Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous]Here's what we know so far:
https://www.nytimes.com/2024/08/22/us/politics/kamala-harris-tax-plan.html

"Ms. Harris would set the top marginal income rate at 39.6 percent, up from 37 percent. On top of that, she would also increase the rate on two parallel Medicare surtaxes to 5 percent from 3.8 percent for Americans making more than $400,000 and expand the income subject to one of them. Together, the Medicare and income proposals would create a top marginal rate as high as 44.6 percent."

[b]Ouch.[/b]  With state taxes, we'll be paying a marginal rate of greater than 50% taxes.  That's just too much.

Harris also plans to: (i) increase corporate taxes and (ii) further increase the already ridiculous tax on corporate stock buy-backs.  These ideas hurt everyone who owns stocks - that includes every single person with a 401/IRA/TSP.

Yikes. [/quote]

The NYT article is actually a misrepresentation of the plan that Vice President Harris' administration is proposing.

1. Earners in that bracket have the means to reduce taxable income. The presumed increase is offset by many factors that even a mediocre tax analyst could work around (with the exception being single earners without any depreciating assets).

2. VP Harris' entire campaign is backed by billionaires and the corporate elite, let's be clear. Whether 45 or Harris' , corporations will be just fine.

3. The majority of revenue collected from income tax DOES NOT pay for social programs.  Compared to military spending, foreign aid, debt service, other trade subsidy funding streams... social program spending is a sand castle on the beach.[/quote]

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