Tax Expert Breaks Down Kamala Harris's Tax Plan (FULL DETAILS)

JOIN THE TAX-FREE WEALTH CHALLENGE NOW! OCTOBER 14-18, 2024!

TAKING THE NEXT STEP:

The U.S. presidential election is right around the corner and as a result, millions of Americans want to understand what the key policies are for each candidate. Tax policies can have a significant impact on whether or not voters decide to vote for a specific candidate when they head to the polls.

In this video, tax expert Karlton Dennis analyzes the tax proposals that Kamala Harris has expressed during her candidacy for U.S. president. The proposals that he examines include Kamala Harris’s tax proposals for unrealized capital gains, corporate tax rates, taxes for tipped workers, and more.

Karlton has already published several videos in which he analyzes some of former President Donald Trump’s key tax proposals. He created this video to make sure that his viewers are able to have an understanding of the tax plans from both presidential candidates. So, if you have been wondering “what is Kamala Harris’s tax plan,” this is the video for you.

CHAPTERS:
0:00 Intro
0:22 Kamala Harris's Tax Plan Explained
1:11 Proposal 1: Taxing Unrealized Capital Gains
2:42 Why Taxes on Unrealized Capital Gains Concern Me
5:19 Proposal 2: Raising the Corporate Tax Rate
6:36 Proposal 3: No Taxes on Tips
7:20 Proposal 4: Raising Capital Gains Taxes
8:15 Proposal 5: Expansion of the Startup Expenses Deduction
9:02 The Bottom Line for Kamala Harris’s Tax Plan
9:42 Question from a Subscriber!
10:39 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#kamalaharris #uselection #taxplanning

[karltondennis]

What do you think of Vice President Kamala Harris’s Tax Plan? Share your thoughts below!

[timfrink]

Taxing money you don't have is simply nuts

[Amzgllc]

Taxing unrealized gains is insane. Tell me you want to kill economic growth without telling me you want to kill economic growth.

[rouano]

Taxing unrealized gains should be enough to sink her Presidential campaign. If you vote for someone who wants this, you're completely nuts.

[James-rbb]

It's criminal, we had a war in this country for being taxed without representation, and now we are back in that same boat,

[joanstump]

Sad but people don't vote based on the future they vote by listening to the news. How crazy is it to be tax on Future.

[Zeegs]

Government needs to be held accountable for balancing the budget.

[thespeakersoftruth]

Her plan has deadly consequences. Also, it's time that people do their homework and understand that the national debt is not the fault of the U.S. population. We're being bamboozled. It's time to take appropriate action.

[DonaldMark-nese]

The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.

[gonzmic]

open the door to unrealized tax gains and it will never end.

[andrewhoover]

Taxing unrealized gains would destroy innovation. He’s right, the bar would be lowered to everyone at some point.

[damonnin]

Funny how as I’m watching this video YouTube grants me the pleasure of an ad with Kamala asking for donations… again

[firstcynic]

Concerning the tax on unrealized capital gains, you also need to ask 2 questions.

1) How often is it paid? If that's paid every year you'll be paying taxes on the same money over and over, making ANY investment a worthless proposition.

2) How will people pay it? The best way to pay it is to sell the unrealized gain. Lots of people selling stocks, properties, and other assets will depress the market for those goods significantly. Even if it's only the ultra wealthy selling, there would be a crash like nobody has ever seen.

[vinauttv]

Dude, you seem to have knowledge of the economy that most of us don't have. Folks don't realize that the economy is a little more complicated than the average person thinks. Keep it up, you've gained a new follower.

[veronicavillarreal]

I've been a tax preparer for over 10yrs . He is absolutely right in all he is saying . I'm with you..

[SusanL.-zkdu]

As a small business owner, I’m exhausted from taxation. My business does not sustain over spending and it is not fair to ask my cliental to cover my over spending if I do. It’s a NO vote for Harris.

[washablejunk]

The biggest issue with taxes is the government doesn’t want to stop their uncontrolled spending. The government is the problem.

[LK-mobj]

I can't understand people who prioritize race, gender and abortion over economic stability and staying out of nuclear war. This tax means you can never build wealth and must work until the grave because your savings will never allow retirement.

[thelmamccoy]

Taxing unrealized capital gains is utterly ridiculous 😑

[faithamerica]

If unrealized capital gains tax ends up being forced on everyone, that means YOUR 401K could be taxed! Can you imagine paying 25% a year for every dollar your retirement might go up - BEFORE you even get to cash it in? Then, when you’re ready to retire and you go to cash it in, if you manage to save $1 million dollars, there’s a possibility that you’ll be taxed for the increased rate of the capital gains tax - on top of any applicable income tax when you start drawing your retirement. This is terrifying in age when many people are struggling with having enough wealth to ever retire to begin with.