My Thoughts On Paying Higher Taxes | Kamala Harris Tax Plan

"this new proposal would tax long-term capital gains at the ordinary income tax rates which in this case would be 39.6% on incomes over over a million dollar a year in addition to that they would also increase the net investment tax to 5% on incomes more than a million dollar a year and that would bring the total long-term capital gains tax rate to 44.6% up from the 23.8% where it currently stands"

"the second proposal would aim to increase the tax rates and those making over $400,000 a year from 37% to 39.6%"

"third a 25% wealth tax even on assets that you haven't sold and for those unfamiliar here's how it'll work and why this is such a big deal as they say and I'm quoting from their website billionaires make their money in ways that are often taxed at lower rates than ordinary wage income or sometimes not taxed at all thanks to Giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers but here's the thing when you look at this objectively the problem is that this only applies if you were to tax unrealized capital gains which at best means it's unprecedented and at worst it's unconstitutional"

"number four they want to limit the 1031 exchange to $500,000 for each taxpayer"

"they also want to propose a 4% tax on stock BuyBacks"

"while we're on the stock topic they also want to increase the corporate tax rate from 21% to 28%"

"on page 84 they called for a 1.2% increase on Medicare tax on those making over $400,000 a year"

"on page 99 they'd force those with more than $10 million in retirement accounts to withdraw 50% of all assets above that amount"

"on page 108 they'd permanently forgive student loans for those who fall within a certain income"

"on page 140 they'd increased taxes on business write-offs"

"ultimately if this passes it's going to affect a lot of people in terms of how they invest where they invest and how they structure their taxes to the point where I have a feeling instead most people who hold investments just aren't going to sell"

"Studies have actually shown that the optimal capital gains tax rate is 28% This is the amount that would maximize revenues and cooperation without causing people to run to the hills"

"I think a progressive long-term capital gains tax rate that goes from 20 to 24 to 28% on incomes from a million5 million and $10 million would go a long way"

"maybe a 23% corporate tax rate could soften the blow and then over time it goes to 25% then over time it goes to 28% but give businesses enough time to adjust without doing anything radical"

"if all of this tax money is recklessly spent and mismanaged then no I don't want to spend more in taxes but if there's a net benefit to everybody involved then it's a lot easier to justify I think a better solution here would be to fully audit all government expenditures do a full analysis on what gets the highest return reduce spending in certain categories as needed apply funding to other categories if they desperately need it and then raise taxes lastly if absolutely required to pay for something that they don't already have the money for"

"realistically it's going nowhere and a lot would have to happen for this to actually get pushed through however with that said the tax cuts and jobs Act is expiring in 2025 so a lot of these tax benefits are going going to be cut completely and something will have to be done either it continues as is or a new proposal goes in its place and who knows exactly what's going to be in it will it be this probably not I tend to think this is just political theater to Simply blame the rich for government spending that's frankly out of control"