Why Silicon Valley is 'freaked out' by Harris' unrealized capital gains tax plan

Andy Blocker, Invesco global head of public policy, and Dan Primack, Axios business editor, join CNBC's 'The Exchange' to discuss how VP Kamala Harris' proposed capital gains tax could mean for mean for start up businesses, who the policy applies for, and more.

[matthewr.]

To tax unrealized gains is crazy. The tax will get progressively worse like every other tax. To pay for money that you have not made is bizarre.

[robertmahoney]

The funny part is that Kamala Harris has no idea what a capital gains tax is. We are doomed.

[kurtdobson]

How to destroy Americas economy quickly…

[sojujinro]

if she wants to implement unrealized capital gains tax... then she also needs to implement unrealized capital loss tax.

[rebeltheharem]

Yeah, that's incredibly dumb. So what, do we get a huge refund if we have a capital loss on it next year, with interest? No, of course they wont.
Luckily, the president doesn't have the power to enact tax law, so hopefully, those in the house of reps will have more brains than to enact a law for unrealized capital gains.

[samjohnson]

Raise corporate taxes and we all know what happens, they raise consumer prices, they just pass it on.Kamala Harris plan is a disaster.

[bigred]

This is crazy we are going to tax the hell out of you On money, you haven’t got yet, but if you take a loss the government will not give you that tax back nor the interest on it

[patrickgriffitt]

Boiled down they want to tax on funds you haven't received.

[anthonym]

Today it’s the rich, tomorrow it’s you.

[shdmd]

Why take the chance on somebody with communist policies even though it may not pass?

Why?

[roadrunner]

"It's ok, we're only doing it to rich people."
That's how it always starts out.

[kevinjohnston]

Create a new tax bracket for the ultra wealthy. Confiscating unrealized gains is insane.

[philipreeves]

This is just a none starter. Best thing to do is to make it illegal to use unrealized capital gains on stocks illegal to use as collateral for a loan. If you want money sell your stock and pay the taxes.

[nikitakucherov]

Would immediately tank the entire US economy (great plan) 🤦🏻‍♂️

[Rob_G]

You need a brain transplant if you’re voting for Harris and this far left insanity. This is nuts!

[carlnelson]

Why would anyone vote for 4 more years of this disaster

[TravelLoverForLife]

A better proposal would be to get rid of the step-up in basis and to tax unrealized gains if and only if the assets are pledged as collateral to get loans or are used to bolster the borrower credit profile during the loan evaluation stage. The tax could be added to the loan balance and paid to the government by the issuing bank. This would stop the corrupt billionaires from never paying taxes using the buy, borrow, die, step-up in basis scheme. At the same time it would mitigate the unnecessary volatility and forced annual tax selling caused by a carte blanche unrealized gains tax.

[hummervee]

Income tax started out “only for the rich.” We can’t let this Jeanie out of the bottle. All they need to do is get started. You will soon be paying unrealized gain on your house.

[ThumperT]

SHE wants to take money that you "might" make. THEFT!!!!

[jasonmartinez]

If you’re “freaked out”, then… remember to vote. Nuff said? 🙂