Governor Tim Walz says a Harris administration would have no place in Americans’ bedrooms. But judging by what we know about Harris’ tax plan, it would have a bigger place than ever in our wallets and bank accounts.

Harris is proposing a $5 trillion tax increase, the largest in American history. If passed, it would fundamentally change the American economy and the extent to which government takes money from citizens. Her plans include:

Increase in the corporate tax rate from 21% to 28%: This 33% tax increase would hurt the competitiveness of American companies worldwide. Combined with federal taxes, American companies would become some of the most taxed companies in the developed world. The country would return to the bad old days of corporate inversion, when companies fled abroad to reduce their tax burden.

Vice President Kamala Harris speaks about her economic policies at the Hendrick Center For Automotive Excellence in Raleigh, North Carolina, on August 16, 2024. (Grant Baldwin/Getty Images)

Economists and common sense say that workers and customers pay for such corporate tax increases because companies are forced to cut wages and raise prices to finance them. More than a million American small businesses are registered as corporations, so this tax increase would not only hit large corporations like Google and Apple, as the Harris campaign suggests.

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Raising the capital gains tax rate to the personal tax rate: This move would nearly double the capital gains tax rate, creating a huge incentive to invest in America. Access to credit would be further restricted and the stock prices that ordinary Americans depend on for their retirement savings would plummet.

Harris misses the good reasons why capital gains are taxed at a lower rate. First, they are not indexed to inflation, so investors already face a significant inflation tax on their capital gains. Second, capital gains are already taxed at the corporate level, so they should be taxed less when distributed to minimize double taxation.

Termination of the increase in the assessment basis for rebates: Harris wants to end the tax-free transfer of most estates and treat death as a taxable event for the purpose of calculating capital gains. This is a massive attack on baby boomers’ will planning and drastically reduces the wealth they can leave to their heirs.

This plan would prevent many small businesses and family-owned businesses from passing on their assets. Consider a business or operation that has increased in value between $100,000 and $1 million over the last generation. Many heirs would not be able to afford the hundreds of thousands of dollars in tax bills that would be incurred and would have no choice but to sell to create the liquidity needed to pay.

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Harris’ plan attacks a fundamental goal of many small business owners: the opportunity to create intergenerational wealth.

Taxation of unrealized capital gains (also known as wealth tax): Harris wants to fundamentally change the way taxes are calculated by taxing book gains on real estate and investments before they are realized. Such a move would tax expected gains that may not materialize in falling markets. Consider the massive penalty for investors in companies like Pelaton (share price down 98%) or WeWork (delisted after bankruptcy), who would be taxed on phantom gains that never materialize.

Small business owners who have worked for decades to increase the value of their companies would face large tax bills year after year as a penalty for that increase in value. Ordinary Americans would see their retirement accounts shrink as investors withdraw from the public markets.

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The expiration of the Tax Cuts and Jobs Act: Harris opposes the Tax Cuts and Jobs Act of 2017 and plans to let it expire as scheduled at the end of next year. This would mean a massive tax increase for Main Street, which would have to say goodbye to a 20% small business tax credit, instant capital depreciation and lower tax rates.

The TCJA led to historic shared economic prosperity in 2018 and 2019 and helped many small businesses weather the Biden-Harris storm. The tax increase that would accompany its repeal would be the last straw for many small businesses.

These are just some of the tax increases a Harris administration would seek. Harris also wants to raise the top tax rate to 44.6% and increase the stock buyback tax fivefold.

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Harris’ tax plans represent a huge step toward socialism, especially considering that once implemented, they would be extended to more and more taxpayers.

It is up to political independents, who may disagree with Republicans on some issues, to vote conservative in this election to prevent this tax apocalypse.

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