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CNBC hosts HAMMER Harris economic adviser over ‘unfair’ and ‘unconstitutional’ tax plan

August 29, 2024 | | Print Article

An economic adviser on Vice President Kamala Harris’ campaign was roasted on air as he unsuccessfully tried to defend the Biden administration’s proposed tax on unrealized capital gains.

The hosts of CNBC’s “Squawk Box” called out the plan as “unfair” and “unconstitutional,” leaving Bharat Ramamurti flailing as he tried to explain the benefits of the tax increases that President Joe Biden has recently added in his budget proposal.

According to Harris’ campaign, this increase “includes a 25% tax on unrealized capital gains for individuals with more than $100 million in wealth, and an increased corporate tax rate from 21% to 28%,” Fox News noted.

“Look, deficit spending is an issue,” co-host Rebecca Quick said.

“My biggest problem is with unrealized gains. You can say it’s only for people who make over $100 million,” she continued. “Unrealized gains, taxing unrealized gains just doesn’t seem fair in any sense of the word. In the very best sense, taxing unrealized gains, all you’re doing is pulling forward taxes that would be paid later when someone actually sells the stock.”

“I think that this reaction to unrealized gains is a little funny, given that I bet that the majority of people watching right now are already paying a tax on unrealized gains. It’s called a property tax,” Ramamurti responded.

Quick and co-host Joe Kernen interjected, disagreeing with their guest.

“That’s an old and tiring argument. That’s always the go-to answer,” Kernen said, dismissing the comment.

“Property tax is a use tax, you’re paying for schools,” Quick explained as the economic advisor claimed homeowners pay higher taxes even if they don’t sell the property when the value increases.

“The value of your home never moves the way a stock moves or something else moves. Also, property tax is a use tax. You’re paying for schools, emergency services. Those are things that make absolute sense,” Quick shot back.

“Oh, sure. All revenue that comes in from these unrealized gains taxes, and other taxes in the Harris plan are going to go creating what she calls ‘more opportunity.’ To make sure that every newborn in this country gets $6,000–” Ramamurti attempted to explain.

“It’s not a use tax for the people actually using the services,” Quick clarified.

“Well, look, you’re arguing that this is some sort of a foreign concept that is completely unknown –,” Ramamurti said before Kernen declared, “Well, it’s probably unconstitutional.”

“It was never in anyone’s intent to tax — and it’s never going to happen, probably. Not in — not going to say my lifetime. Not in Becky’s lifetime,” Kernen concluded as Ramamurti was dealt the reality check as he sat silently.

Harris’s economic agenda has generated much backlash on social media where even X owner Elon Musk quipped,  “This path leads to bread lines & ugly shoes.”

The “Squawk Box” segment drew plenty more criticism on X.

Frieda Powers
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