Dear Editor,
Kamala Harris and the Democrats are belching out their usual election cycle refrain . . . the so-called “rich” don’t pay their fair share of taxes.
They lied!
The top 5% of income earners in the United States pay 66% of all federal income taxes. 40.1% of American families pay no federal tax at all.
Of the 66% of federal taxes paid by the wealthiest 5%, $2 trillion goes back to low-income Americans through Medicaid, food stamps,s and other social programs. There are 42 million Americans on food stamps.
The Harris campaign also wants to raise corporate taxes, which currently account for 21% of all federal tax receipts. Any and all corporate tax increases will result in price increases, equivalent to a sales tax on all Americans.
The Harris plan to levy a “wealth tax” is probably unconstitutional, but they will try anyway. This would mean someone who has an investment gain would get a tax bill at the end of the year despite the fact they have not realized that gain. Talk about killing the golden goose!
Harris is also confused about tariffs, incorrectly claiming that Trump’s plan for tariffs on Chinese goods, for example, would be a “national sales tax.”
Tariffs have been applied against international trade for decades by Democrat and Republican administrations to level the playing field with trade partners.
There is evidence this practice has benefitted U.S companies. There is no evidence this has raised prices.
Gerry Giesler, Greensboro