Staff Reports
In a peculiar twist of government logic, former Biden administration official Bharat Ramamurti found himself defending the absurd concept of taxing “unrealized” capital gains on live television. This debate unfolded on CNBC’s “Squawk Box,” where hosts Joe Kernen and Becky Quick were keen to dissect Vice President Kamala Harris’ eyebrow-raising endorsement of a wealth tax that would hit individuals with more than $100 million in assets.
Harris’s plan targets about 60,000 wealthy Americans but raises the question: Is this the beginning of a slippery slope where today’s fat cats become tomorrow’s average joe? Quick, not one to shy away from a challenge, voiced her skepticism. She cleverly compared this proposal to the long and winding road of the income tax, which began as a mere 3% on incomes over $800. After a few decades of relentless expansion, that quaint little flat tax has morphed into the monster it is today—bringing forth the uncomfortable realization that taxes tend to grow rather than shrink.
BACKFIRE: CNBC Hosts Embarrass and Laugh at Harris Economic Advisor When He Pathetically Tries to Sell a Key Part of Her $5 Trillion Tax Plan (VIDEO) https://t.co/gR2HWZgZ5S #gatewaypundit via @gatewaypundit
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As the discussion heated up, Quick made a compelling point about the fundamental unfairness of taxing unrealized gains—a move that feels more like borrowing from future tax bills than a tax in its own right. Ramamurti, trying to put a spin on the matter, likened it to property taxes, igniting the hosts’ indignation. Quick quickly countered, clarifying that property taxes are actually use taxes designed to fund schools and local services. It’s hard to draw a parallel between owning a home and sitting on a stockpile of digital stocks and bonds, yet Ramamurti pressed on, perhaps mistaking their studio for a classroom.
Kernen jumped in, voicing what many were thinking: taxing unrealized gains is not only an ill-conceived concept but probably unconstitutional. His skepticism echoed a broader concern that this is yet another government ploy stretching its hands into the pockets of successful Americans under the guise of “fairness.” Spoiler alert: it’s never about fairness; it’s about funding ever-expanding government programs.
In the midst of this exchange, Quick reminded viewers that unrealized gains are not actual income—tapping into the essence of what makes tax policy logical versus ludicrous. The reality is that stocks go up and down; they aren’t guaranteed dollars in a checking account. This churning policy discussion serves as a grim reminder that, under the current administration, the financial interests of successful individuals could soon be on the chopping block—not for anything they’ve actually gained, but merely on potential earnings.
As the show wrapped up, one fundamental truth emerged: if you think a tax on unrealized gains sounds improbable, just remember that Sen. Elizabeth Warren once introduced a wealth tax targeting Americans with over $50 million in assets. The sight of the federal government zeroing in on capital investments makes one question if the American dream of building wealth is still alive or if it has become just another target on a tax collector’s wish list.
