Taxes

Kamala for the Supreme Court?

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The Kyiv residence of Estonian Ambassador to Ukraine Annely Kolk was hit by a Russian drone on Thursday, according to Estonia's foreign minister.

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A reasonable question from Pino: "But if I did believe that American voters were racist and sexist, and I wanted to win the presidential election, I would not have nominated a non-white woman in that election."

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Taxes

Kamala Harris’ proposed tax plan would increase taxes on corporations and the “ultra-rich” to achieve “equitable outcomes.” She plans to increase the capital gains tax rate from 20 percent to 28 percent, the top income tax rate from 37 percent to 39.6 percent, the investment income tax from 3.8 percent to 5 percent, and the corporate tax rate from 15 percent to 28 percent. She also plans to add an unrealized capital gains tax, moving it from 0 to 25 percent.

We are in a world where countries compete for investment. And investment goes where it is welcomed. And the 'unrealized capital gains' idea is as crazy as it is unconstitutional.

One's "fair share" is subjective. But it almost always comes with a big dose of envy.

The most recent individual federal income tax information from the IRS indicates, in 2024, American taxpayers paid $2.43 trillion to the federal government, a 43 percent increase in revenues over 2020.

That data also show the top one percent of taxpayers earned 26.3 percent of Adjusted Gross Income (AGI) but paid 45.8 percent of all personal federal income taxes. The top 0.1 percent of earners paid 24.7 percent and the top 5 percent paid 65.6 percent.

In contrast, the bottom 50 percent of taxpayers earned 10.4 percent of income but paid only 2.3 percent of the total tax burden. Over the past forty years, the rate paid by the bottom 50 percent has declined from just over 7 percent to just over 2 percent, while the percentage paid by the top 1 percent increased from just over 17 percent to nearly 46 percent of all individual taxes.

In 2021, the top one percent of taxpayers reported an average tax rate of 25.9 percent, while the bottom 90 percent averaged tax rates between 3.3 percent and 10.4 percent.

Fairness.