Staff Reports
Vice President Kamala Harris is attempting to sail the ship of her presidential campaign, but it seems her vessel is listing heavily to one side due to a serious lack of substance. The democratic ticket for 2024 appears to be all smoke and mirrors, with her economic advisor, Bharat Ramamurti, showcasing just how poorly our Vice President’s policies are resonating even with financial commentators who usually have no problem toeing the party line.
During an appearance on CNBC’s “Squawk Box,” Ramamurti trotted out an amusingly dismissive attitude toward concerns about Harris’ proposed tax on unrealized capital gains. Observing the baffling exchange, it became glaringly evident that while he may find the objections “funny,” the hosts, Becky Quick and Joe Kernen, were less than amused. Their initial questions dissected Harris’ tax plan, which would impose a minimum 25 percent tax on both income and unrealized capital gains for those with over $100 million in wealth. Such a tactic cleverly plays on the hope that middle-class voters will naively think they’re safe from the taxman’s grasp.
CNBC: "Taxing UNREALIZED gains just doesn't seem fair in any sense…"
Harris economic advisor Bharat Ramamurti: "This reaction to unrealized gains is a little funny."
(Kamala's 25% minimum tax on unrealized capital gains is just one of the trillions in tax hikes she supports) pic.twitter.com/jnGNK23ST0
— RNC Research (@RNCResearch) August 28, 2024
The fact that Harris wants to tax future income, before individuals even see a dime of it, raises eyebrows and constitutional concerns alike. This kind of forward-thinking tax would strip Americans of their rights to property, if they dare to have aspirations. The Cato Institute has outlined clear objections, pointing out that taxes on unrealized gains essentially amount to confiscation on imaginary wealth. Nevertheless, this didn’t seem to faze Ramamurti, who was left scrambling to justify the unjustifiable.
As the argument heated up on live television, Kernen made it abundantly clear that there is no way to equate property tax—meant to fund local services like education—with a tax on unrealized gains, which feels more like a nightmare vision plucked straight from a dystopian novel. Quick emphasized that property taxes are calculated based on actual utilization of services, while Ramamurti kept trying to put the two into the same box. It was a game of political ping-pong that Harris’ advisor was clearly losing, leaving him with little more than awkward silence in the final moments of the segment.
Every misguided tax proposal that Harris pushes seems to highlight one major flaw: a complete lack of original ideas. What she’s offering up isn’t innovative; it’s a series of disastrous Communist-style policies dressed up in a modern liberal sheen. The heart of a campaign should focus on actionable strategies that uplift American citizens, and yet Harris seems content to dabble in transitively worrying propositions that might only lead to economic chaos.
Ultimately, the fact that Harris goes on the campaign trail without directly addressing the press is a glaring red flag. Candidates need to engage with the public directly about their plans, not just send out their minions to face the tough questions. Until she steps up and takes responsibility for her stances, there’s no reason to assume she’s fit for office, let alone the presidency. The stakes are high, and the hope remains that Harris will never get the opportunity to exploit the economy with her assortment of harmful ideas including that infamous tax on unrealized capital gains.
