‘Tax them to death’: The REAL price of living in Kamala Harris’ America



Kamala Harris claims that if she were to become president, she’ll ensure prices go down and Americans can go back to living comfortable lives.

However, that couldn’t be farther from the truth — and Glenn Beck isn’t going to take the lies sitting down.

“All of the progressive madness has come from Kamala Harris, literally. She was the deciding vote on all of these massive projects, like the Inflation Reduction Act — which was not designed to decrease inflation. It was designed as the Green New Deal,” Glenn explains.

“Kamala Harris lied to you about the Inflation Reduction Act. They named it that because they knew you would go, ‘Oh well, we have to have that ‘cause inflation’s out of control,’” he continues.

While the economy is bad after the Biden-Harris administration’s three-and-a-half year reign thus far, Kamala would only make it worse.

The vice president wants to tax unrealized gains.

“Now, this is just the beginning,” Glenn says. “She has a $5 trillion tax idea and part of that, a big part of that, is unrealized gains. What is an unrealized gain? Let’s say your house goes up $100,000 in value in a year. Okay, you have to pay 25% of that in tax.”

“So, that’ll mean, on April 15 because your house went up in value, that means you’ll have to cough up $25,000 on April 15 in addition to what you already pay,” he explains. “Well, wait a minute, what if my house goes down, does the government pay me?”

The answer is a resounding “No.”

“That’s what you're facing. How do you make a population have nothing? You tax them to death,” Glenn says. “This will absolutely collapse the economy. She is the Hugo Chavez or the Maduro of the United States of America.”


Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

Kamala Harris' wealth redistribution plans could prove both costly and ineffective



The Harris campaign revealed this week that if the Democratic vice president and her running mate — who apparently thinks that communism means that "everyone is the same and everyone shares" — win in November, then they will slap Americans with various new taxes, including a tax on unrealized gains.

Despite claiming to be fiscally responsible, Harris and Walz would simultaneously redistribute American wealth in a manner some economists have indicated will exacerbate the very problems they are supposedly intended to remedy.

The official 2024 Democratic Party platform was released Monday, revealing what former presidential candidate Joe Biden apparently planned to do if afforded another term. It turns out that just as Kamala Harris was ready to adopt Biden's candidacy and his committed delegates, she is now also ready to embrace many of the policy proposals attributed to him in the document.

Those proposals include raising the federal corporate tax rate from 21% to 28%.

Communist China's federal corporate income tax rate is, by way of comparison, reportedly 25%.

Harris campaign spokesperson James Singer confirmed to Reuters that Harris plans on raising the rate, claiming it would be part of a "fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share."

President Donald Trump and congressional Republicans previously cut the corporate tax rate from 35% to 21% via the Tax Cuts and Jobs Act of 2017. When ratifying the bill, Trump noted, "It's going to be a tremendous thing for the American people. It's going to be fantastic for the economy. It's going to keep companies from leaving our shores."

A 2017 Tax Foundation study indicated that "empirical evidence seems to support earlier theoretical analysis that domestic U.S. labor bears the largest portion of the burden of the U.S. corporate income tax."

"The share of the burden falling on labor is routinely found to be between 50 percent and 100 percent, with 70 percent or higher the most likely outcome," said the study. "As the tax reduces investment, productivity, and wages, the dollar amount of the cost to labor may exceed the revenue raised by the tax by a wide margin."

Extra to adversely impacting labor, this Harris tax hike would also adversely impact the stock market.

Strategists at Goldman Sachs told Reuters that each percentage point change in the corporate tax rate could shift S&P 500 earnings by "slightly less than 1%."

Peter Tuz, president of Chase Investment Counsel, said, "Anything that reduces earnings should ... have a negative impact on the stock market."

Harris — who, as vice president, oversaw the U.S. national debt topping $35 trillion and championed various handouts along the way, including the taxpayer-funded subsidization of college education for hundreds of thousands of student debtors — has other taxes planned for 2025, around the same time various other Trump-era tax cuts are set to expire.

'The taxing of unrealized gains, no matter what the level of wealth, will drive assets, jobs and companies away from the United States.'

Earlier this year, the Biden-Harris administration proposed in its FY 2025 budget a 44.6% capital gains rate, reported Moodys Private Client. This increase — from the current rate of 20% left over from the Trump tax reform — would constitute the highest federal capital gains rate in American history.

The Harris campaign told the Committee for a Responsible Federal Budget that she "continues to support all of the revenue-raising provisions in the President's FY 2025 budget."

According to Americans for Tax Reform, the Harris-endorsed budget proposal also calls for a yearly 25% minimum tax on unrealized gains. While initially, this would target only the sliver minority of individuals with income and assets exceeding $100 million, critics suspect this "unconstitutional wealth tax" might ultimately be expanded to millions of Americans.

