Vivek Ramaswamy made waves during the Republican Primaries.
And while he came up short of winning the GOP’s Presidential nomination, conservatives are keeping a close eye on him as an up-and-comer in the party.
And now Vivek Ramaswamy is taking Kamala Harris to school and teaching her a lesson about her own harmful policies.
“It’s the economy, stupid”
Back in 1992, then-Arkansas Governor Bill Clinton defeated former President George H.W. Bush to give Democrats the White House for the first time in twelve years.
Clinton won with only 43% of the vote because billionaire businessman Ross Perot took nearly 20% of the ballots running as the anti-NAFTA Presidential candidate.
Bush breaking his promise of new taxes and Perot’s entrance in the race are credited with him costing the election.
Clinton’s lead strategist James Carville said that race came down to the sluggish economy.
“It’s the economy, stupid,” Carville said.
32 years later, Vice President Kamala Harris may be the victim of those same four immortal words.
As she campaigns for the White House, thanks to Kamalanomics, American voters are struggling to make ends meet.
If voters decide to vote based on their wallets, it could dash Kamala’s dreams.
And those dreams could soon turn into a nightmare now that entrepreneur Vivek Ramaswamy is taking the Vice President and American voters to economics class.
Kamala Harris supports Joe Biden’s proposed new tax
Ramaswamy is the founder of anti-woke investment firm Strive.
With that on his resume, it’s fair to say the tech entrepreneur and author of Woke Inc. knows a thing or two about economics.
In fact, it appears he knows much more about micro and macroeconomics than the sitting Vice President of the United States.
A 44.6% tax on capital gains and a 25% tax on unrealized capital gains would be the absolute end of the middle class.
Kamala Harris MUST be defeated!
— Lauren Boebert (@laurenboebert) August 21, 2024
The Spectator Index reported that Kamala is backing President Joe Biden’s proposal for a 44.6% tax on capital gains.
The Biden-Harris plan includes a 25% tax on so-called “unrealized” capital gains.
Voters don’t seem too concerned – because it’s a complicated issue that most have never heard of before.
Unrealized capital gains 101:
You bought 100 shares of Zoom stock in Jan 2020 for $75 per share
Ends year at $350 per share but you didn’t sell giving you an unrealized gain $27.5k
Under Kamala’s plan you owe $6,875 in taxes (25% of $27.5k)
But you didn’t sell so you don’t… pic.twitter.com/oB9U2HwexX
— Brian Beers (@brianbeers) August 21, 2024
Why hasn’t it been heard of?
Because the idea of taxing profits that you’ve not received is insane.
And Ramaswamy is breaking down for voters the catastrophic impact Kamala’s proposal would cause if passed.
Vivek Ramaswamy holds economics 101 for Kamala Harris
Ramaswamy sent out a tweet to his followers explaining exactly how the Vice President’s plan would lead to what he called “an economic calamity.”
Kamala Harris supports a tax on *unrealized* capital gains & here’s how that will trigger an economic calamity:
Currently, if you own an asset (stock, house, land, etc.) and it goes up in value, you don’t pay taxes on that appreciation until you sell it. Makes sense — you…
— Vivek Ramaswamy (@VivekGRamaswamy) August 22, 2024
He started off by explaining how things currently work.
“If you own an asset (stock, house, land, etc.) and it goes up in value, you don’t pay taxes on that appreciation until you sell it,” Ramaswamy wrote on X. “Makes sense — you haven’t actually made any money yet.”
Ramaswamy then contrasted that with the changes American workers could face if Kamala is elected President of the United States.
“Imagine you’re a family farmer or small business owner whose property goes up in value,” Ramaswamy continued. Or consider a startup founder I know. He’s the kid of a middle-class family who had a brilliant idea for a consumer technology company that’s worth a lot on paper. But he doesn’t have spare cash because he poured his savings into launching the business — which is growing and likely to succeed. The only way it would fail is if he has to sell shares prematurely. And that’s exactly what this tax would force him to do. The IRS doesn’t care that your newfound ‘wealth’ only exists on paper. They want cash.”
If you own a house, subtract what you paid for it from the Zillow estimate.
Be prepared to pay 25% of that in a check to the IRS.
That’s your unrealized capital gains taxed owed under the Kamala Harris proposal.
— Cernovich (@Cernovich) August 20, 2024
Kamala’s plan would also force homeowners to pay 25% on however much a house appreciated over the course of a year.
And, as Ramaswamy explained, it would have a chilling effect on investing.
“The same goes for someone sitting on long-term capital gains in their public stock portfolio: they *have to* sell in order to pay taxes, even though they otherwise wouldn’t have wanted to,” Ramaswamy added. “This creates a vicious cycle of what’s known in capital markets as ‘forced selling’ – you have to sell off assets to pay your tax bill, but so does everyone else at the same time, triggering a downward spiral in asset prices. It’s the best formula for triggering a politician-made market crash.”
Ramaswamy concluded by pointing out that even “thoughtful Democrats” don’t support this radical idea from the Harris-Walz campaign.
