcoin and Gold Is Here to Stay
by Tyler Durden, Zero Hedge
(Zero Hedge)—The so-called “debasement trade” into gold and Bitcoin is “here to stay” as investors brace for persistent geopolitical uncertainty, according to a Jan. 3 research note by JPMorgan shared with CoinTelegraph. Gold and BTC “appear to have become more important components of investors’ portfolios structurally” as they increasingly seek to…
Hochul to Increase Payments to a Program That Serves Illegals
by Independent Sentinel
Welfare champion Gov. Kathy Hochul of New York has proposed a huge expansion of the state’s child tax credit. People here illegally can collect. New York is a one party state and Hochul runs it like a dictator. Hochul wants taxpayers to pay for an increase in the maximum credit…
More Details Emerge Regarding the Plan to Kill a Supreme Court Justice
by Zachary Stieber, The Epoch Times
(The Epoch Times)—A California man allegedly told authorities that he flew to the East Coast to kill Supreme Court Justice Brett Kavanaugh, according to newly filed court documents. Nicholas Roske flew across the country from California to Virginia on June 7, 2022, landing just before midnight. He got into a…
Kevin O’Leary Wants to Save TikTok by Buying It and Rewriting Its Algorithm
by The Blaze
“Shark Tank” investor Kevin O’Leary said that he was working on a deal to save the popular TikTok social media platform from being banned in the U.S. over privacy concerns. Republican lawmakers have banned TikTok from being used by state and federal employees after numerous reports that the platform collects…
AI Chatbots Credited With Surge in US Holiday Sales
by Valuetainment
AI-powered tools, particularly chatbots, significantly boosted online holiday sales in the US to $282 billion in 2024, a nearly 4% increase from the previous year, according to Salesforce. Globally, online sales reached $229 billion, up from $199 billion in 2023, as retailers utilized targeted promotions and personalized recommendations to attract…
Dana White Has Joined Meta’s Board of Directors
by Cactus Williams, Discern Report
UFC CEO and long-time friend of Donald Trump, Dana White, has joined Meta’s board of directors alongside Charlie Songhurst and John Elkann. This is just the latest in a series of decisions Meta has made following Trump’s historic electoral victory which seemed to be aimed at cozying up to the…
The Biggest Sale on Beef With 25-Year Shelf-Life EVER
by Sponsored Post
Let’s cut to the chase. Prepper All-Naturals is offering an unprecedented 40% off for its “Beef Steak” survival bags with promo code “steak40”. With a 25-year shelf life and a single ingredient (beef, of course), our most popular product is available for a very limited time with the biggest discount…
McDonald’s to Abandon Diversity ‘Goals’ in Hiring, to Stop Participating in Woke Non-Profit’s ‘Corporate Equality Index’
by The Post Millennial
Filmmaker and cultural commentator Robby Starbuck has gained another scalp in his effort to flip US corporations away from woke agendas focused on DEI, diversity, equity and inclusion. “BIG news,” Starbuck reported on X. “McDonald’s is ending a number of woke DEI policies today. Now let me tell you what’s…
