FACT CHECK: The Costs Of Kamala Harris
September 10, 2024
Under Kamala Harris, prices across the board are way up — but that's only the beginning of the exponential increases in costs Americans would face in a Kamala presidency.
Kamala's budget proposal includes a $4.9 trillion tax hike — the largest in history.
- That's equivalent to a $36,000 tax hike per family.
- It would shrink the economy by 1.6%, lower wages by 1.1%, and kill almost 700,000 jobs.
- It would increase the national debt to $52 trillion by 2034 and the debt-to-GDP ratio would surpass the record set after WWII.
Kamala's plan to raise the corporate tax rate to 28% (higher than communist China) would effectively be a $1.4 trillion tax hike on Americans.
- It would kill 125,000 jobs, lower wages, and shrink the economy.
- The combined federal-state tax rate would easily exceed 30%.
- Economists say American workers bear as much as 70% of corporate taxes, while also seeing a decline in real wages.
Kamala's proposed capital gains tax hike — 28%, more than communist China — would be the largest capital gains tax hike since 1978.
- The combined federal-state capital gains tax rate would exceed 50% in many states.
Kamala's so-called housing "assistance" plan would only worsen the affordability crisis by squeezing demand and causing home prices to rise even more, according to economists.
- It would cost $200 billion over four years, with the tax credit portion — a boon for illegal aliens — costing $100 billion alone. In fact, the Penn Wharton Budget Model estimates this tax credit would cost $138 billion over 10 years.
Those numbers don't even begin to include the devastating effects of Kamala's fracking ban, mass amnesty for millions of illegals, electric vehicle mandate, and other far-left policies she would attempt to ram through upon taking office.
Americans can't afford Kamala now — and they certainly can't afford her proposals.