Accountant Explains: Kamala's Most RADICAL Financial Policies
Summary
TLDRThe 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
- π The video discusses Kamala Harris's radical financial policies, inviting viewers to watch until the end before forming an opinion.
- πΌ The presenter, familiar with Kamala's past as a prosecutor, critiques her policies as 'insane' and potentially leading to personal bankruptcies.
- π° 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.
- π 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.
- π 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.
- π₯ 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.
- π€ The presenter questions Kamala's consistency on policy stances, suggesting she may be 'wishy-washy' on certain issues.
- π The video implies that Kamala's policies have elements of Communism, particularly the principle of equity over equality, which is a point of contention.
- π 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.
- π 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
πΈ 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.
π 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.
ποΈ 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.
Mindmap
Keywords
π‘Kamla Harris
π‘Unrealized Capital Gains Tax
π‘Communism
π‘Price Gouging
π‘Inflation
π‘Equity
π‘Illegal Immigrants
π‘Taxation
π‘Policy Implications
π‘Economic Policy
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
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