This Should Scare Every American

Vice President Kamala Harris will hit the ground running after she officially accepts her party’s nomination tonight at the 2024 Democrat National Convention. However, amid the Left’s enthusiasm surrounding Harris’ campaign, there is some very troubling news about her economic policies that should frighten every American voter.

According to MarketWatch:

One month into her campaign, it looks like that is indeed the case. Multiple published reports this week have said the Democratic presidential nominee supports the tax increases put forth in Biden’s most recent budget proposal, which came out in March.

The Biden budget called for new taxes on wealthy Americans, corporations and business owners — including a controversial idea to tax unrealized capital gains as income for those with more than $100 million. An unrealized capital gain, also called a paper profit, refers to an increase in value for an asset that a person hasn’t sold yet, whether it’s a share in a business or a property.

Biden’s Treasury Department said it’s proposing “a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million.”

Of course, no one truly knows all of Kamala’s economic policies because she hasn’t announced them yet. Pundits on the Left and the Right keep asking when the policies or press conferences are coming, but so far . . . nothing.

Even so, we have gotten some bits and pieces of the radical economic policies of the Harris-Walz campaign. Earlier this week, we heard about her plan to control the prices of groceries and ban price gouging. In other words, she wants the government to control prices – a page right out of the Communist playbook. The plan is so radical that even mainstream media outlets are calling her out on it.

If Kamala implements this plan, it’ll drive up inflation even more and fewer businesspeople will enter the market, resulting in lesser quality goods or no goods at all.

So if we couple this potential economic disaster with the taxes on unrealized capital gains, Americans should start to get worried. First, this policy would consist of a 44.6% capital gains tax on assets sold (e.g., a home, stocks), a significant increase from the current capital gains tax rate.

But then there’s also a 25% tax on unrealized capital gains that will supposedly only apply to “taxpayers with wealth.” So say if the stock market went up, an investor would get hit with a 25% tax on the market value of their assets. Now this isn’t even money they own – it’s only on paper.

ACLJ Senior Counsel and Director of Policy Harry Hutchison reacted to Kamala’s widespread impact of the proposed far-Left tax increase:

This particular proposal has already been tried in Norway. What has it done to the country of Norway? Well, it’s driven wealthy individuals out of the country. Norway is a country of about 5.3 million individuals. The U.S. is roughly 61 times larger than Norway in terms of population. And so if her proposal were to pass in the U.S., we should expect to lose 1,800 millionaires and billionaires. Why should the American people care about that? . . . Those individuals will take their capital with them to other markets, and they will drive down employment in the U.S. Keep in mind the Biden Administration has already revised downward job numbers with respect to the last 12 months by almost 1 million employees. So this will hurt average working-class Americans.

Yes, the far Left says it will apply to the wealthy today, but understanding the trickle-down effect of this disastrous economic policy is essential. It would destroy small and large businesses alike and put middle-class Americans out of jobs, literally destroying the American economy.

Tonight is a big night for VP Harris. We’ll see if she finally unfolds her economic policies. However, I expect her to continue propping up the topic of joy and supporting the Left’s radical abortion policies.

Today’s Sekulow broadcast included a full analysis of Vice President Kamala Harris’ horrific unrealized capital gains tax plan. ACLJ Senior Counsel for Global Affairs Mike Pompeo and ACLJ Senior Advisor for National Security and Foreign Policy Ric Grenell commented on last night’s DNC speeches. Former U.S. Rep. Tulsi Gabbard also joined to give an update on the ACLJ’s defending her after the Deep State put her on a terrorist watchlist.

Watch the full broadcast below: