October 09 2024
Kamala Harris’ tax plan to raise the corporate rate to 28% and the top capital-gains tax to roughly 32% would decimate stock market returns. More than 100 million Americans own stocks, including through pensions and other retirement accounts. These funds are essential to living out the many of Americans' golden years.
Topline: Wall Street Journal, Kamala Harris Is Eyeing Your 401(k)
- “At a 28% federal corporate tax and an average of roughly a 5% state and local tax, the government would snatch away roughly 33 cents of every dollar of profit. This leaves 67 cents to the shareholders.”
- “Every percentage point that Congress and Ms. Harris raise the tax would dilute the value of the stock owned by the rest of us.”
- “She favors raising the rate to roughly 32% from 23.8%. Add state capital-gains taxes and the rate can easily reach 36%. This is the government taking a second bite out of the corporate apple before the rest of the country has even taken its first.”
- “Add it all up and government would snatch at least 50% of nearly every corporation in America under the Harris tax scheme. That sounds an awful lot like socialism.”
- “The more than 70 million Americans with 401(k) plans and millions more with other retirement stock holdings would be made poorer.”
Read the full Wall Street Journal Op-Ed by top economist Steve Moore and successful businessman and CEO of Susquehanna International Group, Jess Yass.
Bottom Line: Kamala’s anti-business and socialist tax plan will hurt Americans. In Trump’s first term, he delivered the largest tax cut in American history. If elected again, he will deliver more tax cuts and economic growth for all Americans.