It is possible that Kamala Harris will win the presidential election.

If so, it is more than likely that she will implement certain policies, including the imposition of a so-called “Wealth Tax.” She has been rumbling about it of late.

So, what is a wealth tax?

A wealth tax, also called capital tax or equity tax, is imposed on the wealth possessed by individuals. The tax usually applies to a person’s net worth, which is assets minus liabilities. These assets include (but are not limited to) cash, bank deposits, shares, fixed assets, personal cars, real property, pension plans, money funds, owner-occupied housing, and trusts.

Other Democrats/Progressives/Liberals (DPLs) have brayed similarly.

Image made using AI.

In 2021, Sen. Elizabeth “Fauxcahontas” Warren (who is fake in every way) proposed a wealth tax to take effect in the 2023 tax year. It did not pass.

Warren’s proposed legislation was co-sponsored by Senators Kirsten Gillibrand, Mazie Hirono, Edward Markey, Jeff Merkley, Bernie Sanders, Brian Schatz, and Sheldon Whitehouse. An eighth senator, Alex Padilla, later became another co-sponsor. Two House co-sponsors, Reps. Brenda F. Boyle and Pramila Jayapal, supported a companion bill in that chamber.

This tax is applied to unrealized capital gains:

Unrealized capital gains occur when the value of an asset increases over its cost basis (typically the purchase price) while it is held unsold. This can be thought of as theoretical profits.

[snip]

Realized capital gains occur when an asset is actively sold for more than its cost basis. The resulting profits from the sale are considered the realized gains. 

Realized capital gains have a final, known value.

That last sentence is the kicker because things are very different for unrealized capital gains. In the latter case, “the asset has not been sold, and thus a price has not been locked in for the benefit of the asset-holder.” That means it’s necessary to have certain property, real and personal, appraised so a fair amount of tax can be levied.

The DPLs have the perfect person to do the job of ensuring that a fair amount of tax is determined and applied. Further, the DPL’s already owe this perfect person a huge debt of gratitude.

I am speaking, of course, of no other than Judge Arthur Engoron.

[Engoron] is an American judge serving on the Manhattan Supreme Court since 2013. He presided over the New York civil investigation of the Trump Organization in 2024. [Hyperlinks omitted.]

Based upon his (ahem) knowledge, skill, training, and experience in the appraisal of real property, Engoron reached an interesting outcome in the New York case:

A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.

That finding, part of shocking [sic] ruling that found Trump and his adult sons liable for fraud, was just one of multiple examples in which Judge Arthur Engoron found the Trump real estate empire to have been grossly inflated in value.

But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value.

“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.

The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”

If there is to be a wealth tax, then appointing Engoron to lead Kamala’s Wealth Tax Enforcement Unit would be the spoonful of sugar that helps the madness go down. I am sure those affected would welcome an appraisal deflated by 2300% (or whatever).

And, if nothing else, for those of us who want to see Donald Trump win, we can feel happy for him in his loss knowing that the taxable value of Mar-a-Lago will be diminished sizably. (Until the DPLs change their minds, that is.)

Judge Arthur Engoron for Wealth Tax Czar!