If you think Joe Biden is bad, get a load of King Kamala. When she can’t steal President Trump’s proposals, she’s offers up some doozies of her own.
And Americans are finally taking notice of how insane this woman is. There is a reason she was voted the most liberal senator.
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
Kamala Harris knows as much about the U.S. economy as Greta Thunberg. And that’s why she’s relying on Trump for any potential policy positions. But she has offered one of her own. Taxing unrealized capital gains.
It’s not enough that Biden-Harris killed the economy, only really creating about 6 million jobs. And the reason I say “about” is the numbers keep getting revised…down.
Recently we learned that the Biden administration adjusted their jobs figures down by 818,000. More surprisingly, in a fit of dementia Joe Biden accidentally admitted that 10 million of the jobs he “created” were jobs that returned from covid. In essence, Biden-Harris likely accomplished the lowest true job creation of any administration since Jimmy Carter.
Here is the latest jobs report and it tells all. Far lower than expected, and likely to be revised down:
The economy added just 142,000 jobs in August — far lower than economists’ expectations — as the labor market continues its slowdown. The number of jobs reported in June has now been revised down on two separate occasions, a trend that has continued over 11 of the past 15 months.
The net job growth in August came largely from part-time employment, while full-time jobs “plummeted” — a clear sign Americans are in distress, economists say.
In fact, the number of people working part-time for economic reasons shot up by 264,000 in August alone — and 614,000 over the last year — as Americans struggle to make ends meet in Kamala’s economy. That’s the highest number since May 2021.
The economy lost 24,000 jobs in the manufacturing sector alone last month.
Worse, it’s American citizens losing jobs to illegals.
Donald Trump sent an email that informed recipients that over the last 12 months, 1.3 million native-born Americans lost employment. During that same period, 1.2 million foreign-born workers gained employment.
For those doing the math, approximately 768,000 native-born Americans left the labor force, while 1.5 million foreign-born workers joined it. As sad as these results are, for Democrats this is considered good news.
But let shift gears into taxing unrealized capital gains. Team Harris says this is only for the mega rich, which they define as $100 million.
Indeed $100 million is a lot of cheddar. But it’s earned cheddar, no matter how you get it. So let’s say you inherit a house and it’s perceived to be $100 million. With Harris’ plan, you get hit with a death tax and an unrealized capital gain.
Your hit? $345,000 plus 40 percent. Then add Harris’ $25 million. But there is good news. The roughly $34 million you have left won’t qualify next year for either tax.
And the “it’s only for the rich” almost always dwindles down to the not so rich. So for now, it’s $100 million. No worries for 99.9 percent of the country. But what about in a decade when they lower the threshold to $50 million, then $20 million, then 10 million and so on. That’s how social security “creep” occurred, and it’s the same way for whatever tax Democrats impose. And they promise that it will never get higher; a promise they always eventually break.
Future impact on the poor.
Imagine one day paying unrealized capital gains on your home? So for example if you bought a house for $200,000, and it appreciates to $400,000, Harris wants you to pay $50,000 in taxes. Would the average American have that kind of coin to pay his or her taxes?
The Fed would become the biggest homeowner in America.
And look at the controls they have on this. Governments artificially inflate home prices so they can tax the hell out of homeowners. So imagine paying regular taxes on a home the government values at $400,000, perhaps $10,000 per year. Then paying unrealized income taxes of $50,000. Then, you decided to sell the house to pay your taxes, and the house sells for $300,000. Suddenly that nest egg has evaporated.
Who could keep their home, if they had to pay $60,000 in taxes in a single year? But what if they exempt residences?
Nice try, Lefty.
If they can’t tax houses, then they will tax businesses. The same scenario will occur. Young company owners will be forced to sell. So the government would become the largest business-owner in the country.
What’s Harris’ background?
Kamala Harris has absolutely no background in finance or economics. Yet she would blow up the American economy with an asinine proposal such as this. What does she think the wealthy would do?
Elon Musk’s fortune is in stock. He leverages his stock, which could at any time crater to zero. He must continue to innovate to keep his stock price high, so he can draw off funds with limits imposed by his company.
His current net worth is said to be $200 billion, and mostly in Tesla stock. So if he had to pay 25 percent unrealized capital gains, he would get a tax bill of $50 billion. This would force him to sell stock in Tesla, thus devaluing the company at best. And since he would have limitations to make such a sale, Musk would essentially be bankrupt.
Anybody think Harris has thought this out to the bitter end?
