Fmr WH economist torches Harris’ ‘chilling’ tax reform plan

UNREALIZED GAINS VICE PRESIDENT KAMALA HARRIS AT DNC. >> NOW COMPARE THAT TO DONALD TRUMP. BECAUSE I THINK EVERYONE HERE KNOWS HE DOESN'T ACTUALLY FIGHT FOR THE MIDDLE CLASS, INSTEAD FIGHTS FOR HIMSELF AND BILLIONAIRE FRIENDS. HE WILL GIVE THEM ANOTHER ROUND OF TAX BREAKS, THAT WILL ADD -- UP TO 5 TRILLION DOLLARS TO NATIONAL DEBT INSTEAD OF A TRUMP TAX HIKE, WE WILL PASS A MIDDLE CLASS TAX CUT, THAT WILL BENEFIT MORE THAN 100 MILLION AMERICANS [CHEERS AND APPLAUSE] >> FOR -- WE WANT TO TALK MORE ABOUT PLANS JOINING ME NOW FORMER COUNSEL ECONOMIC ADVISERS CHAIRMAN KEVIN HASSETT KEVIN GOOD TO SEE YOU. THANK YOU SO MUCH FOR BEING HERE CAN YOU GIVE YOUR REACTION TO DUELING ECONOMIC PLANS, EXPLAIN TO US HOW YOU SEE THE DIFFERENCES IN EACH ECONOMIC PROPOSAL. >> RIGHT. WELL, IF YOU -- VICE PRESIDENT HARRIS JUST TALKING TAXES, IF YOU LOOK ONLY AT TAXES, THEN THE DIFFERENCE BETWEEN HER PROPOSAL AND PRESIDENT TRUMP'S PROPOSAL IS THAT SHE WANTS TO RAISE TAXES, ON UNREALIZED GAINS REVISE TAXES ENORMOUSLY ON STATES GOING TO MAKE IT IMPOSSIBLE TO HAND YOUR HOUSE TO ANOTHER FAMILY AND RAISE TAXES ON COMPANIES THAT MAKE JOBS, BUT THEN, INDIVIDUAL SIDE TALKING ABOUT MIDDLE CLASS TAX CUT THAT IS PLAGIARIZED FROM WHAT DONALD TRUMP SAID HE WANTS TO DO WHEN SHE TALKS FIVE TRILLION-DOLLAR COST WAY OVER ESTIMATE BY A PARTISAN JOINT TAX COMMITTEE, BY THE WAY, AMERICAN FIRST POLICY INSTITUTE COMING OUT WITH A NUMBER PROBABLY HALF THAT, THAT COST IS ALMOST ALL THE MIDDLE CLASS TAX PART OF PRESIDENT TRUMP'S PROPOSAL WHAT SHE HAS A DEMAND SIDE POLICY, THE MIDDLE CLASS TAX CUT ATTACKING SUPPLY-SIDE SHE AND BIDEN DID TO CREATE INFLATION KNEW MONTHS AGO ALL OVER TV SAYING BIDENOMICS IS WORKING, CLEAR FROM THIS PROPOSAL SHE BELIEVES THAT TOSS THINKS YOU CAN JINNIE GALLON WILL REDUCE INFLATION WE TRIED THAT BEFORE ENDED UP 9% INFLATION HEADED THERE GO AGAIN IF THOSE POLICY PASS >> WE HAVEN'T SEEN TALKED ABOUT THEIR THREATENING CORPORATIONS COMING UP WITH WHOLE IDEA THAT THERE IS PRICE-GOUGING GOING ON, THAT SHE IS GOING TO MAKE A BAN, IN THE PRICE-GOUGING COME UP WITH NEW MEN TEES REGULATION PART OF HER PLANS WE HAVEN'T SEEN GOTTEN INTO WILL PROBABLY BE HIGHER REGULATIONS THAN WHAT WE'RE SEEING NOW, BUT THE "THE WALL STREET JOURNAL" YESTERDAY CAME OUT WITH A PIECE CALLED CAM -- KAMALA HARRIS TAX INCREASES CUTS TAKE SHAPE THE AUTHOR MAIN CHAIKS CASE NOT ONLY RAISING TAXES ON SOME, BUT WILL CUT TAXES ON OTHERS LEAVE MOST AMERICANS TAXES UNCHANGED I DON'T KNOW IF I APPLY THAT IF YOU ACTUALLY ARE NOT EXTENDING THE TAX CUTS MOST PEOPLE'S TAXES GO