Are you wealthy? Do you have money? Tim Walz could take away your money if he is elected VP; here's how

According to the Institute on Taxation and Economic Policy, Tim Walz made Minnesota one of the most progressive states in the union by enacting a plethora of tax cuts, credits, and rebates for low- and middle-class families and moderate tax hikes on the wealthy.

But if the Harris-Walz Administration ticket wins the election, what consequences would his progressive policies have for the wealthy across the country?

For insight on how Walz's five policies could affect the wealthy if he becomes the Vice President, the economists Stan V. Smith, Ph.D., President of Smith Economics Group, LTD. in Chicago, and Michael Collins, CFA, Founder & CEO of WinCap Financial in Boston, have provided comprehensive analysis.


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The conflict between wealth creation and transfer is constant, and Walz will continue to push policy closer to the progressive left than it has been, according to Dr. Smith. Walz and Harris support policies that will essentially regulate markets and result in increased government supervision since those things require an administrative state to accomplish. According to some states, the most effective way to transfer wealth is to give money to the impoverished. Walz is more in line with the idea of hands-on transfer, which calls for an intermediary layer to handle administration. That's one area of government that will grow.

Grocery store price limits may lead to shortages and closures, as incentives to supply may decrease. This could result in people moving out of town or investing in alternative locations, as seen with housing shortages in Manhattan.

Walz supports investing in small businesses, as tax credits can prove beneficial for wealthy individuals involved in job creation. Raising corporate taxes could encourage companies to move abroad, potentially driving more American production and reducing foreign investment, according to Dr. Smith. Wealthy individuals often seek tax evasion loopholes, such as declaring children as dependents and transferring money through legal or non-legal means, such as foreign bank accounts or the Cayman Islands.

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Child tax credit, a key policy of the Harris-Walz Administration, reduced childhood poverty by 30% during the pandemic but has been unsuccessfully renewed.
Social Security must be addressed; it's a topic that's rarely discussed; politicians refer to it as the third rail of politics. Social Security's reserve is running out in a year unless formulas change, primarily affecting retirement age and benefits. Dr. Smith warns that social security is the world's largest legal Ponzi scheme and that changes to retirement age or means tests could save money.

FAQs

If Walz is elected vice president, what effects might his policies have on wealthy Americans?
Walz's progressive policies may result in higher taxes for the wealthy, which could encourage some of them to look for tax breaks or relocate their assets and companies overseas to reduce their tax liability.

What possible effects might Walz's endorsement of small business tax credits have?
Wealthy individuals engaged in job creation may profit from small business tax credits under Walz's policies, which provide tax advantages for investing in companies employing fewer than 100 people.