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August 29, 2024
William Upton
Economy
Election 2024

Yes, Kamala Harris Wants to Tax Unrealized Capital Gains, And It Would Be a Disaster.

A senior economic advisor to Kamala Harris‘s 2024 presidential campaign has confirmed the Democratic nominee intends to impose a tax on unrealized capital gains. Bharat Ramamurti, who serves as an economic aide to Kamala Harris, dismissed criticism of the Democratic Party‘s presidential candidate’s tax plan during an appearance on CNBC on Wednesday.

“I think that this reaction to unrealized gains is a little funny given that I bet that the majority of people watching right now are already paying a tax on unrealized gains,” Ramamurti contended during the interview. He added: “It’s called a property tax.”

CNBC host Joe Kernen abruptly cut Ramamurti off, describing the Harris advisor’s “property tax” canard as “tiring” and “always the go-to answer.” Indeed, Kernen is correct that a property tax—defined as a use tax—is dissimilar from a tax on unrealized capital gains.

A PROPERTY TAX?

Property taxes pay for local services such as public schools, police, and firefighters. However, a tax on unrealized capital gains would tax the unsold value of a capital good—such as stock shares in a company. The shareholder would be taxed on the assumed value of the shares without them being sold—meaning if they’re later sold for a loss, the taxpayer has been legally overtaxed by the government.

When pressed on how Harris‘s proposal to tax unrealized capital gains would act in any way like a use tax, Ramamurti unconvincingly sputtered: “All the revenue that comes in from these unrealized gains taxes and the other taxes in the tax—in the Harris plan—are going to go to creating what she calls ‘more opportunity.'”

Despite Ramamurti’s unconvincing spin, the reality is a tax on unrealized capital gains could prove economically disastrous. While Harris claims only the highest income earners would be impacted, it is these same high earners who have the largest market impacts as investors. An unrealized capital gains tax would likely dissuade these individuals from future market actions.

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By Popular Demand.
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5 hours ago
News
UK

UK to Allocate 3% of GDP to Defense as Trump Pressures NATO Allies.

PULSE POINTS:

❓What Happened: The British government has committed to increasing defense spending to three percent of GDP by 2034, with an interim target of 2.5 percent by April 2027.

👥 Who’s Involved: Defence Secretary John Healey, Prime Minister Sir Keir Starmer, former international development minister Anneliese Dodds, President Donald J. Trump, and NATO Secretary-General Mark Rutte.

📍 Where & When: NATO meeting scheduled for next month in The Hague, Netherlands.

💬 Key Quote: John Healey stated, “It allows us to plan for the long term. It allows us to deal with the pressures.”

⚠️ Impact: The increase in defense spending will be offset by cuts to foreign aid, and follows a pressure campaign from President Trump to have European NATO members pay more towards their continent’s defense.

IN FULL:

The British government has committed to raising defense spending to three percent of GDP by 2034, with an interim target of 2.5 percent by April 2027, according to Defence Secretary John Healey. Healey, of Prime Minister Sir Keir Starmer’s Labour Party, described the move as part of a “certain decade of rising defence spending” and expressed confidence in meeting the targets, stating, “It allows us to plan for the long term. It allows us to deal with the pressures.”

The announcement follows Prime Minister Starmer’s earlier pledge to strengthen Britain’s resilience in a “more dangerous world.” The British government is conducting a strategic defense review (SDR) to assess the roles, capabilities, and reforms needed for the armed forces. The review aims to ensure that the spending increases remain “deliverable and affordable” within the planned 2.5 percent trajectory.

Funding for the defense budget boost will come from a reduction in foreign aid, which will be cut from 0.5 percent to 0.3 percent of gross national income (GNI). The decision, which has angered many in Starmer’s leftist party, follows pressure from U.S. President Donald J. Trump to make European NATO members pay more towards their continent’s defense.

NATO leaders are preparing to meet in The Hague next month, where defense spending is expected to dominate discussions. NATO Secretary-General Mark Rutte, speaking earlier this month in Dayton, Ohio, suggested that the alliance could agree on a collective target of five percent of GDP for defense spending.

