• Kamala Harris’ economic advisor confirmed her plan to tax unrealized gains if elected as US president
• CNBC anchors Joe Kernan and Rebecca Quick challenged the tax plan during the interview
• The proposed tax plan has received strong opposition, and even if Harris wins, it will face difficulties passing through Congress
Kamala Harris‘ economic advisor recently confirmed the presidential candidate’s controversial plan to tax unrealized capital gains. This proposal is continuing to make waves on both sides of the political aisle.
What the Plan Entails
Earlier this month, Harris announced her support for taxing unrealized gains for individuals with over $100 million in assets if they are not already paying at least 20% tax on their income. This policy was originally proposed by President Joe Biden.
The Reaction
Bharat Rama, an economic advisor for Harris, defended the policy in an appearance on CNBC‘s Squawk Box. Hosts Joe Kernan and Rebecca Quick pushed back on the proposal, with Kernan stating his belief that it has little chance of becoming law.
Quick also questioned the fairness of the policy. Since the announcement, Harris’ tax plan has faced significant criticism from opponents. Even if Harris wins the 2024 presidential election, the policy would likely face major roadblocks in Congress.
What Supporters Are Saying
Despite the backlash, Rama argued the tax would benefit Americans. “All the revenue that comes in from these unrealized gains taxes and the other taxes in the Harris plan are going to go to creating more opportunity,” he stated.
The Road Ahead
With the 2024 election approaching in November, Harris and President Donald Trump continue promoting their vision and policies to voters. The unrealized gains tax has become a high-profile component of Harris’ economic plans.
While passage would be an uphill battle, the policy signifies Harris’ views on taxation of the ultra-wealthy. Her continued support demonstrates a willingness to take on controversial proposals.
