The first thing you need to be aware of is the Laffer Curve:<\/p>\n
The article at Townhall states:<\/p>\n Experts are warning against Vice President Kamala Harris\u2019 proposed tax strategy, which they say would threaten the future of the United States economically.<\/strong><\/p>\n The Cato Institute commented:<\/p>\n Harris\u2019s 28 percent federal corporate tax rate and 44.6 percent top capital gains and dividend tax rate would give the United States the highest total tax rate on corporate income<\/span><\/a> in the developed world when combined with state taxes. As I recently explained<\/span><\/a>, workers ultimately bear most of the cost of the corporate income tax through lower wages and fewer job opportunities. Because the corporate income tax is one of the most economically destructive<\/span><\/a> ways to raise revenue, the total economic cost of Harris\u2019 proposed tax hike will likely be multiple times larger<\/span><\/a> than the tax revenue it raises. The Harris plan would also increase top federal income tax rates so that combined state, local, and federal tax rates would be on the wrong side of the Laffer curve in 36<\/span><\/a> states and Washington, DC\u2014the point at which higher tax rates create so much economic distortion that they no longer bring in additional tax revenue. Via<\/span><\/a> Cato Institute.<\/strong><\/p>\n I would like to continue to live in my house as a senior citizen on a fixed income. Harris’ plan to tax unrealized capital gains would make that impossible.<\/p>\n","protected":false},"excerpt":{"rendered":" Kamala Harris will raise our taxes if she is elected. She says she will only raise taxes on the rich, but that was the same promise made when the Income Tax was passed in 1913–it would only impact the top … Continue reading ![\"\"](\"https:\/\/www.rightwinggranny.com\/wp-content\/uploads\/2024\/08\/LafferCurveAug2024.jpg\")
<\/a>It has been proven historically that lower taxes result in higher tax revenue. Why should you take the risk and do the work of starting a business of\u00a0 you know the government is going to take most of what you earn?<\/p>\n