CNBC host Joe Kernen said Wednesday on CNBC’s “Squawk Box” that the Harris-Walz unrealized capital gains tax policy was “probably unconstitutional” while interviewing economic adviser Bharat Rama.
Partial transcript as follows:
CO-HOST REBECCA QUICK: Taxing unrealized gains doesn’t seem fair in any sense of the word, but in the very best sense, taxing unrealized gains you’re pulling forward taxes that would be paid when someone sells the stock.
RAMA:I think that this reaction to unrealized gains is a little funny, given that I bet that the majority of people watching right now are already paying a tax on unrealized gains. It’s called a property tax.
KERNEN: That is an old trope.
QUICK: Property tax is a use tax because you are paying for schools.
RAMA: Well, look, you’re arguing that this is some sort of foreign concept that’s completely unknown-
KERNEN: It’s probably unconstitutional. It’s probably unconstitutional. And it was never in anyone’s intent to-
QUICK: It’s not income. It’s not an income tax.
KERNEN: And it’s never going to happen, probably. Not well, I’m not going to say my lifetime.
QUICK: I wouldn’t say that.
KERNEN: Not in Becky’s lifetime.
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