Kamala Harris’s recent economic proposal, outlined as part of her bid for the presidency, is nothing short of a financial disaster waiting to happen. With plans to raise taxes by a staggering $5 trillion over the next decade, this proposal threatens to erode the wealth and financial security of American families, retirees, and small business owners across the country. Here’s why you should be concerned.

Undoing Trump’s Tax Cuts: An Assault on Prosperity

One of the cornerstones of Harris’s plan is to undo the Trump-era Tax Cuts and Jobs Act. This legislation, which slashed the corporate tax rate from 35% to 21% and provided significant relief to middle-class families through lower income tax rates and a doubled standard deduction, has been instrumental in driving economic growth. But Harris wants to reverse these gains, proposing to hike the corporate tax rate back up to 28%, a move she claims will reduce the deficit by $1 trillion over ten years.

What she fails to mention is that this tax increase will hit American businesses hard, leading to slower growth, reduced job opportunities, and ultimately, lower wages for workers. At a time when our economy is still recovering from recent downturns, the last thing we need is a tax policy that discourages investment and stifles innovation.

Capital Gains Tax Hike: Punishing Investors and Retirees

Perhaps the most alarming aspect of Harris’s plan is her proposal to more than double the capital gains tax rate, bringing it to a staggering 44.6%. To put this in perspective, China’s capital gains tax rate is only 20%. This increase would place an enormous burden on investors, particularly retirees who rely on investment income to fund their golden years.

Worse still, the combined federal-state capital gains tax under this plan could exceed 50% in many states. For example, California residents could face a combined rate of 59%, while those in New York could see rates of 53.4%. These are not just numbers on a page—these rates represent a direct assault on the financial well-being of millions of Americans.

Small Businesses Under Siege

Harris’s tax plan doesn’t stop at individuals—it also takes aim at small businesses, the backbone of the American economy. By proposing to raise the top individual tax rate on small business owners from 37% to 39.6%, she is effectively penalizing entrepreneurs who are trying to create jobs and drive economic growth.

And let’s not forget the proposed 21% global minimum corporate tax rate, which goes beyond the already punitive 15% rate set by the OECD. This policy would make American businesses less competitive on the global stage, leading to potential job losses and reduced economic output.

Retirement Accounts and Energy Costs: Collateral Damage

Harris also has plans to quadruple the tax on stock buybacks, a move that would have a direct impact on 401(k) plans and other retirement accounts. For those who have spent their lives working hard and saving diligently for retirement, this policy could significantly reduce the value of their nest eggs.

The plan also includes a $37 billion tax on American energy and a 30% federal excise tax on electricity used in cryptocurrency mining. These taxes would raise energy costs for all Americans, further squeezing household budgets that are already stretched thin.

The Bottom Line: A Direct Attack on Your Wealth

In total, Kamala Harris’s tax plan would increase taxes by $5 trillion, putting an unbearable burden on American households and businesses. For those of us who have spent years building our savings, planning for retirement, and investing in the future, this proposal is nothing short of a financial nightmare.

At GoldenCrest Metals, we understand the importance of preserving your wealth in the face of economic uncertainty. That’s why we encourage you to take action now to shield your assets from these looming threats. Diversifying your portfolio with precious metals like gold and silver is one of the best ways to fortify your financial future against reckless government policies.

Don’t wait until it’s too late. Contact GoldenCrest Metals today to learn how you can protect your wealth from the dangers of Kamala Harris’s tax plan.

Sources:

Harris radio silent on $5 trillion in tax hikes she reportedly backs

$5 Trillion List of Tax Hikes Kamala Harris Just Endorsed