"Capital gains taxes should only be paid when a gain is realized. Harris's wealth tax would break with current tax policy and impose tax Americans based on the value of an asset on a particular arbitrary date," stated Americans for Tax Reform. "This unprecedented tax would give even more power to the IRS, encourage taxpayers to move assets overseas, and will only expand to hit millions of Americans over time."

TheStreet's Bob Byrne expressed similar concerns, noting, "While this only impacts a handful of people, and the measure is highly unlikely to pass, even the concept is worrisome. The taxing of unrealized gains, no matter what the level of wealth, will drive assets, jobs and companies away from the United States."

Harris has provided a few indications of how she might redistribute some of this wealth.

Harris intends to have taxpayers inadvertently provide a $25,000 handout to first-time and certain other prospective homeowners.

Some economists suspect this is an exercise in futility.

Mark Zandi, an economist at Moody's, recently told Axios Moody's that this house credit for buyers would increase demand and "translate quickly into higher prices."

While the Democratic platform claims the party is "working to end special interest giveaways," this scheme would no doubt be a big win for those big investment firms that have bought up residential real estate across the country.

The Committee for a Responsible Federal Budget indicated this handout would cost $100 billion over four years, though the number "could be higher and lead to additional costs."

Americans for Tax Reform noted that Harris has endorsed other tax hikes including raising Medicare taxes from 3.8% to 5% for those making over $400,000 a year.

While such taxes are necessarily coercive, the Harris-Walz campaign suggested in an Aug. 16 release it was simply "asking the wealthiest Americans and largest corporations to pay their fair share."

Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!

Sen. Joe Manchin floats 15% 'patriotic' tax on billionaires



Sen. Joe Manchin (D-W.Va.) on Wednesday endorsed the idea of a "patriotic tax" on wealthy Americans to offset the cost of a multitrillion spending bill that would fund President Joe Biden's economic and climate agenda.

Manchin, who is central to negotiations over the size and content of the bill, told reporters that he opposes a plan to levy a so-called billionaires tax on the unrealized capital gains of the wealthiest Americans. In its place, he said a 15% minimum tax on billionaires would "be nothing we should be scorned about" and said "it doesn't harm anybody."

"That's called a patriotic tax," Manchin said.

Democrats are scrambling to wrap up negotiations on what was originally a $3.5 trillion spending bill that would've provided free two-year community college tuition, paid parental leave, universal pre-K childcare, elderly home care, Medicare and Medicaid expansion, and a host of policies related to Biden's climate agenda.

But opposition to that top line spending number from Manchin and fellow moderate Sen. Kyrsten Sinema (D-Ariz.) has forced Biden and congressional Democrats to compromise down to about $2 trillion, ditching proposals like free college and other programs progressives support.

With only a 50-50 majority, Senate Democrats need every member of their conference to be on the same page regarding the bill for it to pass. The proposed tax increases to pay for it have emerged as another sticking point in the negotiations. Sinema has opposed increasing corporate, personal, or capital gains taxes, which has left progressives arguing that a new wealth tax on billionaires is necessary to fund the bill.

On Wednesday, Sen. Ron Wyden (D-Ore.) put forward a proposal to tax individuals with net worths over $1 billion or those who reported making at least $100 million in the consecutive years 2019, 2020, and 2021. According to Axios, the tax is estimated to raise $200 to $250 billion toward paying for Biden's nearly $2 trillion plan.

The new tax would be on unrealized capital gains, in other words the value of tradable assets billionaires hold before those assets are sold and before they are counted as income.

"The Billionaires Income Tax would ensure billionaires pay tax every year, just like working Americans," Wyden said on Wednesday. "No working person in America thinks it's right that they pay their taxes and billionaires don't."

Of course, contrary to Wyden's assertion, billionaires pay taxes.

Manchin criticized Wyden's idea Wednesday, and his vote (and Sinema's) will determine whether Democrats can pass BIden's spending bill or not.

"I don't like it. I don't like the connotation that we're targeting different people," Manchin said of Wyden's proposal. "There are people that, basically, they've contributed to society, that create a lot of jobs and invest a lot of money and give a lot of philanthropic pursuits."

"But it's time that we all pull together and grow together. I believe everyone's going to pay. I believe that we will end up where everyone must participate," the West Virginia lawmaker added.

Manchin was optimistic that Democrats would create a framework for a compromise sometime this week that would assuage the concerns of progressives, who are holding up a $1 trillion bipartisan infrastructure bill in the House until the Senate reaches an agreement on Biden's multitrillion bill. He said the president will be in contact with House progressives to smooth over their concerns.

"We're basically trying to agree to a framework, and the president's been very clear," Manchin told reporters. "He'll go over to the House, and he'll basically explain to the House that [he has] a framework, but there's still an awful lot of work to be done. And we're going to have something happen, and you have to trust. The president's getting everything he has to make this happen. He's trying to meet everybody halfway."

