According to several new studies, even a 100% tax bracket for U.S. millionaires could not generate enough government income to pay for the socialist policies being promised by Democrat presidential candidate Sen. Kamala Harris (D-CA). IJR reported.
Harris has promised Medicare for All, free college tuition, and free preschool for all. Various private and public agencies have said that the three proposals will cost at least $33 trillion over 10 years.
IRS numbers show that a 100% tax bracket for millionaires would only generate $13.6 trillion, tops. This number may also be high by at least 25% and doesn’t count the taxes millionaires already pay on their income, which approach 50% in some cases.
The bottom line: Harris would be at least $19 trillion short of the money she needs to pay for her proposals, and that’s if the economy doesn’t go into a recession or millionaires don’t decide to take their money elsewhere–and both are likely.
Harris and all of the other candidates are making promises they are never going to be able to keep–and they would bankrupt the country in the process.
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