With the Democratic National Convention ending, Vice President Kamala Harris has proposed a massive $5 trillion tax increase should she win the White House in November. Representative Mike Waltz (R-FL) discussed the proposals in a recent appearance on Fox Business's Bottom Line, calling them "Soviet-style, top-down overreach."
Americans for Tax Reform provided host Dagen McDowell with details on the various tax policies pushed by the Harris campaign, which included a small business tax rate hike to nearly 40%, a 28% corporate tax rate (higher than both the European Union and China), an unconstitutional unrealized gains tax, and a jaw-dropping 44.6% capital gains and dividends tax.
Rep. Waltz elaborated on his comparison to the Soviet Union using a visual metaphor: "Can you imagine some bureaucrat coming into your life and valuing—maybe you have some art, maybe you have some land or an antique car—what have you, and they put a value on it and then hand you the bill? It does not matter if things go down later or lose value; they are never going to give you that money back."
Additionally, Rep. Waltz suggested Democrats do not understand capital gains (profits from selling an asset). Thus, because 90% of startups fail, "they deserve to not have the government take half of the gains when they actually win."
As a result, the Florida Congressman warned that such measures would have a detrimental effect on innovation and small businesses in the United States, potentially leading to a scenario where innovation, entrepreneurship, and capital are driven overseas at an unprecedented rate.
Waltz is not the first Florida Republican to condemn Harris's economic proposals. Last week, Senator Rick Scott (R-FL) issued a statement condemning an apparent price control measure proposed by the Harris campaign, saying it "should terrify every American." This strong opposition from within the Republican party underscores the intensity of the political debate surrounding Harris's tax policies.
Arizona Senate candidate Kari Lake (R) went even further, flat-out accusing Harris of being a communist during an appearance on Real America's Voice.
"I believe that Kamala Harris is a communist... I believe she has communist tendencies," Lake said bluntly, highlighting the direct and intense nature of the political discourse surrounding Harris's tax policies.
