As a seasoned analyst with a background in both economics and politics, I find myself intrigued by the proposed unrealized capital gains tax by Kamala Harris and her administration. Having worked in various roles within government, I’ve seen firsthand how complex and nuanced tax policies can be, especially when it comes to addressing wealth inequality.
It’s almost certain that Democratic Presidential candidate Kamala Harris backs a tax on capital gains that are not yet realized, as indicated by her economic advisor Bharat Ramamurti defending this policy in an interview held on Wednesday.
Ramamurti stated, “It seems amusing to me that people react like this when it comes to unrealized gains, considering that many individuals are already subjected to taxes on such gains through property tax.”
Why Harris Will Support An Unrealized Capital Gains Tax
During an interview with CNBC, Ramamurti clarified that a proposed tax on unrealized capital gains under Joe Biden’s budget plan and endorsed by Harris would affect only individuals who possess more than $100 million in assets. This group represents less than half of one percent (0.5%) of the American population, approximately 60,000 people.
The advisor, who previously served as Deputy Director of the National Economic Council during President Biden’s term, expressed his agreement, stating that “it does make sense considering our current imperfect system of capital taxation.”
He added that the proposal has various stipulations and exemptions: company owners, for example, don’t have to pay their taxes right away, but can spread out their payments over an extended period of time. The tax would apply at death.
The CNBC hosts found Ramamurti’s “property tax” analogy hard to agree with quickly. Rebecca Quick pointed out that property taxes are directly used for public services within the taxpayer’s local area. Moreover, properties do not fluctuate in value similarly to other assets, such as stocks, which can experience significantly higher volatility.
“Probably Unconstitutional”
Pro-Bitcoin host Joe Kernen contested that the tax is “probably unconstitutional.”
“It was never in anyone’s intent to tax, and its never gonna happen, probably,” he said.
Bitcoiners were hardly satisfied with the tax proposal either.
On Wednesday, renowned macroeconomic analyst James Lavish stated that if capital were to flee out and cause the U.S. markets to crumble, it would be nothing short of astonishing. The aftermath, he suggested, would lead to significantly lower tax revenues compared to our current rates.
As an analyst, I’d rephrase it like this: “I, as an observer, am suggesting that those who continue to align with the Democratic party might want to consider a serious conversation or intervention, given their policies seem to be veering towards economic destruction and communistic tendencies.”
Ramamurti is additionally recognized for his strong opposition towards cryptocurrencies, playing a significant role in organizing the broad-scale action against the sector, often referred to as “Operation Chokepoint 2.0.”
The role he holds as an unofficial advisor to Harris has left some observers of the cryptocurrency sector skeptical that her administration will be any more supportive towards the industry compared to what it was under the Biden administration.
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2024-08-29 03:46