(h/t: The Washington Examiner)

Elon Musk rips Biden's unrealized capital gains tax proposal, warns when they run out of wealthy people's money, they'll 'come for you'



Tesla CEO Elon Musk slammed the Biden administration's proposed tax on unrealized capital gains Monday, warning Americans that the policy would set an extremely dangerous precedent.

What are the details?

The tax — which would siphon money from people's stock gains before they are sold — is set to affect only billionaires if implemented. But many, including Musk, suspect the federal government won't stop there.

Responding to concerned citizen Rick McCracken's tweet about the dangers of "scope creep" as it relates to new tax laws this week, Musk wrote, "Exactly. Eventually, they run out of other people's money and then they come for you."

@RichardMcCrackn @RonWyden @JeffBezos Exactly. Eventually, they run out of other people’s money and then they come for you.

— Elon Musk (@elonmusk) 1635207765.0

McCracken had posted a letter template for those interested in writing to their congressional representatives regarding the proposal. The template goes as follows:

Dear (Senator or Congress Member's name),

I expect you to oppose the Wyden proposal to tax unrealized capital gains. Although the proposal targets billionaires and not myself, the government of elected representatives have a track record of scope creep in writing new taxes. I anticipate that any new unrealized capital gains taxes will slowly make their way down to the middle-class retirement investments over the next several years. Then the modest investments will get hit possibly within a decade. Although principal residences and holdings in 401K plans apparently will be excluded, the Wyden proposal takes new tax hikes a step closer to imposing unrealized capital gains taxes on the average investor.

Thank you for your support.

McCracken tagged Musk and Amazon billionaire Jeff Bezos in the tweet.

What else?

Of course, as the world's richest man, Musk's opposition to the policy in many ways is expected, as he stands the most to lose from the implementation of the tax. But his reasoning is likely to resonate with many Americans who distrust politicians and already think the government taxes too heavily.

Also, Republicans stand opposed to the tax proposal because it is being floated as a way to pay for President Biden's multitrillion-dollar social spending package.

Democrats hope the tax will generate at least $200 billion in revenue over a decade to help pay for the costly legislation, the New York Times reported.

The outlet noted the tax, which is being put together by Democratic Sen. Ron Wyden (Ore.), head of the Senate Finance Committee, "would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years."

Democrats now want to tax people’s stock gains before they sell them to help pay for Biden's massive social spending bill



Democratic leadership over the weekend began suggesting a new way to pay for President Biden's multitrillion-dollar social policy and climate action spending bill — a tax on wealthy people's unrealized capital gains.

Unrealized capital gains are increases in value of stock purchases that the purchaser has yet to "realize" by selling the stock at its new price.

"We probably will have a wealth tax," Democratic House Speaker Nancy Pelosi (Calif.) told CNN on Sunday.

In a separate interview with the network, Treasury Secretary Janet Yellen confirmed that the policy is being discussed, though she was careful not to call it a wealth tax. According to Yellen, the policy would impose a tax on billionaires' stock gains as well as other assets like real estate.

"I wouldn't call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they're realized," Yellen said.

.@SecYellen on the proposed tax which would pay for the Build Back Better act: "It's not a wealth tax, but a tax on… https://t.co/NSkcnMNMnV

— The Hill (@thehill) 1635118260.0

According to the New York Times, the policy is currently being put together by Democratic Sen. Ron Wyden (Ore.), who heads the Senate Finance Committee. It is expected to be unveiled sometime this week.

"It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years," the Times reported, adding that "Democrats hope it would generate at least $200 billion in revenue over a decade."

Yet even $200 billion is only a drop in the bucket compared to the total price tag of Biden's proposal, which now sits at roughly $2 trillion, according to reports.

The proposal started at $3.5 trillion but has required significant downsizing in recent weeks due to opposition to the proposal from members within Biden's own party — including Democratic Sens. Joe Manchin (W.Va.) and Kyrsten Sinema (Ariz.).

The bill's stagnation in Congress has left proponents scrambling to find agreeable ways to pay for it. But it remains to be seen whether a tax on unrealized capital gains will be acceptable to moderate Democrats.

The tax is certainly not popular with Republicans. During an interview with Mark Levin on Sunday, Sen. Tim Scott (R-S.C.) called the idea extremely problematic.

"Part of their strategy right now is not only to increase the tax rates but to find new ways to generate revenue from revenue that is not [in] your account yet," Scott said. "That is something that is not just problematic. That is something that actually discourages the system itself."

"We can't kill the goose that lays the golden eggs," Scott continued, adding, "This administration is antithetical to all things free enterprise, hoping for liberty and justice for all."