CNBC host Joe Curnen said that Harris-Waltz's unrealized capital gains tax policy is “probably unconstitutional” while interviewing economic adviser Bharat Rama on CNBC's “Squawk Box” on Wednesday.
A partial transcript follows:
CO-HOST REBECCA QUICK: Taxing unrealized gains doesn't seem fair in any sense, but in the best sense, taxing unrealized gains brings forward the tax that you would pay when you sell a stock.
RAMA: I think this reaction to unrealized gains is a little funny because I think most people watching this show right now are already paying tax on unrealized gains. It's called estate tax.
KAHNEN: That's an old phrase.
Simply put, property taxes are a use tax because they are paid to schools.
Lama: Well, you are arguing that this is a totally unknown, foreign concept.
KERNEN: It's probably unconstitutional. It's probably unconstitutional. And nobody ever intended that.
QUICK: That's not income. It's not income tax.
Kernen: And it's probably never going to happen. Well, I'm not saying it won't happen in my lifetime.
Quick: I wouldn't say that.
KAHN: Not while Becky is alive.
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