Rep. Ro Khanna criticized Vice President Kamala Harris's proposed tax on unrealized capital gains, arguing it would adversely affect entrepreneurs and startup companies.
Khanna noted that taxing entrepreneurs on paper valuation would pressure them to sell their startups to larger institutions, undermining the startup ecosystem.
He proposed a tax on loans taken against appreciated assets instead, pointing out that a majority of startup investments are unsuccessful and this policy could discourage investment.
Despite supporting the ticket, Khanna believes Harris's plan is not the correct approach to addressing tax issues faced by wealthy families.
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