Democrat presidential nominee Kamala Harris has endorsed a tax policy that is so fringe, even the legacy media has criticized the plan as unfair, “unconstitutional,” and “scary.”
Harris, who has been slow to roll out her 2024 policy positions or explain the supposed shift from her far-Left 2020 positions, has endorsed a tax on unrealized gains, which is a tax on money you have yet to collect.
The supposed “billionaire tax” is a 25% tax on unrealized capital gains for American households with wealth ironically totaling a fraction of a billion dollars, starting at $100 million.
Under Harris’ plan, for example, if you own a home and its value increases, you’ll be on the hook for paying taxes on the increased amount, even if you don’t sell the home.
In other words, you’d be paying taxes on money you never received — and may never receive, depending on the market shifts.
Bharat Ramamurti, an informal economic advisor to Harris, tried to defend the policy on CNBC, and…