Staff Reports
Democratic Congressman Ro Khanna has taken the bold step of defending the indefensible in his recent appearance on CNBC. In a shocking twist, he openly criticized the one sustainable economic policy that Kamala Harris has gingerly floated on the political waters: the taxation of unrealized gains. It seems that not even her staunchest supporters can buy into this taxing scheme. Harris, meanwhile, continues her impressive streak of avoiding interviews since the disastrous news about former President Biden’s withdrawal from the 2024 race. One has to wonder if she’s taking notes from Bigfoot on how to stay out of sight.
During the CNBC segment, Khanna impulsively argued against taxing unrealized gains, questioning if it makes any sense for entrepreneurs to be pressured into selling their businesses just to pay taxes. A good question indeed—one that seems lost on Harris and her campaign. Perhaps Khanna was trying to pull the Democratic Party back to reality, but convincing Harris to abandon her taxation dream might be like persuading a cat to take a bath.
With a chyron on CNBC that says "Harris-Walz surrogate," Democrat Rep. Ro Khanna trashes Kamala's plan to tax unrealized gains:
"Do you really want the entrepreneurs to be forced to sell their companies to larger institutions and decline in value?" pic.twitter.com/ixZ4CssnrF
— Trump War Room (@TrumpWarRoom) September 4, 2024
In what can only be described as a show of sheer determination, the Harris campaign has doubled down on their policy, proposing to raise the federal capital gains tax to a staggering 33%. That’s right, folks—the last time taxes looked like this, bell-bottoms were in, inflation was high, and the nation was stumbling under the weight of the Carter administration’s disastrous economic policies. The echoes of those years should send shivers down the spines of anyone who values their hard-earned money.
But don’t worry; it gets better. Harris’s plan would create a combined federal and state capital gains tax rate that exceeds 40% in many states. This aggressive policy positions America’s tax system as being significantly higher than other major economies, like China, which enjoys a much lower rate of 20%—but who needs global competitiveness when you’ve got tax hikes?
But the kicker? Capital gains are not indexed to inflation, meaning Americans will be stuck paying taxes on what they believe are “gains” that are really just compensated for the very inflation that Washington has created. Good luck explaining to hardworking couples who started a small business at the age of 25 that when they sell at 65, 33% of their efforts will vanish into the never-ending maw of government. They will have spent decades sweating it out for a portion of their hard work to be turned over to Washington. But hey, in Kamala’s world, suffering is simply a tax code away from being considered progress.
