"It'll Crater The Market": Expert Talks Kamala Harris's Tax Policy
Submitted by QTR's Fringe Finance
I was incredibly honored to welcome my good friend Andy Schectman of Miles Franklin Precious Metals back onto my podcast this week. I haven’t talked to Andy since May and wanted to get his take on the upcoming election and the state of gold and silver markets for my readers.
In our discussion this week, we talked about:
the potential impact of recent left-wing policy proposals, including price controls and taxing unrealized gains, on the economy and markets.
concerns raised about the negative effects of taxing unrealized gains, such as market destabilization and capital flight, which could harm economic growth
criticism of policies like increased capital gains taxes, down payment assistance, and tax credits, arguing they could accelerate inflation and economic instability
discussion on how immigration policies are perceived to be overwhelming the U.S. system, raising costs, and impacting the economic balance
claims that mainstream media is gaslighting the public into believing misleading narratives, affecting public opinion and policy support
analysis of current geopolitical issues, including U.S. relations with Russia, Ukraine, China, and the Middle East, and how these might be impacted by the election outcome
insights into gold and silver markets, including central bank purchases, delivery dynamics on exchanges, and the potential impact of Federal Reserve policies on precious metals
descriptions of the perceived decline in the quality of life and infrastructure in U.S. cities compared to Europe, citing issues like crime, homelessness, and deteriorating public services
predictions about possible future economic scenarios, including the decline of the U.S. dollar's reserve currency status and the rise of a new global economic order centered around commodity-backed currencies
Andy expresses strong opposition to several economic policies proposed by the Harris administration. He argues that these policies are "anti-American" and could have disastrous effects on the economy.
Schectman criticizes taxing unrealized gains as one of the most "ridiculous anti-American things" he has ever heard. He explains that taxing unrealized gains would force those with significant investments to liquidate their holdings, potentially causing market crashes. "You crater the market, whatever market that is," Schectman warns, emphasizing the destabilizing effects such a policy could have on job creators and investors.
Another policy under scrutiny is the proposal to increase capital gains tax for those earning over a million dollars. Schectman argues this would lead to further market collapses as investors are compelled to sell assets to cover tax liabilities. He describes this approach as "stepping on the inflation accelerator" due to the government's simultaneous attempts to provide various tax credits and incentives, which could exacerbate fiscal irresponsibility.
Schectman also criticizes the use of tax dollars for reparations and first-time homebuyer tax credits, which he sees as fiscal irresponsibility at a time when the country is facing severe economic challenges. He also points out the contradictory nature of increasing taxes while simultaneously providing substantial fiscal incentives, describing the overall approach as a recipe for economic disaster.
We also highlighted the overwhelming costs associated with unchecked immigration, which Andy claims is putting immense pressure on the country's social systems. He criticizes the approach of raising taxes rather than trimming government spending, stating, "It's a pretty sad state of affairs."
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