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In this week’s Hidden Wealth Reviews, I teach that professional golfer Fred Couples has said, “Voting for Kamala as if she’ll not continue to screw things up is like expecting a 30-handicap golfer to go out and shoot a 70. It’s not possible.”
I want to talk about Kamalanomics, the new financial/political buzzword and what it really means for you, the taxpayer. Although the Democratic nominee hasn’t revealed any concreate economic agenda yet, there are three tax proposals that she’s made.
- Raising the corporate tax rate from 21% to 28%.
- Raising the capital gains tax rate to 44.6% (the highest rate in history).
- Taxing unrealized gains at 25%.
The problem with raising the corporate tax rate is that this tax is actually borne by consumers. When you raise taxes on corporations, they simply pass those taxes on to consumers by raising the cost of the goods they sell. Corporations will also cut costs by laying off people and/or by reducing hiring which, in turn, lowers the taxes and desperately needed Social Security and Medicare premiums that are being collected. Kamala Harris wants to raise the corporate tax rate while price controlling the cost of their goods. This reduces competition and raises (not lowers) prices. This strategy didn’t work well for Venezuela, Argentina or the Soviet Union. Lifetime government bureaucrats will never get it!
For those of you who are facing a high tax year, capital gains tax from the sale of real estate, stocks, a business or other highly appreciated assets or if you are a high-income earner, I encourage you to visit TaxesSaved.com to set a meeting with our Tax Planning Team to learn how much you can save this year and going forward. If you are a high taxpayer or if you have highly appreciated assets, act now to avoid the possibility of a Kamalanomic catastrophe! If you are someone who has worked hard and saved hard, you can learn how to protect your hard-earned savings before changes occur. These changes could impact you within months.
Perhaps the strangest Harris tax proposal is the plan to tax unrealized gains. This misguided effort is an attempt to make the ultra-wealthy pay what the Democrats believe is their “fair share.” Under this proposal, if you have a gain, the government would tax you 25% on that gain. Bizarrely, you don’t even have to actually trigger or recognize the gain in order to get taxed. Even if your gain is subsequently lost in the new year, you would still have to pay 25% on a gain that has already evaporated!
A real danger to this unrealized capital gains tax proposal is where people are going to get the money to pay the tax. It will most likely come from a taxable savings account such as a 401(k) or IRA. This will result in people paying tax on tax. If you have Social Security income and/or Medicare, the extra income you took out to pay the tax could now trigger tax on up to 85% of your Social Security, trigger a Medicare surcharge tax and possibly push you into a higher marginal tax bracket.
How Big is Your Retirement Tax Bill?
Learn How To Protect Yourself From The Kamalanomics Catastrophe
This is a crucial year to get your savings out of the tax system. Kamala Harris has already proposed ending the Trump-era Tax Cuts and Jobs Act early, which would raise everyone’s taxes after 2024, rather than after 2025. Kamalanomics is not going to work and I’m going to teach you how to protect yourself from it. To learn how you can save your hard-earned money from the possible impact of Kamalanomics, go to TaxesSaved.com to request a no-cost, no-obligation meeting to see if our CPA approved, tax-saving strategies are a good fit for you and your financial situation.
If you pay high taxes or if you’re concerned about getting hit with a lot of tax in the future from your IRAs, real estate, stocks, etc., now is the time to get your money out of the tax system. Don’t unnecessarily expose yourself to Kamalanomics. Remember, regardless of who gets elected in November, taxes will have to be increased!
Imagine, having a written retirement wealth and tax plan that saves, grows and protects your money. Discover how our Tax Savings Planning Team can help you chart a new course for your future. Set a time to meet with us to discuss how you can avoid the ever-increasing taxes at TaxesSaved.com.
Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.
Chuck Oliver
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!
www.TheHiddenWealthSolution.com