CNBC Hosts Mock Kamala Advisor’s Proposal for $5 Trillion in New Taxes [VIDEO]

During a candid appearance on CNBC’s Squawk Box, Bharat Rama, one of Kamala Harris’s economic advisors, encountered a sobering reality check as he tried to justify a fundamental aspect of Harris’s $5 trillion tax plan.

What started as a promotional opportunity swiftly devolved into an awkward fiasco, laying bare the significant deficiencies in the plan’s reasoning and sparking genuine worries about the impact on American taxpayers.

Rama had been invited onto the program to advocate for the concept of taxing unrealized gains, which is a pivotal component of Harris’s proposed tax reform.

He attempted to persuade the hosts that the proposed tax was just, would only impact a small group of affluent individuals, and was similar to property taxes. However, Becky Quick and Joe Kernan remained unconvinced.

According to the CATO Institute, Harris’s proposal entails a new minimum tax of 25 percent on both regular income and unrealized capital gains for those possessing more than $100 million in wealth.

Despite appearing to target the super-wealthy, this tax could have extensive and potentially damaging effects on the wider economy.

The tax is not only unfeasible but also blatantly unconstitutional, a fact that Kernan sarcastically emphasized.

Quick didn’t waste any time dismantling Rama’s argument. She bluntly stated, “Taxing unrealized gains just doesn’t seem fair in any sense of the word.”

She likened the concept to advancing taxes that would be due only upon the sale of assets, rather than taxing them according to changing market values.

NEW: CNBC host Joe Kernen rolls his eyes and laughs after Harris’ economic advisor Bharat Rama tries arguing in favor of Harris’ unrealized capital gains tax.

Rama sat in silence as the hosts poked fun after he tried saying that property tax was an unrealized gains tax.

“It’s… pic.twitter.com/lK4jGL6phz

— Collin Rugg (@CollinRugg) August 28, 2024

Rama’s comparison of taxing unrealized gains to property taxes was swiftly dismissed.

“I, I, I think this reaction to taxing unrealized gains is a little funny given that I bet the majority of the people watching right now are already paying a tax on unrealized gains. It’s called a property tax.” But his comparison fell flat.

Kernan dismissed Rama’s analogy with a derisive, “Property tax. That’s an old trope.”

Quick pointed out the clear distinctions, emphasizing that property taxes are a form of use tax that supports crucial services such as schools and emergency services, directly benefiting the taxpayer.

Taxing unrealized gains would unfairly burden individuals without offering them any immediate benefit. As Rama struggled to justify the tax as a means to fund “more opportunity,” Quick and Kernan pointed out that such a tax is unfeasible and unjust.

Kernan even dismissed the idea as likely unconstitutional and unlikely to ever be enacted.

While it’s significant to see a Democratic advisor challenged on national television, the more pressing concern is the potential impact on America’s future.

If Harris and her team proceed with this plan, it could have serious financial implications for all Americans.

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