One of Harris’s economic advisors had a rough Tuesday morning after getting embarrassed while appearing on a supposedly friendly network to the campaign.
Harris economic advisor Bharat Rama appeared on CNBC’s Squawk Box this morning to sell the audience on a key portion of his boss’s socialist $5 trillion tax plan. Rama attempted to explain to the hosts that taxing unrealized gains was fair, only applied to a small number of rich people, and was similar to a property tax.
But, as CATO notes, Harris’s tax scheme includes a new minimum tax of 25 percent on traditional income and unrealized capital gains for taxpayers with more than $100 million in total wealth. While supposedly just targeted at the rich, such a tax would create widespread economic damage while proving unworkable and blatantly unconstitutional.
Understanding these facts, hosts Becky Quick and Joe Kernan easily exposed Rama’s economic ignorance and took him to school while making fun of him. Especially Kernan, who also laughed at him.
WATCH:
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
QUICK: Taxing unrealized gains just doesn’t seem fair in any sense of the word. In the very best sense, if you were taxing unrealized gains, all you are doing is pulling forward the taxes that would be paid later when somebody actually sells the stock.
RAMA: 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.
KERNAN (derisively): Property tax. That’s an old trope.
RAMA: When the value of your home goes up, you pay higher taxes.
QUICK: The value of your home never moves the way your stock moves…
KERNAN (mocking Rama while agreeing with Quick): It’s not the same. That’s (Rama’s comment) always the go-to answer (by liberals).
QUICK (continuing): The property tax is a use tax. You’re paying for the schools, you’re paying for emergency services…Those are things that make absolute sense.
RAMA: Sure. And all of the revenue that comes from these unrealized gains, taxes, and the other taxes in the Harris plan is going to go to what she calls more opportunity…
QUICK: But it’s not actually people who are using the services.
RAMA: Look, you are arguing that this is some sort of foreign concept that’s completely unknown…
KERNAN: It’s probably unconstitutional…
QUICK: It’s not income.
KERNAN: And it’s never going to happen…Not in my, well, not in my lifetime (laughing at Rama)…Not in Becky’s lifetime!
While it is always good to see a clueless Democrat get humiliated, the scary part is people like Rama will be running America under a Harris regime. And every American will end up paying a catastrophic price.
The post BACKFIRE: CNBC Hosts Embarrass and Laugh at Harris Economic Advisor When He Pathetically Tries to Sell a Key Part of Her $5 Trillion Tax Plan (VIDEO) appeared first on The Gateway Pundit.
