Wealth Tax... Kamala Harris wants to impose one. When she says it's for the sake of equity... the wealthy must pay their fair share, the sheep amongst us cheer.
Kamala Harris voters are bleating, "So what? I'm not wealthy," Maybe not, but... if you own a home and, perhaps, a retirement account and other appreciating assets, you may be surprised and, upon electing Kamala Harris, you'll most assuredly be in for a huge shock.
That's because Kamala Harris plans to tax "unrealized" capital gains to the tune of 25%. That means the equity in your home and the appreciation of your retirement account... oh, and don't forget, for instance, that coin collection... its value will be subject to taxation, too. Kamala Harris also plans to raise the tax on "realized" capital gains to 45%... she wants ALL your money.
So... what does that mean for you, my wealthier-than-you-thought, Kamala Harris-voting friends? Well, if, for instance, you purchased a home for $100 thousand many years ago, and it's now worth $500... today's national average, your "unrealized" capital gain is $400 thousand, and Kamala Harris will expect you to pay the government 25%... that's $100 grand.
Remember, Kamala-lovers, you said you weren't wealthy, so it's very likely you don't have an extra hundred Gs laying around. Too bad because one of the 80 thousand IRS agents Kamala Harris recently hired will surely place a tax lien against your house and foreclose on it. But wait... you have a 401K or an IRA, there's money to be had there; maybe you won't be homeless, after all.
Not so fast, you 'Kamala-wouldn't-do-that-to-me' democrats... you can't cash out your retirement plan without paying a significant penalty. Plus, its value has probably appreciated, maybe a lot, so first, you'll have to pay that 25% "unrealized" capital gains tax. Then, you'll still have to pay the 45% "realized" capital gains tax on what's left, which may not leave enough to pay the taxes you owe on the house.
Okay, Kamala fans, let's say you make like sheep, follow the herd, and ignore her promises to tax you into oblivion... you vote for her anyway. What if she wins? It'll be Happy Days are Here Again, right? Yes!!! Until, that is, all those Kamala Harris-imposed taxes... including a corporate tax rate hike from 21% to 28%, crash the stock market and, right along with it, the housing market, too. On the bright side, whatever capital gains you had, "unrealized" or otherwise, will totally disappear.
But don't expect your self-inflicted pain to ease... with the price controls Kamala Harris promised, there will be supply chain disruptions and product shortages, not to mention the price increases passed on to you by corporations to make up for the extra taxes they're paying. Hopefully, you won't be "downsized" right out of your job.
Oh, yeah... it'll be happy days, indeed; life in America will be wonderful under Kamala Harris, and every single person who cast a vote for her, wealth-free as they'll be, will want to gather to bleat their appreciation for the equity Kamala Harris will have established because, as she's told you, equity ensures the equality of outcomes, and nothing says equitable outcome better than...
Everyone being equally baa-baa broke.
