Staff Reports
Kamala Harris continues to showcase her remarkable talent for misreading the room, especially when it comes to her tax policies. This week, she sent her economic adviser Bharat Ramamurti into a debacle on CNBC, where hosts Joe Kernen and his co-hosts gave the proposed tax on unrealized gains the roasting it so fervently deserves. Ramamurti, armed with nothing but a weak argument, attempted to draw parallels between this proposed tax and property taxes, only to be met with laughter and disbelief.
The hosts weren’t having any of it. Kernen, with that classic mix of incredulity and exasperation, made it clear that the suggestion of taxing unrealized gains could be constitutionally questionable. This isn’t just a tax; it’s presented as an end-of-the-world scenario for economic stability. Instead of addressing legitimate concerns, Ramamurti squirmed as his notion quickly became a target for comedic critique rather than a serious policy discussion. He essentially tried to sell viewers a bridge by calling it a house, hoping no one would notice the vast chasm underneath.
Cato Institute has rightfully labeled the idea of taxing unrealized gains as a colossally bad concept. The irony is thick: the plan is designed for those with over $100 million, ostensibly aimed at the wealthy. However, it doesn’t take a fiscal genius to realize that taxing people on money they haven’t even made is like charging someone for a meal they haven’t ordered. For instance, someone who buys a house at $400,000 might find their tax liability ballooning to $12,500 after just a year, even if they haven’t sold the property. That’s not just dumb; it’s a clear recipe for financial disaster.
Imagine being pressured to either sell your home or take out a loan just to pay Uncle Sam for his prediction of how well your investment might perform. This ridiculous leap into hypothetical finances raises serious issues about property rights and the fundamental principles of due process. Who needs due process when you can just spin a wheel of taxes and watch hardworking Americans scramble to keep their lives together?
Harris' Economic Adviser Got Taken to the Cleaners on CNBC Over Unrealized Capital Gains Proposal https://t.co/S5VX3czZSt
— FriedasMom7 (@FMom761967) August 30, 2024
As absurd as it all sounds, the Harris tax plan isn’t alone in its unfortunate trajectory to economic mayhem. It stands shoulder to shoulder with other outlandish proposals, such as price fixes that could send markets into a tailspin. It’s almost a badge of honor for Democrats these days: if they’re not driving the economy off a cliff, they’re at least trying to navigate the landscape with their eyes shut.
The only solution to these misguided tax schemes may very well lie in returning to conservative leadership. A vote for Donald Trump could very well spell the end of this tax nightmare and usher in a more sensible approach to fiscal policy. Harris’s plans are not just impractical; they’re an open assault on the basic tenets of ownership and economic freedom. It’s time to put an end to such proposals and keep the American Dream from becoming a distant memory.
