Trump says Harris’ economic plans would put US in ‘1929-style depression’

Former President Trump on Friday claimed that if Vice President Kamala Harris’ economic proposals are implemented, they will plunge the U.S. into a downturn reminiscent of the Great Depression.

“She would be a disaster,” the GOP presidential nominee said of Harris during an interview with FOX Business’ “Kudlow” host Larry Kudlow. “If you followed her policy, you will end up in a 1929-style depression, 100% certain, and companies will flee, and jobs will flee, and everything’s going to flee.”

“We’re going to have— you won’t have a country left,” Trump continued. “And she’s the only person I’ve ever seen that is campaigning on a massive tax hike.”

The former president pointed to The Tax Foundation’s analysis finding that Harris’ tax proposals would cost the U.S. nearly 800,000 jobs, and issued a warning about the Democratic presidential nominee’s plans to tax unrealized capital gains for wealthy individuals.

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“Maybe that doesn’t apply to every American,” Trump acknowledged. “I understand it.  Although, if you own a farm, or you own a ranch where you build a small business and they’re going to make you pay an arbitrary tax on your capital, you’ll have to raise money, sell, stocks will collapse. That’s going to cause more selling. I mean, that is a depression. People will leave the country.”

Reports from The Wall Street Journal and The New York Times have said that Harris supports the tax increases put forth by President Biden in his recent budget proposal.

This, according to Harris’ campaign, includes a 25% tax on unrealized capital gains for individuals with more than $100 million in wealth, and an increased corporate tax rate from 21% to 28%. The move to tax unrealized gains is in line with the Biden-Harris administration’s promise to raise taxes on the wealthy and corporations.

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Kudlow noted that billionaire Steve Forbes also recently told “Kudlow” that Harris’ policies would lead to a depression. 

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Fellow billionaire and Harris supporter Mark Cuban said during a CNBC interview last month that Harris’ unrealized capital gains tax plan would “kill the stock market,” and insisted she would not actually go through with it if she wins the White House.

FOX Business’ Yael Halon contributed to this report.