“Gov. Tim Walz says a Harris administration would have no place in Americans’ bedrooms. But judging by what we know from the Harris tax plan, it would have a bigger place than ever in our wallets and bank accounts,” Job Creators Network President Alfredo Ortiz writes in an op-ed at Foxnews.com that describes Harris’s policies as a “tax Armageddon” and a “giant leap toward socialism.”
Ortiz writes:
Harris is proposing a $5 trillion tax increase, the biggest in American history. If passed, it would fundamentally reshape the American economy and the scale in which the government extracts funds from citizens. Her plans include:
Raising the corporate tax rate from 21% to 28%: This 33% tax hike would make American businesses less competitive globally. Combined with state levies, it would make American corporations among the highest taxed in the developed world. The country would return to the bad old days of corporate inversions, where businesses flee offshore to reduce their tax costs.
Economists and common sense say workers and customers pay for such corporate tax hikes because companies are forced to lower wages and increase prices to fund them. More than one million American small businesses file as corporations, so this tax hike wouldn’t only hit massive corporations like Google and Apple as the Harris campaign implies.
Read the rest here.
