Accountant Explains: Kamala's Most RADICAL Financial Policies

Summary

The video script discusses Kamala Harris's radical financial policies, including a minimum 25% tax on unrealized capital gains for the ultra-wealthy, which could lead to bankruptcy. It also addresses her proposal for federal price controls on groceries to combat inflation, despite historical failures of such measures. Additionally, the script touches on her support for providing healthcare to all illegal immigrants, a costly policy with significant taxpayer implications. The video questions Harris's policy coherence and her belief in equity over equality, suggesting a potential alignment with communist principles.

Takeaways

• 😀 The video discusses Kamala Harris's radical financial policies, inviting viewers to watch until the end before forming an opinion.
• 💼 The presenter, familiar with Kamala's past as a prosecutor, critiques her policies as 'insane' and potentially leading to personal bankruptcies.
• 💰 A key policy critiqued is the proposed 25% minimum tax on unrealized capital gains for individuals worth over $100 million, which is seen as akin to extortion.
• 📉 The video argues that such a tax could force the sale of assets, leading to a significant drop in the stock market and personal bankruptcies among the wealthy.
• 🛒 Kamala is also criticized for advocating a federal ban on price gouging in grocery stores, with the presenter arguing that price controls could lead to food shortages.
• 🏥 Another policy discussed is the provision of free healthcare to all illegal immigrants, which the presenter suggests is costly and may not be popular with taxpayers.
• 🤔 The presenter questions Kamala's consistency on policy stances, suggesting she may be 'wishy-washy' on certain issues.
• 🏛 The video implies that Kamala's policies have elements of Communism, particularly the principle of equity over equality, which is a point of contention.
• 📚 Historical examples are given to show that price controls, as proposed by Kamala, have not been successful in the past, leading to shortages and high inflation.
• 🌐 The video concludes by encouraging viewers to consider the implications of Kamala's policies and to engage in discussion, inviting comments and further debate.

Q & A

What is the main concern raised in the video about Kamala Harris's financial policies?

The video expresses concern that Kamala Harris's financial policies are radical and potentially harmful, including a 25% tax on unrealized capital gains for those worth over $100 million, which could lead to bankruptcy for many individuals.

What is the definition of unrealized capital gains as mentioned in the video?

Unrealized capital gains refer to the increase in value of an asset that a person owns but has not yet sold, such as stocks or real estate.

Why does the video argue that the proposed 25% tax on unrealized capital gains could lead to bankruptcy?

The video argues that this tax could force wealthy individuals to sell off a significant portion of their assets to pay the tax, which could lead to a market selloff, tanking of stock values, and potential bankruptcy.

What is the historical precedent for unrealized capital gains tax mentioned in the video?

The video does not mention any historical precedent for unrealized capital gains tax in the United States, but it does discuss the concept of realized long-term capital gains tax, which has been historically implemented with varying rates.

What is Kamala Harris's stance on price gouging in grocery stores, as described in the video?

Kamala Harris has called for a federal ban on price gouging in grocery stores and has proposed price controls to cap prices on groceries.

Why does the video suggest that price controls on groceries could be problematic?

Price controls could lead to food shortages as demand outpaces supply, and grocery stores already operate on low profit margins, making them particularly vulnerable to such policies.

What historical examples are given in the video to illustrate the potential negative effects of price ceilings?

The video mentions that the U.S. experienced food shortages after implementing price ceilings during World War II under FDR and again in 1971 under President Nixon.

What is Kamala Harris's policy regarding healthcare for undocumented immigrants?

Kamala Harris has supported providing healthcare to all undocumented immigrants, which has already been implemented in California at a cost of over $6.5 billion annually.

How does the video suggest that providing healthcare to undocumented immigrants could impact taxpayers?

The video implies that taxpayers might be resistant to funding healthcare for undocumented immigrants, questioning why their tax dollars should be spent in this way.

What does the video suggest about Kamala Harris's overall approach to policy-making?

The video suggests that Kamala Harris's policies may not be well thought out and that she appears to be inconsistent in her policy stances.

What is the video's final conclusion regarding the principles behind Kamala Harris's policies?

The video concludes that Kamala Harris's policies seem to align with the principle of equity over equality, which is a concept associated with communism, and questions the practical implications of these ideals.

