Kamala's Top Surrogate Just Bulldozed One of Her Only Policy Proposals
Top Kamala Harris surrogate Ro Khanna, a Democratic congressman from California, made an appearance on CNBC this week to discuss the ongoing 2024 presidential campaign. Harris herself hasn't done the same and continues to hide from interviews nearly two months after former President Joe Biden was forced to abort his bid for a second White House term.
During the interview, Khanna rejected one of the only economic policies Harris has publicly proposed: taxes on "unrealized gains."
Meanwhile, the Harris campaign is doubling down on the policy. From Americans for Tax Reform:
Kamala Harris today vowed to raise the top federal capital gains tax rate to 33%.
As noted by Wall Street Journal tax reporter Richard Rubin, “the all-in top capital-gains rate would be the highest since 1978.” This is the Jimmy Carter era famous for its economic stagnation.
China has a 20% capital gains tax. The European average capital gains tax is 17.9%.
Under the Harris proposal, the combined federal-state capital gains tax rate will exceed 40% in many states.
Capital gains are not indexed to inflation, so Americans are stuck paying tax on some “gains” that are nothing more than inflation — something created by Washington and then taxed by Washington. The Biden-Harris high inflation makes this especially painful.
Many hard working couples who started a small business at age 25 who now wish to sell the business at age 65 will have to give 33% of the “gains” to Washington.
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