Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We would be subject to higher taxes. That is ok. [/quote]

Regardless of how much you do or don't make, working half of your week to pay the government is [b]not[/b] okay. [/quote]

Seriously. It’s like Harris wants to tank economic growth.[/quote]

This is my concern. Lower economic growth means less for everyone.

Harris's campaign has said she supports Biden's budget proposal.

Estimates are that it would decrease GDP by 1.6%, wages by 1.1% and American incomes by 1.3%. These are large decreases.

Raising the corporate tax rate factors in heavily. 28% is high on a global comparison basis and would cause corporations to cut employees, reduce wages, or relocate abroad or a combination thereof.

https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/[/quote]

(1) the tax foundation is a libertarian organization that promotes the flat tax. (2) the general equilibrium model used to perform this analysis has been criticized for failing to accurately capture the impacts of broader policy changes. (3) the models employed by the tax foundation are based on assumptions derived from “trickle down” economics, which has been criticized for failing to appropriately capture policy impacts across the economic spectrum (by favoring those on the higher end of the spectrum and giving their benefits an outsized impact). [/quote]

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