Experts react to Harris' plan to tax unrealized
capital gains: 'Voodoo economics'
Fox Business,
by
Kristen Altus
Original Article
Posted By: Moritz55,
8/23/2024 9:15:40 PM
With multiple reports confirming speculation that Vice President Kamala Harris will back President Biden’s tax hike plan, reactions have started pouring in from prominent figures in political and economic circles. "It would be devastating to the economy," former CKE Restaurants CEO Andy Puzder said Thursday on "The Evening Edit."
"You're going to give up revenue, you're going to lose companies. We're going to lose business," he continued.
"You need to understand, a 25% increase in unrealized capital gains means, theoretically at least, if your house goes up in price, in value, the government can step in and say: give me the money,”
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Reply 1 - Posted by:
cedar 8/23/2024 9:32:30 PM (No. 1783827)
What a lame brain idea! There goes your retirement funds, real estate and anything else that you might have invested in, if such a plan were to become reality. Hoevever, I’m not sure it would even be constitutional.
37 people like this.
Reply 2 - Posted by:
TarAndFeathers 8/23/2024 9:41:03 PM (No. 1783834)
Unrealized capital gains are already being taxed in Virginia. Our county sends a bill every six months for its real estate tax. The sum has increased by about 30% over the last three years attributed to our inflated estimated home and land value. The county boasts one of the lowest tax rates in the commonwealth.
They are all in it together!
25 people like this.
Reply 3 - Posted by:
ronbet 8/23/2024 9:48:00 PM (No. 1783836)
Ronald Reagan was right; "Government is the problem"
The purpose of a government is to protect its people and keep society safe. Democrats believe that government should be whatever they say, regardless of what our Constitution dictates that the government NOT be doing.
33 people like this.
Reply 4 - Posted by:
Strike3 8/23/2024 10:30:41 PM (No. 1783860)
Greed and stupidity. If you want to crash the economy and have no income being generated by taxpayers to fund your government, you do stuff like this. Biden and Harris are both morons but at least Biden has an excuse.
27 people like this.
Reply 5 - Posted by:
Sully 8/23/2024 10:38:05 PM (No. 1783866)
The commie infiltration of public schools has left the electorate so woefully ignorant of basic economics that they can't even see the devastating effect of such policies.
29 people like this.
Reply 6 - Posted by:
Italiano 8/23/2024 11:22:03 PM (No. 1783880)
The same term that that idiot Bush 41 used to describe Reagan's supply-side proposals. This time, it's accurate.
Not to worry, though. The big money Democrat donors would be hit as well. A non-starter.
9 people like this.
Reply 7 - Posted by:
mifla 8/24/2024 5:02:53 AM (No. 1783945)
These ideas are too stupid to implement. As such, the destruction must be intentional.
22 people like this.
Reply 8 - Posted by:
bpl40 8/24/2024 7:29:40 AM (No. 1784013)
When shown that increase in marginal tax rate shrinks the base and likely reduces revenue, the Mulatto Lightbringer (then Senator from Illinois seeking the Presidency) said "Yes. But it is fair". That attitude hasn't gone away. The key now is how the Trump camp can exploit this between now and November.
10 people like this.
Reply 9 - Posted by:
NancyD 8/24/2024 7:58:49 AM (No. 1784031)
She has to find a way to give 1st time homeowners $25K, pay off student debt, pay for healthcare for illegals, educate illegals, feed illegals, pay for daycare. The list goes on and on.
16 people like this.
Reply 10 - Posted by:
anniebc 8/24/2024 8:30:00 AM (No. 1784052)
Getting rid of all these taxes we pay should be high on every agenda (local, state, federal), not just reducing tax rates. We have too much darn government!
11 people like this.
Reply 11 - Posted by:
Mass Minority 8/24/2024 8:31:14 AM (No. 1784053)
The concept that gov can extract only so much money from the economy before it has a negative impact on the economy is the Laffer curve. The more important coronary is that government, like any organization will attempt to maximize its income.
