Accountant Explains: Kamala's Most RADICAL Financial Policies

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