Experts Criticize Harris' Tax Plan as Bad Economics
- Experts Andy Puzder and Newt Gingrich label Kamala Harris' tax plan as 'voodoo economics'.
- The plan involves corporate and unrealized capital gains tax hikes.
- Critics believe the tax plan could have negative implications on the economy.
Vice President Kamala Harris has reportedly endorsed President Biden’s proposed tax hike plan, which includes a controversial 25% tax on unrealized capital gains for individuals with wealth exceeding $100 million. This announcement has elicited strong reactions from political and economic commentators, particularly regarding its potential impact on businesses and the economy. Critics argue that such a tax could deter investment and lead to significant economic repercussions. Former House Speaker Newt Gingrich expressed his concerns during a segment on Fox News, stating that the proposed tax could result in the government demanding payments based on increased property values, which he described as a "theoretical" scenario. He characterized the tax plan as "absurd" and likened it to "voodoo economics," suggesting that it is a radical departure from traditional fiscal policies. Gingrich further criticized Harris's recent speech outlining her economic strategy, claiming it was more extreme than even Bernie Sanders' proposals. Additionally, former CEO Andrew Puzder weighed in, arguing that the plan represents a significant rollback of the 2017 tax cuts implemented during the Trump administration. He noted that the previous cuts were instrumental in balancing the federal budget and criticized the notion of taxing unrealized gains as misguided. Puzder expressed concern that the economic policies under Harris, which he referred to as "Kamala-nomics," would mirror those of Biden, potentially leading to similar fiscal challenges. As the debate continues, the implications of Harris's support for the tax hike remain a focal point in discussions about the future of U.S. economic policy.