At least three of the tax hikes endorsed by Democrat presidential candidate Kamala Harris would hit Americans with higher tax rates than those imposed by the Communist Party of China on its citizens, a new analysis reveals.
If all of the proposals backed by the vice president become law, the U.S. would see taxes increase by five trillion dollars, according to an analysis by Americans for Tax Reform (ATR). And three – the corporate tax rate, the stock buyback tax rate, and the tax rate on capital gains and dividends – would end up higher than the rates in China:
- Corporate taxes would increase from 21% to 28% (China: 15%-25%).
- Capital Gains/Dividends taxes would rise to 44.6% (more than twice China’s 20% rate).
- Stock Buybacks: The new one percent tax imposed by the Biden-Harris so-called Inflation Reduction Act would quadruple (China has no such tax).
One Harris-backed proposal would create a second “death tax.” Another would hit Americans with a tax on theoretical (“unrealized”) financial gains that they haven’t even locked in yet, such as increases in the price of stocks that haven’t been sold and could end up losing value.
There would also be $37 billion of new taxes on American energy, on top of the $20 billion of new energy taxes already imposed by the Inflation Reduction Act passed under the Biden-Harris administration.
Read full analysis by Americans for Tax Reform.