Vivek Ramaswamy Deconstructs Kamala's Wealth Tax
Vivek Ramaswamy does a really nice, succinct job of deconstructing Kamala Harris’s scheme to levy a 25% tax on “unrealized” capital gains in a single tweet here:
Full text:
Kamala Harris supports a tax on *unrealized* capital gains & here’s how that will trigger an economic calamity:
Currently, if you own an asset (stock, house, land, etc.) and it goes up in value, you don't pay taxes on that appreciation until you sell it. Makes sense -- you haven't actually made any money yet.
Biden and Harris want to change that. In 2022, they proposed a "minimum tax of 20 percent on total income, generally inclusive of unrealized capital gains.”
In 2023 and 2024, they bumped that up to 25%. This never became law, but the Harris campaign shows no signs of disavowing it.
Imagine you’re a family farmer or small business owner whose property goes up in value.
Or consider a startup founder I know. He’s the kid of a middle-class family who had a brilliant idea for a consumer technology company that’s worth a lot on paper. But he doesn’t have spare cash because he poured his savings into launching the business -- which is growing and likely to succeed. The only way it would fail is if he has to sell shares prematurely.
And that’s exactly what this tax would force him to do. The IRS doesn’t care that your newfound “wealth” only exists on paper. They want cash.
The same goes for someone sitting on long-term capital gains in their public stock portfolio: they *have to* sell in order to pay taxes, even though they otherwise wouldn’t have wanted to. This creates a vicious cycle of what's known in capital markets as "forced selling” - you have to sell off assets to pay your tax bill, but so does everyone else at the same time, triggering a downward spiral in asset prices. It's the best formula for triggering a politician-made market crash.
It’s significant that even thoughtful Democrats won’t support this policy on the merits, they just insist it’ll never actually happen. Not exactly a ringing endorsement.
[End]
Always remember this enduring axiom about Democrats: Democrats can only be who they are and believe the things they believe because they are abject ignoramuses about economics.
Harris’s economic agenda as it has been rolled out thus far clearly illustrates the truth of this axiom.
That is all.
Originally, this comment was intended to give Vivik credit where credit is due. In fact the first time I was introduced to him through another fringe platform from a Twitter crosspost about a year or so ago. His context was so radical to me that I knew he was for real but would most likely be highly ridiculed by MSM to the point of obscurity in the minds of the public.
I'm very impressed how he stuck with his convictions even after not achieving his goal to become POTUS. But it's more realistic to become relevant in another capacity, which is evident within the RNC. His running podcast is equally respectable.
Vivik is the real deal as is to DJT & JDV and you really couldn't imagine him in any other capacity other than a true leadership role.
This is one good way to remove you from what small fortune you might have accumulated. And one good way to take over all you own when you can't pay your tax bill. Like many of us baby boomers - all our assets are tied up in our home and land, with the old theory of "buy land" it's the best investment! Guess that's about to change - I will own nothing and be happy.... oh well - pretty soon the nursing home will get it all anyway!! Ha Ha - I'm laughing because I really feel a need to cry... hopefully Kreepy Kamala (she's well past weird!) won't win!