Harris 25% tax on unrealized gains
Why Republicans should support it
Kamala Harris proposes that, if elected, she would propose a bill to put a 25% tax on unrealized capital gains on households that have a net worth of over $100 million. Leave aside the complexity of such a proposal if implemented during volatile markets, if Harris is elected President, Republicans should support such a bill.
Why? It will virtually destroy the billionaire class that meets at Davos every year to dream about global socialism and the Great Reset. Give it some thought.
Mark Zuckerberg has unrealized gains on his Meta shares of about $170 billion. That tax would force him to sell a pile of his stock and in the first year pay a tax of some $42 billion, then another $32 billion (assuming Meta stock doesn’t tank while he is selling) and another $24 billion in the third year of a Harris administration. No doubt Meta stock would fall, and Zuckerberg’s wealth might drop to a paltry $50 billion or so, and keep shrinking as the tax on unrealized gains eats up the rest of his wealth. It would look good on a guy who gave $400 million to the Biden campaign and suppressed news on Facebook that was negative to Biden and interfered in the 2020 election. What goes around, come around.
A lot of leftist billionaires would suffer a similar fate.
Jeff Bezos fortune of about $190 billion would drop to about $60 billion in a four year Harris regime assuming his stock doesn’t tank, and a lot less if it does.
Bill Gates $130 billion fortune would fall to $55 billion.
In fact, there are dozens of billionaires who prop up the socialist agenda of the Democrats including Abigail Disney, Mark Cuban, Tim Cook, Penny Pritzker, Christy Walton family, John Kerry, Reed Hastings, and even singer Taylor Swift and wing-nut Oprah Winfrey. Taking a sledge hammer to their wealth might even be worth putting up with the nonsensical socialist policies of “woke” Kamala Harris for a few years. The damage done to America and the parallel damage done to the leftist billionaire class could put an end to any support for the Democrats for the next few decades.
Harris dreams of “taxes on the rich” without giving much thought to who those rich are and who pays her bills. As the Irish curse states: “May you get your wish”.
However sweet this would be for the rich Dems to pay such a steep price……. Praying that it doesn’t happen as that means another 4 years under this demented regime.
Here's the problem with this idea. It's never enough. 25% becomes 30% in a few years. Then the threshold drops. $50 mm in a couple of years then $25. Soon it's down to $5 or $10. I think once you violate concept of -confiscation of wealth, you've started down a slippery slope that leads to the middle class-that's where the real money is. I live in a neighborhood of 350 or so homes. All of us who've been here 3-5 years are sitting on a couple of hundred thousand in unrealized gains. multiply that across the country and it trillions. They want it all.