Staff Reports
In what can only be described as a commitment to fiscal insanity, Vice President Kamala Harris unveiled her plan to impose a staggering $5 trillion in tax hikes over the next decade. This proposal doesn’t just slap a few extra digits on the ol’ tax bill; it intends to tax everything from corporate profits to something called unrealized capital gains. Yes, that’s right—she wants to tax money that hasn’t even been made yet. If that doesn’t scream “money grab,” then perhaps one should check their hearing.
The plan sparked immediate outrage, and CNBC’s Becky Quick and Joe Kernan did not pull any punches during a heated segment with Harris’s economic advisor, Bharat Ramamurti. The duo zeroed in on the absurdity of taxing unrealized gains, calling it a policy that could only come from a world where common sense has been outlawed. Quick laid it out plainly: taxing visualized wealth is merely an attempt to preemptively squeeze taxes that would otherwise be collected when someone finally sells their stock. It’s like telling a kid they owe for an ice cream cone they’ve merely dreamed about consuming.
WATCH: CNBC Co-Hosts Rip Kamala's Agenda To SHREDS, School Her Advisor https://t.co/of4kOTpZcS
— I ɐɯ ʇɥǝ ƃoʌǝɹuɯǝuʇ (@NuLLnVoiD4prez) August 28, 2024
Ramamurti attempted to defend the proposal with a bewildering analogy comparing unrealized gains to property tax. Apparently, in his world, the slight increase in home value justifies swiping money from homeowners who haven’t sold anything. Quick tore that argument to shreds, pointing out that home values don’t fluctuate with the wild volatility of the stock market. It’s a classic case of apples and oranges, you might say—but more like apples and a very confused raccoon.
As the discussion continued, Ramamurti failed to provide any convincing rationale for Harris’s plan, resorting to the usually popular but decidedly flimsy argument about funding essential services and “creating opportunities.” Kernan’s unfiltered comment about the proposal potentially being unconstitutional summed up the skepticism. The Vice President might have expected applause from the left, but instead hit a wall of resistance that could dwarf any campaign promise from her boss, Joe Biden.
And the final gut punch came courtesy of Kernan, who bluntly stated that this tax scheme is never going to happen. Not now. Not ever. That’s not just a sentiment echoed by cable news hosts but a growing sentiment among many Americans watching their paychecks shrink amid inflation. Harris’s misguided focus on taxing the wealthy and corporate giants could end up alienating the very Americans she’s trying to reach, especially as they watch their bills pile up.
As the presidential race heats up, tax policies will undoubtedly take center stage. The looming expiration of the Trump-era tax cuts promises a showdown that could redefine the economic landscape in America. Harris’s troubling tax hike proposals may just provide the last straw for many voters, especially when coupled with her plans to significantly raise taxes on stock buybacks. In this political theater, one thing is clear: the conservative audience is gearing up for a battle, and they’re not pleased with the cast.