Economists have determined that the total amount gov can extract from the economy before it falls off a cliff is about 40%. That the total of all taxes, fees regulatory costs, licensing etc. That is also coincidentally exactly where the US is right now, and has been for decades.
What that means is there is no more money to be had. Every penny extracted beyond where we are now will decrease actual revenue unless offset by an equal revenue cut somewhere else.
The only way to increase revenue is to grow the economy which can only be done by decreasing governments percentage.
The left sees the economy as their personal piggy bank and are always surprised when higher taxes raise less money.
15 people like this.
Reply 12 - Posted by:
Dodge Boy 8/24/2024 8:34:47 AM (No. 1784056)
Not sure how Kamalie expects to draw more votes by promoting more taxation. But then again, Kamalie is a dim and dims tend to do weird things.
11 people like this.
Reply 13 - Posted by:
Rumblehog 8/24/2024 8:41:22 AM (No. 1784058)
Voodoo? After all, she is half Jamaican... oh wait, isn't that "RACIST!" ?
9 people like this.
Reply 14 - Posted by:
franq 8/24/2024 8:49:30 AM (No. 1784061)
I think you mean "corollary", #11. But I wager the burden of government has caused a coronary or two.
10 people like this.
The objective is simply to confiscate all of the savings of everyone in the middle class. This alone should drive everyone to vote for DJT.
10 people like this.
Reply 16 - Posted by:
felixcat 8/24/2024 9:34:22 AM (No. 1784089)
For too many Americans, this sounds like a great ideate stick it to the Rich. You rent a subsidized apartment, get a lot of state and federal handouts, work a so-so job and you hear the word - "gains" and it just reeks of the Monopoly guy getting rich off of your misfortune (of being lazy and/or poorly educated) and you're all for taxing capital gains. You have a lot of young people who feel they will never be able to buy a house, move out of parents basement, retirees (for those who didn't plan and rely solely on SS) and they're like - stick it to the rich guy or couple up the street who worked hard, saved and have a home and save/invest for their retirement. Too many Americans are so ignorant that they think everyone owning a home is somehow wealthy like Jeff Bezos.
8 people like this.
Reply 17 - Posted by:
Krause 8/24/2024 9:42:13 AM (No. 1784095)
The democrats are extremely irresponsible with our money. Worse than kids.
6 people like this.
Reply 18 - Posted by:
Zigrid 8/24/2024 10:29:15 AM (No. 1784139)
Soooo... what are the democrats hoping to accomplish with this tax...it doesn't make sense...but then why would anything make sense to these money grabbers...as I understand it...if your home is worth 100,000 and the value goes up to 200,00...then you're gonna be taxed for the unseen profit by 25%....wonder how Bernie baby with his three homes will manage that....
6 people like this.
Reply 19 - Posted by:
D S Craft 8/24/2024 10:44:07 AM (No. 1784148)
I don't see how this could be constitutional. How on earth can you be taxed on money you don't possess. What happens if that investment then drops in value? Do they return the tax money you paid? Of course not. This is monumentally stupid and takes government greed to another level. This would wreak havoc on the economy, just for starters. It gets worse after that.
9 people like this.
Reply 20 - Posted by:
kono 8/24/2024 12:16:31 PM (No. 1784204)
Flimsy pretexts are all the Dems have -- they will take your money, one way or the other. It wouldn't shock me if they even levied a tax on the costs of taking your money.
4 people like this.
Reply 21 - Posted by:
Mcscow sailor 8/24/2024 9:14:02 PM (No. 1784455)
This Harris tax plan is only an attempt to collect today the taxes which will be due tomorrow. And when tomorrow comes, tomorrow’s tax take will be short. It’’s another shill game of kick the can down the road, with even more disastrous consequences than the similar game being played by the inflationary excessive spending currently underway.
1 person likes this.
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