Kamala Harris WANTS to Tax Unrealized Capital Gains!

all right guys we got to talk about an interesting little controversy that took place earlier this morning on CNBC and what happened was kamla Harris's economic advisor his name is Barat Rama went on CNBC and it turned into this viral clip where he basically explained his argument of why their Administration is in favor of unrealized capital gains tax what that basically means is the Biden Harris Administration or KLA Harris if she gets elected she would literally tax unrealized gains on your you know your uh your stock gain so let me just explain what unrealized uh capital gains tax means okay so as of right now the current system the way that it works is you have something called realized gains and unrealized gains you do not get tax on unrealized gains technically everybody that is up on a stock investment right now has something called unrealized gains for example let's say I buy Nvidia stock and I'm up 30% I have made a 30% return on the stock and you know whatever that amounts to depending on how much money I put in you know I'm up I currently as the system stands do not get taxed on that money it doesn't matter if I'm up 30% it doesn't matter if I'm up 100% 1,000% it is considered unrealized because I did not sell as long as I don't sell it does not get taxed it is not until I sell that it gets taxed and when I sell that stock for a gain it goes from being an unrealized gain to a realized gain so as the system currently stands right now you only get taxed on realized gains and the only way you can realize the gain is if you sell the stock what the KLA Harris Administration wants to do is even if you don't sell the stock and the stock goes up and you don't sell it and it goes down and you lose money you would still get taxed on the unrealized gain even though you didn't sell just a quick example let's say I buy Nvidia stock I'm up 100% on the stock I made a 100% unrealized gain on the stock and the reason why it's unrealized is because I did not sell the stock well let's say that in the same day or a few days later the stock goes from being up 100% to back down 85% well and then I decide to sell it well because I had an unrealized gain unrealized of 100% under kamla Harris's new tax plan even if you realize the gain for 15% but at one point you up 100% even though you didn't sell you would get taxed on that 100% unrealized gain I know this stuff is can get pretty complicated hopefully I explained it well the bottom line is this proposal is beyond stupid I am not in favor of it it is a terrible proposal I'm going to be honest here that is absolutely terrible and the good news is it's never going to pass but one thing that I do want want to clarify we got to make sure that we we speak the facts here because what a lot of these people who are not fans of comma Harris are leaving out is the actual language of The Proposal so let's go ahead and go to the actual proposal language so this is the proposal right here that originally was written by the Biden Administration who obviously Kam is a part of and Kamala will basically incorporate this into her Administration if she were to win reelection so everybody saying oh my God KLA Harris is going to take all your money she's going to tax unrealized gains all you middle class people who are working hard and trying to build a little wealth and make something for yourself in America and live the American dream she's going to take that away from you that's false that's not true I do not agree with the unrealized tax I think that's stupid I think that's terrible unamerican to be honest but just to be clear according to the proposal which I have pulled up right here that proposal would only apply the unrealized capital gains tax would only apply to individuals who make more than $100 million so 99% of everybody complaining about the proposal it would not affect you in any way if you're a millionaire you would not be affected if you're a 100,000 a you would not be affected they're not going to tax unrealized capital gains for the middle class for the poor for even the upper middle class they're not coming after your money they are only going after the mega rich and the funny part is there's this article right here on axos that really broke it down the unrealized gains uh capital gains tax only applies to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income so I really don't have an issue with it as long as it's I mean I mean I do don't get me wrong I do but I'm not as upset about it because it's only geared towards people who make you know a hundred million so I just want to go ahead and clarify that the tax proposal only applies to individuals making over 100 million not that huge of a deal I mean also it's never going to pass just to be quite honest with you guys it's never going to happen Congress won't allow it uh there will be outrage all over the place if it happens even though it only applies to individuals making over $100 million people just don't like that because you're you're essentially taxing money from people that they didn't even make like that's not theirs like if you don't realize the gain technically you didn't actually make the money like it's it's it's it's kind of complicated but uh yeah let's go ahead and actually play the video though because the CNBC hosts were really upset about uh the economic advisor for Kamala when he spoke to them about his thoughts on the unrealized capital gains tax here we go unrealized gains taxing unrealized gains just doesn't seem fair in any sense of the word in the very in the very best sense if you are taxing unrealized gains all you're doing is pulling forward the taxes that would be paid later when someone actually sells the stock I I I I think that this reaction to unrealized gains is a little funny given that I bet that the majority of people watching right now are already paying a tax on unrealized gains it's called a property tax tax when the value of your home goes up that's an old when the value of your home goes up yeah that's not really the same thing you you can't compare uh stocks to uh real estate those two taxes are two completely different things in my opinion they're they're not the same taxing unrealized gains on somebody who made a 10,00% return on Tesla stock but when they sold the stock they actually only made 5% because that's when they actually decide to sell the stock like it it's not the same at all you pay higher taxes even if you don't sell your home your value of your home never moves the way stock moves the way something always the go to answer it's yeah she's bringing up an excellent point stocks are so much more volatile than real estate stocks move crazy crazy swings crazy volatility they could be really up they could be really down uh you can't do options contracts on real estate you could do options contracts and stocks I mean I mean you can short stocks and make a lot of money it's just a different ball game you cannot compare stocks in real estate that was a bad comparison also property tax is a use tax you're paying for school for the schools you're paying for emergency services those are things that make absolute sense and and sure and all the all the revenue that comes in from these unrealized gains taxes and the other taxes the tax in the Harris plan are going to go to what creating what she calls more opportunity it's to make sure that every new in this country yeah but here's the other problem too the federal government is just so bad at spending their money you know you can say all you want that yeah this these dollars that we tax you from unrealized capital gains is going to go to this this and this but you know every time I look up all I see is you're sending billions of our tax dollars to Israel you're sending billions of our tax dollars to Ukraine you know the the federal government just doesn't do that great of a job when comes to you use some money but you know who does these local neighborhoods or you know some of these states or whatever that will use your property taxes to go to the school districts most of the school districts I could even speak on the state of Illinois where I live in most of the neighborhoods with good school districts for the most part have high taxes which tells me that they're clearly doing what they're supposed to do because that's why the property taxes are higher so they could go to different resources that will better help the neighborhood like the school districts making sure you have good teachers making sure everything's all up data you got a nice football field you got a nice facility everybody has all the resources and books that they needed things and different things like that some of these affluent neighborhoods in Illinois do a really good job with the tax dollars the federal government unfortunately just does not so do I really trust the kamla Harris Administration to do the right thing with the tax money no I don't now again this isn't shade the KLA Harris I've been very vocal and honest about the fact that uh I will be voting Democrat in this election I will be voting for KLA Harris but I got to call a spay a spay the federal government is just not great when it comes to spending money I mean go do a deep dive one day on Google just really do a deep dive of research what in God's name these people are spending your money on you would be shocked it's crazy $6,000 the services well look I I you're you're arguing that this is some sort of foreign concept that's completely uh unknown probably unconstitutional it's probably and it was never in in anyone's intent to it's not an income tax it's never going to happen probably all right so there you go that's the end of that clip that's the clip that's kind of going viral on Twitter everybody's uh all up in arms about it I just wanted to make sure I clarified that no kamla Harris is not com after the middle class she's only going after people who make over $100 million but at the same time this is an absolutely dumb proposal this proposal was really stupid uh but it's never going to happen so there's really no point in everybody being outraged because it's never ever going to happen trust me you have about as good of a chance of this happening as student loan forgiveness happening which at this point doesn't seem like that's ever going to happen either so all right anyway uh that's today's video thanks for watching guys I'll see you in the next one