Staff Reports
Kamala Harris’s latest economic proposal, which would tax unrealized capital gains, is raising eyebrows, and not just in conservative circles. Tax experts are sounding the alarm that her plan may not only be unworkable but could also lead to economic chaos. According to those in the know, this could be the stuff of economic nightmares, ripping a staggering $5 trillion from the wallets of hardworking Americans over the next decade.
Harris’s idea seems to be plucked straight from the pages of a leftist playbook that has all the charm of a tooth extraction. With such radical measures on the table, critics are recalling that Harris is living proof that you can wear a suit and still flirt with communism. If her plans see the light of day, America might find itself experiencing inflation at record levels, essentially the financial equivalent of a string of bad dates that only end in regret.
BREAKING: Kamala Harris economic adviser affirms that there is a plan to tax unrealized gains, for households worth more than $100,000,000.
CNBC says: "It will not happen in my lifetime." pic.twitter.com/iZKTiTYt92
— unusual_whales (@unusual_whales) August 28, 2024
Hoping to ride the populist wave in her upcoming electrifying showdown with Donald Trump, Harris appears to be dismissing the warnings from those with an economic pulse. Observers note that the very policies she advocates seem eerily similar to a budget proposal from President Biden that already sent the economy reeling, predicting a GDP drop and a severe loss of full-time jobs. In a country where the economy is supposed to heal and grow, not counting one’s unrealized gains is reminiscent of a bad horror movie—you can’t just tax people based on what they may or may not sell their stocks for later.
With an eye-popping 76 percent of independents reportedly opposing such taxes, it’s evident that Harris’s proposal isn’t just ill-advised—it’s also unpopular. The skepticism grows, especially when tax advocates point out that this proposal isn’t just a targeting of billionaires. Small business owners could soon find themselves in the crosshairs, as a slapdash attempt to make a buck off their unrealized gains might force them to liquidate their hard-fought dreams.
Tax experts share chuckles about the administrative nightmare this proposal could create, likening the challenge to managing a pet octopus, with tentacles reaching into every corner of the economy. As assets fluctuate, taxing unrealized gains would mean the government could owe refunds one moment and create financial havoc the next—a merry-go-round that inspires disbelief and dread. Adding insult to injury, the IRS, already known for its inefficiencies, would be saddled with even more burdens, making tax season feel like navigating a maze blindfolded while singing the national anthem backward.
In a nutshell, while Kamala Harris may be pushing these populist policies hard in her bid for the presidency, her tax strategy may simply serve her political ambitions—until reality sets in, leaving the American dream teetering precariously on the edge.