Outlines

00:00

💸 Kamala Harris's Radical Financial Policies

The video script discusses Kamala Harris's financial policies, which the speaker considers radical. The speaker, who lives near where Harris worked as a prosecutor, delves into her proposal for a minimum 25% tax on unrealized capital gains for individuals worth over $100 million. This policy, the speaker argues, could lead to the bankruptcy of many individuals as it requires them to sell off assets to pay the tax, which could cause a significant drop in the stock market. The speaker also criticizes the policy for its potential to penalize people without providing tax benefits for unrealized capital losses.

05:00

🛒 Price Controls and Healthcare for Undocumented Immigrants

In the second paragraph, the speaker addresses Kamala Harris's call for a federal ban on price gouging in grocery stores, suggesting a maximum price cap as a solution. The speaker points out that grocery stores typically have low profit margins and are already struggling with increased costs such as energy and transportation. They argue that price controls could lead to food shortages due to the basic economic principle of supply and demand. Historical examples of price ceilings, such as those during World War II and the Nixon era, are cited as evidence of their ineffectiveness. Additionally, the speaker criticizes Harris's policy of providing healthcare to all illegal immigrants, highlighting the high costs and questioning the use of taxpayer dollars for this purpose.

10:02

🏛️ Critique of Communism and Policy Implications

The final paragraph of the script critiques the principles of Communism, which the speaker suggests underlie some of Kamala Harris's policies. The speaker questions the historical effectiveness of Communist ideals in practice, despite their theoretical intent to close the wealth gap and help underprivileged individuals. The video concludes with a call for viewers to share their thoughts in the comments and a teaser for the next video.

Keywords

💡Kamla Harris

Kamla Harris is a prominent political figure who has served as a prosecutor and is currently a U.S. Senator. In the video, the speaker discusses Harris's financial policies, suggesting that they are radical and potentially problematic. The term is central to the video's theme as it sets the context for analyzing her policy proposals.

💡Unrealized Capital Gains Tax

An 'unrealized capital gains tax' is a tax on the increase in value of an asset that the owner has not yet sold. In the video, the speaker criticizes Kamla Harris's proposal for a minimum 25% tax on unrealized capital gains for individuals worth over $100 million, arguing that it could lead to the bankruptcy of many individuals and is akin to extortion.

💡Communism

Communism is a political and economic ideology that seeks to establish a classless society where all property and wealth are communally owned. The video suggests that some of Kamla Harris's policies have strains of communism, particularly in the context of wealth redistribution and the idea of everyone ending up in the same place, which is a principle associated with communism.

💡Price Gouging

Price gouging refers to the practice of raising prices on goods or services to an unreasonable or unfair level, typically during a time of crisis or high demand. The video discusses Kamla Harris's call for a federal ban on price gouging in grocery stores, which the speaker argues could lead to food shortages due to the disruption of supply and demand.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The video mentions that inflation has hit grocery prices hard, and it is within this context that Kamla Harris proposes price controls as a solution.

💡Equity

Equity refers to fairness and justice in the way people are treated. In the video, the speaker mentions Kamla Harris's belief in equity over equality, suggesting that she supports policies that aim to ensure everyone ends up in the same place, regardless of their starting point, which is a concept that the speaker links to communist principles.

💡Illegal Immigrants

Illegal immigrants are individuals who reside in a country without the necessary authorization. The video discusses a policy proposal by Kamla Harris to provide healthcare to all illegal immigrants, which the speaker critiques from an economic standpoint, questioning the use of taxpayer dollars for this purpose.

💡Taxation

Taxation is the process by which a government raises revenue from its citizens to fund public expenditures. The video focuses on Kamla Harris's tax policies, particularly her proposal for a minimum 25% tax on unrealized capital gains for the wealthy, which the speaker argues is extreme and could have negative economic consequences.

💡Policy Implications

Policy implications refer to the potential effects or consequences of implementing a particular policy. The video scrutinizes the implications of Kamla Harris's financial policies, suggesting that they are not well thought out and could lead to unintended negative outcomes, such as bankruptcies and market instability.

💡Economic Policy

Economic policy refers to the plans and actions undertaken by governments to influence economic factors such as inflation, unemployment, and economic growth. The video is centered around evaluating Kamla Harris's economic policies, with a focus on their potential impact on wealth distribution, taxation, and market stability.

Highlights

The video discusses Kamala Harris's radical financial policies, including a minimum 25% tax on unrealized capital gains for those worth over $100 million.

The presenter, living near where Kamala worked as a prosecutor, provides a local perspective on her policies.

Kamala's policy on unrealized capital gains is compared to extortion and is argued to potentially lead to bankruptcy for many individuals.