UP, I MEAN, I GUESS TRYING TO MAKE IT AS IF A CONTINUATION OF BIDENOMICS INCLUDING HUNDREDS OF BILLIONS OF DOLLARS IN SPENDING, OF COURSE, PROVED UNPOPULAR WITH MOST AMERICANS ARE YOU EXPECTING THAT TO TAKE PLACE? >> YOU KNOW, I DON'T KNOW WHAT TO EXPECT TO TAKE PLACE KIND OF LIKE LET'S MAKE A DEAL -- EVENTUALLY FIND OUT. >> YOU ARE HAYING HARRIS ADMINISTRATION SKWLAEND WOULD SHUT DOWN ENTIRE U.S. ECONOMY THAT IS WHAT YOU SAID. >> THAT IS RIGHT THIS IS THE WAR ON CAPITAL PART IMAGINE WE HAVE A TAX ON UNREALIZED GAINS SO TO PAY TAX EVERYBODY HAS TO SELL STUFF EVERYBODY IS DOING THAT AT ONCE MAJOR A WHAT THAT DOES TO MARKETS, 65% TAX OR HIGHER ON YOUR ESTATE YOU CAN'T LEAVE MONEY TO KIDS ANYMORE THEN PRICE YOU GOUGING IF YOU LOOK AT DETAILS WHERE IT CAME FROM -- FROM ELIZABETH WARREN THE WAY IT WORKS FEDERAL TRADE COMMISSION CONTROLLED BYS HARRIS ADMINISTRATION GOING TO LOOK AT COMPANIES, AND THEY SAY BUT IT WILL BE EVERYBODY YOUR PRICES TOO HIGH MAKE TOO MUCH MONEY THEN HIT THEM WITH COMOSH EXEXORBITANT FINE THEN AN INVESTIGATION INTO PRICING, THEN THE GOVERNMENT SETTING PRICE OF STUFF AND GO OUT OF BUSINESS I AM SAYING THIS IS WHAT THEY TO ME LOOKS LIKE WHAT THEIR PLAN IS KINDS OF THINGS COULD SHUT DOWN ECONOMY MOST CHILLING TO ME IF YOU GO BACK TWO OR THREE MONTHS, YOU KNOW YOU CAN LOOK AT SOME VIDEOS THINGS ABOUT NO OFFSHORE DRILLING NO RED MEAT NO -- COMBUSTION ENGINES THINGS RECENTLY NO FRACKING, SHE NOW SAYS DOESN'T BUT NOT THE ONE SAYING IT LIKE AXIOS TELLING US THIS, THE THING CHILLING TO ME IS THAT YOU KNOW HOW WE HAD PEOPLE SAY THREE OR FOUR PEOPLE KIND OF RUNNING THE COMPANY NOT LETTING ANYONE SEE JOE BIDEN I KNOW HE HASN'T HAD A CABINET MEETING SINCE LAST YEAR, THREE OR FOUR PEOPLE RUNNING COUNTRY NOT JOE BIDEN DOESN'T IT FEEL LIKE THAT IS HAPPENING AGAIN? KAMALA HARRIS OUT THERE WITH VERY WELL-ESTABLISHED POSITIONS THEN AXIOS NOT KAMALA HARRIS TELLING US SHE HAS NEW POSITIONS, WHO OTHERWISE IT TOLD AXIOS THOSE ARE NEW POSITIONS? WHY AREN'T THOSE ON CAMPAIGN WEB SITE I CAN STUDY THEM TELL YOU EXACTLY WHAT THEY ARE GOING TO COST VERY, VERY BIZARRE, SITUATION. >> HASN'T SAID WORD AIDES RELEASING ALL THIS STUFF HERE AND THERE OH, YEAH SHE IS GOING TO NOT BAN FRACKING OBJECTION YEAH NOT INTERESTED IN "MEDICARE FOR ALL" THE "NEW YORK POST" COVERED FLIP-FLOPPING KAMALA COPIES DON HARRIS FOR TRUMP WITH A MAKE AMERICA GREAT HAT SHE IS PREPRESENDING NOT REALLY LIBERAL WANTS TO BE TOUGH ON BORDER WOULDN'T SHY HAVE BEEN TOUGH ON BORDER LAST 3 1/2 YEARS? >> YOU WOULD THINK BUT, AGAIN, I THINK THAT IS -- NOT SURE WHAT SHOULD HE WANTS TO DO WHAT WHAT SAID IN PAST NOT THREE OR FOR