Pawn shop owner and reality TV star Rick Harrison recently voiced his support for former President and Republican presidential nominee Donald Trump. At the same time, he leveled sharp criticism at Vice President and Democratic presidential nominee Kamala Harris.
During a Trump-Vance campaign event in Las Vegas, Harrison gave an impromptu speech to an enthusiastic audience.
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“Trump really wants us to do well, and you get Kamala Harris, who will say anything that she thinks will get her elected,” stated Harrison, whose dealings at the Gold & Silver Pawn Shop are featured on the popular History series “Pawn Stars.”
Harrison expressed particular concern over Harris’s fiscal policies, cautioning about the detrimental impacts of potential tax increases.
“Not once in the history of the world has a country been taxed into prosperity,” he asserted. “It just doesn’t work. Socialism doesn’t work.”
The vice president’s promises of sweeping changes were also challenged, given she has already served in the administration for more than three and a half years.
“I love it when Kamala Harris says on day one she’s going to do this and this and this, when, you know… just do it, you’re there already. I mean, like, literally, you could go into the White House and do it, and Biden wouldn’t even know you were doing it,” he joked, his remarks also serving as a jab at President Joe Biden.
That’s just one take on Harris’s plan. Here are the details.
Tax cuts for 100 million-plus Americans?
Despite Harrison’s criticism regarding the potential tax hikes under Harris’s fiscal plan, there’s more to consider. Harris has also proposed targeted tax breaks designed to alleviate financial pressures for specific groups of Americans.
For instance, Harris, along with her running mate Minnesota Governor Tim Waltz, advocate for using tax credits to help the average American family. According to Harris’s plan, “more than 100 million working and middle-class Americans will get a tax cut.”
The strategy includes reinstating the Child Tax Credit and the Earned Income Tax Credit to their enhanced levels set by the 2021 American Rescue Plan Act. Notably, Harris aims to restore the Child Tax Credit to up to $3,600 per child, which was initially only in effect for one year, and plans to extend it further, offering a $6,000 tax reduction to families with newborns.
Additionally, Harris is looking to bolster small businesses and entrepreneurs. She has set a bold target of 25 million new business applications by the end of her first term. Part of this initiative involves expanding the startup expense tax deduction for new businesses from $5,000 to $50,000.
Harris has highlighted the significant cost of starting a new business in America — averaging about $40,000 — as a considerable financial hurdle for many aspiring entrepreneurs. She argues that increasing the allowable tax deduction for startup expenses is effectively a tax cut.
“Not everyone has access to that kind of wealth and capital,” she stated at a campaign in North Hampton. “So, part of my plan is we will expand the tax deduction for start-ups to $50,000. It’s essentially a tax cut for starting a small business.”
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Tax hikes for some
Harris’s fiscal strategy does include several proposed tax increases targeting specific groups and income brackets.
A key element of Harris’s tax plan is the proposed increase in the corporate tax rate from the current 21% — a figure established under the 2017 Tax Cuts and Jobs Act spearheaded by the Trump administration — to 28%. This move is intended to generate additional revenue to pay for the initiatives outlined in her policy agenda.
Harris has also signaled support for increasing the taxation of corporate stock buybacks, a practice where companies buy back their own shares from the marketplace. Echoing criticisms from the Biden administration, Harris proposes to quadruple the tax rate on these buybacks from 1% to 4%.
On the individual tax front, Harris has pledged not to raise taxes on those making less than $400,000 annually. However, for higher earners, her plan includes an increase in the top marginal income tax rate to 39.6% from the current 37%.
Regarding capital gains, Harris advocates for a tax rate of 28% on long-term capital gains for individuals earning $1 million or more. This proposal is notably lower than the 39.6% rate proposed in President Biden’s fiscal 2025 budget, aiming to strike a balance that appeals to both policy goals and the concerns of investors.
Mark Cuban, a prominent investor from “Shark Tank” with a net worth of approximately $5.7 billion, has expressed his support for Harris’s capital gains tax plan.
“She’s trying to be very respectful of the president and everything he’s proposed,” Cuban stated in a recent interview with CNBC. “When I talked to them, I thought it was fair.”
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