The video explains that a capital gain is an increase in the value of an asset, such as stocks or real estate.

The current U.S. long-term capital gains tax is a maximum of 20%, and the video discusses the implications of taxing unrealized gains.

Wealthy individuals typically hold assets for long periods, and the policy could force a massive sell-off, impacting the stock market.

The policy could lead to bankruptcy for those with high unrealized gains, as they would need to sell assets to pay the tax.

The video points out the lack of discussion on unrealized capital losses in Kamala's policy.

Kamala's second financial policy discussed is a federal ban on price gouging in grocery stores.

Grocery stores have low profit margins, and the video argues that price controls could lead to food shortages.

Historical examples of price ceilings, including during World War II and the Nixon era, led to food shortages.

The video also discusses Kamala's policy to provide free healthcare to all illegal immigrants, costing California over $6.5 billion annually.

The presenter questions the use of taxpayer dollars for healthcare for illegal immigrants, suggesting it may not be popular among taxpayers.

Kamala's policies are critiqued for not being well thought out in terms of their implications.

The video concludes by discussing Kamala's belief in equity over equality, which is noted to be a principle of Communism.

The video ends with a call for viewers to leave comments and a teaser for the next video.

Transcripts

oh boy I feel like this video is going

to get me into some hot water today but

before you judge me please watch till

the end of this video and then you can

leave me all your hate comments today we

are going to be going over kamla

Harris's most radical Financial policies

as explained by yours truly I

specifically actually live near the

county where Kamala worked as a

prosecutor and from where she grew up so

I'm actually pretty familiar with her I

feel like under a facade of kamla's own

joyfulness and her opponent being so

controversial and viscerally hated by

half the country but I wonder I think I

am actually humble I think I'm much more

humble than you would

understand we're kind of overlooking

kamla's own Super insane radical

policies and like I know like

conservatives use the word radical when

they describe a lot of policies but even

objectively as someone who did grow up

like where Kamala worked as a prosecutor

some of kamala's own proposals are

actually a little bit insane and I don't

think a lot of people are aware of how

insane they are so let's get started

with her policies the first policy that

is really radical is her minimum 25% tax

on unrealized capital gains for people

worth over $100 million so you might not

necessarily know what this policy means

or what its implications are but on

first thought you might think oh this

policy is for people worth over 100

million and I'm not worth over 100

million so why should I care this

doesn't really affect fect me or you

might even agree with his policy if you

have like a visceral hatred towards rich

people and billionaires or you agree

with the thought of Eat the Rich I

personally believe that rich people

should pay more taxes than poor people

and I think most people would definitely

agree with that however I do not agree

with this policy because this policy in

particular is actually extortion and

will lead to bankruptcy of many many

individuals this type of policy is

actually more than just a liberal or

left-wing policy it kind kind of has

strains of Communism inside and that's

what KL is actually proposing in this

policy is that if you're worth over 100

million the government can take a very

very large part of your wealth with no

checks in place let's do a little more

of a deep dive into this policy first of

all a capital gain is essentially just

an increase of an asset that you own and

that asset could be anything it could be

like stocks houses bonds a piece of art

you know your birin bag whatever has

value and can increase in value in the

United States at this time the

government imposes a maximum 20%

realized longterm capital gains tax

which means that if you buy an asset and

you hold it for over a year and it

increases in value the maximum you can

possibly get tax on after you sell the

asset after has increased is 20% and a

lot of people actually pay 0% taxes on

realized capital gains at lower income

levels and historically the US used to

have varying long-term capital gains tax

rates but they never had an unrealized

capital gains tax and unrealized capital

gains tax as indicated by this policy is

that even before you sell an asset you

have to pay taxes on it for example you

buy a stock for $100 it goes up to $500

and if you don't sell it yet it's called

an unrealized gain and if you do sell it

then it becomes a $400 realized gain why

is this policy problematic you ask Well

because most rich people are not

actively trading assets on a day-to-day

basis most wealthy people hold assets

for a long period of time for decades

even like Warren Buffett for example a

lot of hedge fund managers will hold

stocks for very very long periods of

time if you're asking for an unrealized

capital gains tax what that essentially

means is that you're asking all these

people to do an extreme selloff of a ton

of their assets so that they can afford

to pay the 25% on realized capital gains

tax further these people have to sell

even more assets to pay for the realized

capital gains tax after they sell their

assets so what I'm essentially saying is

that there would be such a wide selloff

in the stock market and that would tank

a ton of stocks for a lot of people but

even more than just tanking the stock

