Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.[/quote]

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax[/quote]

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it.  Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal. [/quote]

Fearmongering. The thresholds will only change if Congress votes to do that. Going from $100M to $1M (which still misses the vast majority of Americans) is a huge shift. It’s not just going to happen.

And this is all missing the bigger point. The US is running a deficit and has a huge debt. Do you really want to keep your taxes low so that your kids have a collapsing government?  Or do you want to raise taxes so they don’t end up dealing with our problem?  Republicans have an aversion to any and all taxes but never make the difficult cuts to spending so just make the problem worse. At least Harris is trying to fix things. [/quote]

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