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The internet is abuzz with Americans freaking out over the possibility that Kamala Harris has endorsed Biden’s tax on “unrealized gains.” And there’s a good reason why Americans are freaking out: a move like that would catapult the US economy back into “Depression-era” times. So, what exactly does taxing “unrealized gains” mean? Well, the quick answer is this: Taxing unrealized gains means you have to give money to the government because something you own is worth more now, even if you haven’t sold it yet.

Sounds fair, right? This is what many believe Kamala Harris wants to do, and it’s spreading like wildfire all over the internet.

Needless to say, the very idea of taxing unrealized gains has a lot of people outraged, including Senator Mike Lee.

Senator Lee:

đŸ§” 1. Kamala’s proposed tax on unrealized capital gains would be unwise, harmful, and unconstitutional. It’d be a direct tax which, under the Constitution, must be apportioned among the states based on population.

2. Any apportionment requirement would make such a tax essentially impossible to implement. Such a requirement would essentially force states with zero billionaires to contribute revenue from this tax, which isn’t possible if no one there has unrealized gains.

3. To be sure, a direct tax need not be apportioned if it’s a tax on income, as that is allowed by the Sixteenth Amendment. But it’s effectively (and constitutionally) impossible to count a gain as income if it hasn’t been realized.

4. Even if that were somehow possible to count an unrealized gain as income—which it isn’t—imagine the chaos that would ensue from such a policy! The government itself, rather than the market, would ascertain the value of an investment relative to the initial purchase price.

5. That simply wouldn’t work. No one can truly know for certain what an investment is objectively worth until it’s sold. That alone would make this unworkable. And it’s practical in workability only underscores the fact that an unrealized gain simply is not income.

6. A tax on unrealized gains would, moreover, have a severe chilling effect on investment in America. That, in turn, would chill job growth, innovation, and economic growth.

7. Such a tax might create a short-term, economic windfall at the outset. But any benefits would quickly be replaced by a severe drag on the economy, resulting in less revenue flowing to the government.

8. Like nearly all of Kamala Harris’s policy ideas, this one would be a disaster—especially for America’s poor and middle class, the very people Kamala tries to appeal to when she shortsightedly proposes bad ideas like this one.

9. This would, of course, make America’s progressive Democrats happy, as it fulfills the Marxist aim of fomenting class conflict, culminating in the forced redistribution of wealth.

10. But herein lies Marxism’s inexorable weakness: it doesn’t work—for many reasons, including the simple reason that Marxist policies so dramatically reduce the total amount of wealth, that there’s less for literally everyone.

11. Reject Marxism. Reject the Harris-Walz campaign’s empty promises of a socialist utopia. Elect Trump!

But there’s more…

The news organization Protos is suddenly claiming the rumor about taxing unrealized gains is “fake news.”

Protos:

Fake Kamala Harris news came from a month-old tax plan

Harris didn’t endorse any new unrealized gains tax yesterday. Instead, as a way to engagement-farm the ongoing Democratic National Convention on social media, crypto commenters rebroadcast old material about Democrat policy documents.

Most commenters simply blurted, “Kamala Harris has endorsed a tax on unrealized capital gains.” It would, in their mistaken view, tax someone who held a single bitcoin acquired at any lower price.

The actual truth is that a Democratic platform document, crafted over a month ago, includes a proposed 25% ‘billionaire tax’ that might apply, if enacted, to the income and unrealized capital gains of wealthy tax filers who own more than $100 million worth of assets.

But it’s hard to tell what’s real and what’s not, with Kamala Harris hiding from the media and her penchant for Marxism.

Here’s what Twitter user @stormrobinson had to say.

Storm:

How would Kamala’s tax on unrealized gains even work? Let’s say you buy $1000 worth of stock in 2025. In 2026, the value of that stock is $1100 so you owe Kamala $25 (25% of the $100 unrealized gain). Now say the value of that investment drops back to $1000 in 2027. Does Kamala give you your $25 bucks back? What if the stock goes even lower?

What if you have $100k in assets in 2025 and in 2026 the value of your portfolio grows to $110k. Now you owe Kamala $2500. You either pay that from your income or cash savings or you have to sell enough assets to cover a tax on an investment you haven’t even taken profits on yet. Let’s say you don’t have the free cash on hand so you have to sell enough assets to cover the tax. Is the sale on those assets you sold to pay taxes on unrealized gains in 2026 now subject to the 44.6% capital gains tax in 2027? If so, that’s another $1115 dollars you owe Kamala.

Communism sucks.

The mystery of the unrealized gains continues. Is this something her team “floated” to test public reaction to her policy, or is it just “fake news”? Could it be an idea she plans to revisit if she were to be installed in the White House? We may never know until it’s too late.

The bottom line is that a plan like this would destroy any chance of retirement for Americans who are already struggling to get out of the work grind alive. It’s absolutely absurd to think you could actually get the same price on paper when everyone’s being forced to buy or sell in huge amounts that move the market. How on earth would anybody know what the real value of these assets is? And on which day? And what if the asset tanks afterward—do you get a do-over? And let’s not even get started on non-public assets like small businesses or real estate. Honestly, this just proves how insanely stupid and DEI-obsessed Kamala truly is. This whole idea is an economic WMD waiting to go off.

But it’s not so far-fetched to believe it’s true, and Kamala is embracing this economically fatal idea. After all, it was part of Biden’s tax plan, which Americans flatly rejected.

The best way to keep Kamala far away from the US economy is to vote for President Trump, who has a proven track record of making America great again.

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