market she's actually condemning a lot

of people to potentially going bankrupt

for example if you have insane

unrealized gains in your stock positions

built throughout the course course of

your life not uncommon in people like

waren Buffett you have to sell off most

of your position to even be able to pay

for this unrealized capital gains tax

and the realized capital gains tax and

then the next year with the remainder of

what stock you have left you have some

unrealized losses because maybe the

market wasn't doing that well that year

or the stock market plummeted from

everyone selling off their stocks as a

result of this policy you can then be

bankrupt or lose a significant chunk of

your net worth putting you definitely

well below 100 million it's really

interesting to me that KL only talks

about unrealized capital gains but she

does not talk about unrealized Capital

losses because I would expect in theory

that if you're going to penalize people

so hard for having unrealized capital

gains you should at least give them a

tax benefit for having unrealized

Capital losses as well okay now let's

move on to kamla's Second radical

Financial policy in a speech a few weeks

ago Kamala called for a federal ban on

on price gouging in grocery stores

anything where prices are really

expensive kamla's first solution is

price controls essentially she wants to

cap prices on groceries because as we

all know inflation has hit grocery

prices extremely hard inflation was at

some all-time highs during the Biden

Administration in which Kamala was a

part of and is still a part of ironic

isn't it so now she wants to put a

maximum price on groceries this is

problematic for some so many reasons

first of all it's actually insane that

Comm is trying to Target grocery stores

because grocery stores are part of a

sector that inherently has extremely

extremely low profit margins and gross

margins if you don't believe me you can

take a look at the various annual

reports of grocery companies on the

sec's website and you can see that

grocery stores do not have good profit

margins grocery stores have very poor

pricing power compared to ctors that

include things like big Pharma or

Cosmetics for example or even software a

lot of grocery stores actually do in

fact have to increase their prices as a

result of energy prices increasing and

transportation costs and like just the

cost of their raw materials increasing

this should absolutely not be a sector

that is targeted because it already has

pretty low margins and further the

classic supply and demand issue in

economics comes to play putting a

ceiling will lead to a shortage as

demand will outpace supply so there will

essentially be a less supply of food to

go around also if you just take a look

in a history book America has actually

tried price ceilings on groceries before

and it has not worked out well to

encounter inflationary pressures from

World War II FDR implemented price

ceilings which actually led to food

shortages and then ultimately the price

controls were removed in 1946 and the

annual inflation rate skyrocketed to

more than 20% in 1947 president Richard

Nixon also put price controls in

1971 and they also led to food shortages

as well also price ceilings have been

implemented in places like Cuba vuela

North Korea and the Soviet Union and the

result has never ended off well another

one of her radical policies is giving

great health care to all illegal

immigrants and I'm talking about this

from an economic standpoint instead of

the humanitary standpoint of having to

save everyone regardless of what their

past actions were they already kind of

implemented this policy in California

let me read this to you starting January

1st all undocumented immigrants

regardless of age will qualify for

medical California's version of the

federal Medicaid Program for people with

low incomes it will cost the state over

6.5 billion annually to provide medical

to all undocumented immigrants given the

fact that over 300,000 undoc migrants

have crossed into California at the

Mexico border in 2023 alone the costs

for this program are only going to

increase from here essentially providing

free health care to all legal immigrants

Nationwide is definitely going to be

very very costly and also a lot of

people might be confused as to why their

taxpayer dollars are getting spent on

this in particular it's definitely a

hard pill to swallow for a lot of

taxpayers because I know not all

taxpayers ERS want their tax dollars to

be used for illegal immigrants I know

this policy is definitely not for

everyone overall my conclusions are that

kamla's policies are not exactly well

thought out in terms of like the

implications of her policies I don't

know how much she truly believes in any

of her policies quite frankly because I

know she does seem very wishy-washy on a

lot of her policy stances like taxes on

tips for example and fracking I also

think it's quite fascinating that K

herself states that she believes in

equity over equality where no matter

what place you start from you all end up

in the same place that's a really

interesting statement to make because

that is actually one of the principles

of Communism which is everyone should

end up in the same place so we all end

up in the same place the thing is of

course communist ideals are meant to

help close the wealth Gap and they were

in theory supposed to help people from

underprivileged or poorer backgrounds

however in practice the principles of

the implementation of Communism have

historically never ended up well thank

you all for watching this video feel

free to leave me your comments down

below and I'll see you guys in the next

video