Kamala Harris' Plan to Tax Unrealized Gains, Explained

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Let's clear up the misinformation about a tax on unrealized capital gains.

The plan Kamala Harris endorsed only applies to people with $100 million+ in wealth who do not pay at least a 25% tax rate on their income.

Is that you? No? Then you will not be affected.

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If they can afford 100s of millions in campaigning, they can afford to pay the tax.

OldOneTooth

If you have so much money that you don't know what to do with it, then you can afford to pay a bit more in taxes...

Opus

Instead of giving 47 million dollars to Charity, Housing, or Green Energy. Elon Musk decided to flush it down the toilet to elect Agent Orange.

emiebex

My 24 year old son was told by some moron coworker that everyone’s investments are in play. I showed him her plan for $100m and up.

Lots of liars out there simping for rich overlords. This isn’t a fair fight. Let’s stop treating it like it is.

sigonellapc

I had to pay $8, 000 taxes on my $37, 000. If I can pay, they can pay. Let’s be real.

MasterOfYourOwnUniverse

This is actually fundamentally insane, at no point should the government be allowed to tax money that doesn't exist and trying to rationalize it by saying it will only screw rich people is also insane when it could very easily crash the market, but I also understand how using this extremist policy can be justified as a tool against tax evasion on the likes from the rich, in which case I can stand by it. Sometimes extreme crimes require extreme solutions.

zereimu

Good thing we don’t have to worry about this anymore.

GrowingUpGarden

As @EmersonBrophy says... You won't ever be a billionaire.... ...So don't vote like you'll ever be a billionaire.

xerofelix

taxing money you havent made yet is insane. it's theft

recoveringknowitall

Short and sweet and right on the mark. Thank you, Mr. Reich.

lovethatagave

I wish I could give you 100 million likes, Robert!

michmash

If you repeat a lie long enough and becomes journalism. Kamala Harris approves his message.

dbdb

The "hedge fund managers don't pay W2 wages" but rather their salary as capital gains, needs to be reversed.
Raise the Social Security payment cap. End the free lifetime healthcare for elected officials. Make them earn it like we workers do.
End the ability of any elected official to have personally managed investments - blind trusts only for all investments.
Make emoluments a law with serious consequences.
That just scratches the surface of what needs to be done.

antimatters

The 90% tax rate for the ultra wealthy after WWII seems like a good idea to me. Hardly anyone ever paid it because the government gave wealthy taxpayers a choice: Pay the tax or reinvest a portion of your income to expand and/or modernize your business or factory. Most wealthy people, given the choice, reinvested a portion of their income creating more jobs. Today, allowing the 1% to hoard massive amounts of wealth (they could never possibly spend in a thousand lifetimes) has negatively impacted our overall economy. It has also lowered the standard of living for millions of Americans. The last 40 years of Trickle Down Economics has been a failure, creating the worst wealth inequality since the age of robber barons.

NanuqoftheNorth