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By Popular Demand.
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18 hours ago
Economy

Trump Economy Hits Highs Not Seen in Decades.

PULSE POINTS:

❓What Happened: The S&P 500 recorded its best monthly numbers since 2023—and its best gains for the month of May since 1990.

👥 Who’s Involved: The S&P 500, Nasdaq, Dow Jones Industrial Average, President Donald J. Trump, and China.

📍 Where & When: U.S. stock markets, May 2025.

⚠️ Impact: All three major U.S. stock indices saw strong gains in May, with the S&P 500 and Nasdaq achieving their best months since November 2023, amid ongoing U.S.-China trade tensions.

IN FULL:

The S&P 500 capped off May with its strongest monthly performance in over a year and a half, gaining six percent across the month, despite closing Friday nearly flat. The Nasdaq and S&P 500 both posted their best monthly results since November 2023. Moreover, it saw the best gains for the month of May, specifically, since 1990.

The Dow Jones Industrial Average rose slightly by 0.13 percent on Friday, while the Nasdaq composite slipped just 0.3 percent.

Notably, the market’s rebound in May followed a challenging April, during which investor sentiment was rattled by media clamoring over President Donald J. Trump’s imposition of steep tariffs on China. The tariffs are part of ongoing trade negotiations with Beijing and other foreign trade partners.

Earlier on Friday, President Trump accused China of going back on a “fast deal” he claimed to have made, but remained hopeful about eventually securing an agreement. Tensions with China have persisted, but Trump’s optimism suggests a potential resolution might still be on the horizon.

The market gains follow data released by the Department of Commerce, which shows inflation continuing to cool and record revenue collected from President Trump’s tariffs.

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By Popular Demand.
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19 hours ago
News

Musk Says Departure ‘Not the End of DOGE, But Really the Beginning.’

PULSE POINTS:

❓What Happened: Elon Musk expressed optimism about the Department of Government Efficiency (DOGE) and its mission as his time as a special government employee came to an end.

👥 Who’s Involved: Elon Musk, the DOGE team, President Donald J. Trump, and the federal government.

📍 Where & When: Musk’s comments were made alongside Trump in the Oval Office on May 30.

💬 Key Quote: “This is not the end of DOGE, but really the beginning… The DOGE team will only grow stronger over time… It is permeating throughout the government, and I am confident that, over time, we will see a trillion dollars of waste and fraud reduction,” Musk said.

⚠️ Impact: President Trump and Musk say most DOGE staffers will remain in post after Musk’s departure, so they can continue to search for efficiency savings.

IN FULL:

Tech billionaire Elon Musk expressed optimism that the Department of Government Efficiency (DOGE) can continue to find savings as his time as a special government employee came to an end. “This is not the end of DOGE, but really the beginning,” he said in the Oval Office alongside President Donald J. Trump, at a press event marking the end of his tenure.

Musk suggested the DOGE ethos “is permeating throughout the government,” although its performance under his de facto leadership has been mixed. The Tesla and SpaceX mogul initially insisted he could rapidly achieve trillions of dollars in savings, but later revised his figures downward by over 90 percent. However, he said in the Oval Office that he expects DOGE to achieve a trillion dollars in savings “over time” following his departure.

Despite suspicions of a rift with President Trump, especially after Musk publicly attacked the “one big, beautiful bill” the administration has championed, the America First leader praised the South Africa-born entrepreneur at the press event, suggesting he would remain an advisor and friend at least on an informal basis.

Members of the press grilled Musk on reports that he regularly uses ketamine, ecstasy, and psychedelic mushrooms during questions in the Oval Office. He dismissed allegations on the basis that they originated in The New York Times, “the same publication that got a Pulitzer Prize for false reporting on… Russiagate.”

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By Popular Demand.
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20 hours ago
Immigration
Politics

DHS Cracks Down on 500 Sanctuary Cities for Impeding Deportation Efforts.

