Former CKE Restaurants CEO Andy Puzder is no fan of Democrat presidential candidate Kamala Harris’ radical tax proposals.

According to various reports, Harris supports imposing a 25 percent tax on so-called “unrealized capital gains” and hiking the corporate tax rate.

Speaking with Fox News about this agenda, Puzder cried foul.

“It would be devastating to the economy,” he said. “You’re going to give up revenue, you’re going to lose companies, we’re going to lose business.”

Unrealized capital gains tax means if you buy a stock for $100 and it goes up to $500 then back down to $50 you owe taxes on the $400 profit you never made.

— Chase Geiser (@realchasegeiser) October 26, 2021

Plus, he continued, this strategy never works.

“The last president who was a Democrat that did anything rational on taxes, again, was Bill Clinton,” Puzder said. “He cut the capital gains rate. He didn’t increase it, he cut it. And when he cut it, he and Newt Gingrich were able to balance the federal budget.”

“The idea that we’re going to tax unrealized capital gains, that’s just absurd. This is voodoo economics… it’s absolutely ridiculous,” he added.

Exactly. The key to raising revenue is to CUT TAXES, not increase them.

Case in point: “The original Trump tax cuts… not only created jobs, they created increased tax revenue,” Puzder noted.

This is true.

“The Congressional Budget Office’s May 2022 forecast shows that the government now expects to bring in more tax revenue in the decade following the 2017 ‘Trump tax cuts’ than it had projected prior to the December 2017 passage of tax reform,” the Heritage Foundation noted in 2022.

“It doesn’t look like the tax cuts—which government scorekeepers said at the time would cost $1.5 trillion over 10 years—have been anything like the fiscal nightmare that some on the left would lead us to believe,” the foundation added.

BREAKING: VP Kamala Harris proposes raising the corporate tax rate to 28%, rolling back Trump’s 2017 legislation according to NBC.

The development comes as Harris is facing accusations that her new economic policy is “communist.”

Harris campaign spokesman James Singer says… pic.twitter.com/eSu2LSzLi8

— Collin Rugg (@CollinRugg) August 19, 2024

Exactly, but Democrats refuse to acknowledge this point. If anything, they’ve chosen to ignore it and instead double down on stupid.

“I thought when we got rid of President Biden as a candidate, when he withdrew or was driven out, I thought we’d end up with Kamala-nomics instead of Bidenomics, and it would be basically the same thing,” Puzder said. “But it’s really much, much worse. These are irrational policies that will drive us into an economic ditch.”

Former House Speaker Newt Gingrich agrees.

“You need to understand, a 25 percent increase in unrealized capital gains means, theoretically at least, if your house goes up in price, in value, the government can step in and say: give me the money,” he told Fox News. “And if you don’t have the money, the government can step in and say: give me the house.”

Correct.

You paid $250,000 for a house. Zillow says it’s worth $500,000.

$500,000 (fair market value) – $250,000 (cost basis) = $250,000 unrealized capital gain.

25% * $250,000

=

$62,500 owed to the IRS https://t.co/U91nDiSuQb

— Cernovich (@Cernovich) August 20, 2024

“This would be the most crazy tax structure we have ever seen,” Gingrich continued. “It makes Venezuela look normal. It makes Russia look normal,” Gingrich stressed.

“That speech last week in Raleigh, where [Harris] outlined her economic plan, that was crazy. That was so far to the left of Bernie Sanders that Gorbachev in Russia would have thought it was a radical speech,” he added.

“Shark Tank” star and investor Kevin O’Leary has also slammed Harris’ proposals, calling them “bad policy.”

Speaking with Fox News, he was particularly concerned about the vice president’s call for price controls.

“That’s beyond crazy,”  he said. “Imagine America where there’s a ministry of pricing for groceries that tells a farmer what an apple can be sold for and what you can buy it for. That is a horror film for Netflix that no one’s even written the script for. That’s not America. There’s no chance in hell that’s going to happen.”

Most of us in the institutional markets thought Harris would move to the middle. That was the safest strategy for winning. Instead, she doubled down on Bidenomics which is a BAD brand that’s associated with inflation. Her advisors have given her some bad advice. pic.twitter.com/5mc7kjptyr

— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) August 21, 2024

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Vivek Saxena

Senior Staff Writer
Vivek@bizpacreview.com

V. Saxena is a staff writer for BizPac Review with a decade of experience as a professional writer, and a lifetime of experience as an avid news junkie. He holds a degree in computer technology from Purdue University.

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