Democrat presidential nominee Vice President Kamala Harris’s proposal to tax unrealized capital gains may be unconstitutional, unworkable, and “economically destructive,” according to tax experts.
Breitbart News reported that Harris’s tax policy proposal would increase taxes by $5 trillion over ten years.
Although there is no exact estimate of the economic cost of Harris’s tax proposals, Harris mirrors many of the proposals from President Joe Biden’s 2025 budget proposal.
The Tax Foundation found that Biden’s budget proposal, which is similar to Harris’s economic proposals, would:
- Reduce Gross Domestic Product (GDP) by 1.6 percent
- Reduce wages by 1.1 percent
- Reduce full-time equivalent jobs by 666,000
The trillions of dollars in proposed taxes would include a 25 percent minimum tax on unrealized capital gains for those making more than $100 million. Gains are only “realized” when an investor sells an investment for more than its initial price.
It’s insane, as if someone sought to destroy the whole underpinning of small investor investment growth.