What We Know About Harris’s Plan to Raise $5 Trillion More in Taxes

As Reference in The New York Times, August 22, 2024

Candidate Kamala Harris should just say: “Tax the Rich!” And keep saying it, because that’s what gets Democrats elected.  “Vote for me and I’ll tax the rich, then spend that money in your neighborhood. Schools, health care, child support.”

Without acknowledging (although the article itself does) that Congress continually rejects that idea—even when Democrats control both Houses.

She touts all of this without even acknowledging that only the middle class pay taxes.  The poor don’t pay, the rich won’t pay.  The rich have income-producing assets, which, whenever they show too much net income, are mortgaged such that interest on the new debt cancels the net income.  Jeff Bezos hasn’t paid taxes in 20 years. Apple’s space station in Cupertino, California is not its headquarters.  Apple is headquartered in Ireland (whose corporate tax is 15 percent), its cash, $200 to $300 billion, parked on Jersey Island, a tax haven in the English Channel.

Because markets always go around government intervention, regulation or taxation, governments shouldn’t even think of taxing the rich.  They should tax the poor and middle class: 50 to 70 percent of their gross income.  That’ll pay for their social programs and eliminate the national debt.