Topic: Unrealized Capital Gains

3 chapters across the catalog

Kamala Harris's proposed 25% tax on unrealized capital gains is criticized as a policy that would force middle-class families and seniors to sell their homes. Dr. Kirk Elliott argues that this tax, combined with high inflation, represents a 70% effective tax rate that would destroy American wealth.

The Kamala Harris campaign expressed support for a tax plan that includes a 44.6% capital gains tax and a 25% tax on unrealized gains. Dr. Kirk Elliott described these proposals as "French-level communism" that would force citizens to sell assets like homes just to pay taxes on paper value increases. The discussion cited a case in Chicago where property taxes for one resident jumped from $23,000 to $128,000 annually, illustrating the burden of current fiscal policies.

The IRS has implemented new AI software to track "tax cheats," specifically flagging any accounts with cryptocurrency transactions or 1099 income. This surveillance is part of a broader push for a social credit system, which includes the new requirement to report Venmo and Zelle transactions over $600. The Biden administration is also proposing an unrealized capital gains tax that would disproportionately affect middle-class investors.