During an appearance on CNBC’s “Squawk Box” on Wednesday,
Representative Ro Khanna (D-CA) expressed concerns over Vice President Kamala Harris’ economic proposal to tax unrealized capital gains, despite being a campaign surrogate for her.
Khanna argued, “A blanket tax on unrealized gains isn't a good idea. Consider an entrepreneur who builds a company worth $100 or $200 million on paper. Taxing that value would likely force them to sell the company, possibly to private equity. Is it really beneficial to push entrepreneurs to sell their companies to larger institutions and potentially diminish their value? That’s not what we want for a thriving startup ecosystem.”
In response, host Joe Kernen pointed out, “Someone like Jeff Bezos wouldn’t be affected in the same way. This policy seems designed to target the ultra-wealthy, arguing they pay less in taxes than their maids, despite having billions.”
Khanna continued, “I understand the reasoning, but this approach isn’t the right one. Additionally, 90-95% of startup investments fail, so this would discourage investment in those startups.”
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