CNBC Host Joe Kernen Challenges Harris Advisor on Unrealized Capital Gains Tax

NYC (VINnews)-CNBC, co-host Joe Kernen couldn’t help but roll his eyes and laugh when Bharat Ramamurti, an economic advisor to Kamala Harris, attempted to defend a proposed unrealized capital gains tax. The discussion quickly turned into a light-hearted exchange as the hosts questioned the feasibility and legality of such a tax.

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Ramamurti, who serves as Deputy Director of the National Economic Council, was put on the spot when he tried to equate the concept of an unrealized capital gains tax with property taxes. “Property taxes are essentially a tax on unrealized gains,” Ramamurti argued. However, the statement was met with skepticism and amusement from Kernen and his fellow hosts.

Kernen was quick to counter, asserting that an unrealized capital gains tax is “probably unconstitutional” and questioning its legitimacy. “It’s not income,” Kernen pointed out, echoing a common critique that taxing unrealized gains—profits on assets that have not yet been sold—does not align with traditional definitions of taxable income.

The conversation reached a pause when Ramamurti was left in silence, unable to immediately respond as the hosts playfully poked fun at the proposal. “And it’s never gonna happen,” Kernen added with a chuckle, signaling his doubt that such a tax would ever be implemented.

The debate highlights ongoing tensions between the Biden administration’s economic policy proposals and the challenges they face in gaining widespread acceptance. While the idea of taxing unrealized capital gains has been floated as a way to target wealth accumulation among the richest Americans, it remains controversial and faces significant legal and practical hurdles.

As the segment wrapped up, it was clear that the idea of an unrealized capital gains tax remains a hot topic, but one that faces a steep uphill battle, both in the court of public opinion and in the halls of Congress.