MARK CUBAN MUST KNOW KAMALA HARRIS BETTER THAN SHE KNOWS HERSELF
This is the title of an October 25, 2024 Wall Street Journal article. Here are some points made in the article:
- Mark Cuban, the wealthy businessman and TV celebrity swears the Vice President would never tax unrealized capital gains.
- Yet Ms. Harris has endorsed a tax on wealth and shows no sign of having changed her mind.
- They are both talking about the “billionaire minimum tax,” which would stretch the definition of income to include gains on unsold assets.
- Households worth more than $100 million would owe a minimum 25% on their “total” annual income, including any increase in their overall wealth.
- The new tax would also nullify the so-called step up in basis for many of these households—a policy that eliminates the taxable gain of an asset when it’s passed to heirs.
- President Biden proposed the tax in his budget last year, and Ms. Harris endorsed it in August with a list of other tax increases.
- She confirmed this on the campaign trail, breaking her usual habit of avoiding specifics. “I support a billionaire minimum tax and corporations paying their fair share,” she told rallygoers last month in North Hampton, N.H.
- Mr. Cuban said, “Some people think that there’s going to be an unrealized gains tax on capital gains. There is not, there is not,” he told the crowd. He said he “went ballistic” when he heard rumors of the billionaire minimum tax, calling it an “economy killer.” But he urged the crowd to relax because “Kamala knows that”…
- Yet the Harris campaign said in a statement Wednesday that she still supports the tax, according to Bloomberg News. She also declined to say whether she’d distinguish her billionaire minimum tax in any way from the Biden version. That means this wealth tax is on the ballot on Nov. 5.
- For nonfinancial assets, disputes over valuation would be legion and go on for years. Taxpayers might have to sell other assets to pay the tax, though they have earned no actual financial income.
- The greatest risk is that lawmakers would gradually expand the pool of eligible taxpayers. Once the wealth tax is introduced, it won’t be nearly as politically difficult to extend it to households under $100 million, which hold a huge amount of aggregate wealth. Mr. Cuban could endure the minimum tax, but it could cripple countless others.
CONCLUSION
In the 1930’s after Hitler came to power in Germany, many German intellectuals and leading Jewish business people kept saying that Hitler was too intelligent to carry out the attacks he promised in Mein Kampf. Many of them paid for their wrong assessment of him with their lives.
Mr. Cuban seems to be making the same mistake about the enactment of the “wealth tax” if Vice-President Kamala Harris is elected. Fortunately, no one is going to pay for that wrong assessment with their lives—just their money.
Further, most Americans are convinced that if the “wealth tax” is enacted, Ms. Harris and her allies will soon start lowering the amounts of income that would be subject to the “wealth tax”.
Ms. Harris and her allies genuinely believe that the money they collect will be used to create an America that is better for everyone—even though the majority of us who are providing that money may disagree.
This is just another example of how the DC elites and their minions in Congress use the income tax system to benefit themselves to the detriment of the rest of us. They also greatly value the power they derive from the income/payroll tax system. They love the idea of being able to punish anyone who dares to oppose their agenda with higher taxes and IRS audits.
Former President Trump is strongly suggesting that it is time to eliminate the income tax and return power to the people to determine the federal taxes they pay based on their consumption.
Regardless of who is elected though, there is no certainty that they will be able to push their proposals through Congress.
However, this Tuesday we have the chance to choose between two candidates with markedly different tax policies.
President Trump is signaling that he is ready to discard the income tax system in favor of a consumption tax.
Vice-President Harris is signaling that she not only wants to keep the present income tax but expand it.
Please be sure to vote, and vote wisely!
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THE SOLUTION—PASS THE FAIRTAX!
Why would D.C. pass the FAIRtax and give up this almost unlimited source of donations? The only way that they will is if the rest of us demand it!
Isn’t it time to end this ludicrous tax collection system and the IRS?
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Please go to this link to invest in AFFT and help us pass the FAIRtax. It’s an investment in your and your family’s future.