In the realm of American politics, where the bizarre often passes for the profound, Kamala Harris has once again distinguished herself. This time, she’s championing a policy that taxes what doesn’t exist—unrealized capital gains. In simpler terms, it’s a tax on money you haven’t made yet. One might think this idea would be laughed out of the room. But in today’s Democratic Party, where the economic literacy of the leadership often seems inversely proportional to their enthusiasm for new ways to siphon off the wealth of others, it’s apparently a serious proposal.
Let’s be clear: taxing unrealized gains is not merely an economic misstep; it’s an intellectual farce. Harris and her supporters argue that the ultra-wealthy, who see their assets appreciate, should pay taxes on those gains, even if they haven’t sold a single share. Imagine being taxed on the hypothetical profit of your house every year, regardless of whether you sold it. It’s as if Harris and company believe that Americans are too slow-witted to notice they’re being swindled by a tax on something that isn’t yet income and may never be.
The premise behind this tax scheme is grounded in the now-fashionable belief that wealth itself is inherently suspicious, if not outright immoral. It’s a sentiment with deep roots in progressive dogma, but Harris’ proposal brings it to new heights of absurdity. The essence of this tax is to penalize the potential for wealth creation—an idea that must send shivers down the spine of anyone who has ever aspired to something greater than their current lot in life.
What’s worse, this tax would be a bureaucratic nightmare. The valuation of assets—particularly illiquid ones—on an annual basis would require an army of accountants and lawyers, and that’s before we even consider the inevitable legal challenges. But then, what’s a little more red tape in an administration that thrives on making life more complicated?
Let’s not forget that taxing unrealized gains would also discourage investment, the very engine of economic growth. The wealthy, often castigated by the left, are the ones who fund startups, expand businesses, and create jobs. If they’re punished for every paper profit, they might simply take their ball and go home. That would leave the rest of us, including the middle class that Harris purports to care about, in a far worse position.
Moreover, Harris’ plan would introduce a level of instability into the tax system that would be its undoing. Markets fluctuate. Gains today can become losses tomorrow. So, will Harris refund taxes when the value of assets drops? The silence on this question is deafening. It’s hard to avoid the suspicion that this tax is less about fairness and more about filling government coffers, regardless of the economic wreckage left in its wake.
Kamala Harris’ tax on unrealized gains is the political equivalent of trying to pick someone’s pocket before they’ve even been paid. It’s a desperate grab for revenue from a politician who has yet to articulate a coherent vision for American prosperity. Instead of fostering an environment where wealth can be created and enjoyed by all, Harris is focused on redistributing what hasn’t even been realized.
In the end, this proposal is not just misguided—it’s dangerous. It’s a policy born of envy, nurtured by ignorance, and destined for failure. If this is what passes for leadership in today’s Democratic Party, then one can only wonder how long it will be before they come for the change in our pockets.
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