PULSE POINTS:

❓What Happened: The Department of Homeland Security (DHS) published a list of 500 sanctuary jurisdictions it says are obstructing federal immigration enforcement.

👥 Who’s Involved: DHS, Homeland Security Secretary Kristi Noem, the Trump administration, sanctuary cities, counties, and states.

📍 Where & When: Across the U.S.; list released Thursday, May 29, 2025.

💬 Key Quote: “These sanctuary city politicians are endangering Americans and our law enforcement in order to protect violent criminal illegal aliens,” said DHS Secretary Kristi Noem.

⚠️ Impact: DHS claims sanctuary policies endanger communities and law enforcement while protecting illegal immigrants accused of criminal activity.

IN FULL:

The Department of Homeland Security (DHS) has released a list of 500 sanctuary jurisdictions it accuses of obstructing federal immigration enforcement efforts under the Trump administration. The list, published Thursday on the department’s website, includes cities, counties, and states across the United States.

Homeland Security Secretary Kristi Noem criticized sanctuary city policies, stating, “These sanctuary city politicians are endangering Americans and our law enforcement in order to protect violent criminal illegal aliens.” The DHS alleges that such jurisdictions shield individuals in the country illegally from federal immigration authorities, creating risks for both communities and law enforcement.

The department explained that the list was compiled based on several factors, including whether jurisdictions identify themselves as sanctuary areas, their compliance level with federal immigration enforcement, restrictions on sharing information with immigration authorities, and legal protections for illegal immigrants.

“Sanctuary jurisdictions including cities, counties, and states that are deliberately and shamefully obstructing the enforcement of federal immigration laws endanger American communities,” the DHS statement read.

This move by the DHS comes amid increased pressure from the Trump administration on local governments to align with federal immigration law enforcement. While law enforcement in Republican governed states are increasingly complying with President Donald J. Trump’s mass deportation efforts, Democrat-controlled states continue to by-and-large resist immigration enforcement efforts.

The DHS claims that sanctuary policies allow individuals accused of criminal activity to avoid facing legal consequences, putting public safety at risk. Critics of sanctuary policies argue that they undermine the rule of law and prioritize the protection of illegal immigrants over the safety of citizens.

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By Popular Demand.
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21 hours ago
William Upton
Lawfare

Disgraced Dem Senator Admits Lawfare Started with Obama and Biden.

PULSE POINTS:

❓What Happened: Disgraced former Senator Robert Menendez (D-NJ) says that it was his own Democratic Party, under the former Obama-Biden administration, that weaponized the Department of Justice (DOJ) to execute lawfare campaigns against political enemies.

👥 Who’s Involved: Former Sen. Robert Menendez, former President Barack Obama, the U.S. Department of Justice (DOJ), and federal prosecutors.

📍 Where & When: Menendez made the allegations in a series of posts on X (formerly Twitter) on Friday, May 30, 2025.

💬 Key Quote: “People talk about the Trump DOJ, but it was the Democrats who started weaponizing the Justice Dept,” Menendez wrote.

⚠️ Impact: The claims made by the New Jersey Democrat underpin allegations by Republicans and President Donald J. Trump that the Democratic Party used the DOJ to target its political enemies and prevent Trump’s reelection in 2024. However, it is essential to note that Menendez himself has political motivations to undermine the successful DOJ corruption prosecution against him.

IN FULL:

Former U.S. Senator Robert Menendez (D-NJ), who was sentenced to 11 years in prison in January this year on charges of bribery, extortion, conspiracy, obstruction of justice, and acting as an unregistered foreign agent, is claiming that it was his own Democratic Party that weaponized the U.S. Department of Justice (DOJ) to execute politically motivated lawfare campaigns. In a series of posts made Friday on X (formerly Twitter), the disgraced New Jersey Democrat pointed the finger at former President Barack Obama for upending the allegedly nonpartisan culture of the DOJ and weaponizing the agency to target political enemies.

“People talk about the Trump DOJ, but it was the Democrats who started weaponizing the Justice Dept,” Menendez wrote, revealing: “When, as the Chairman of the SFRC, I didn’t go along with Obama’s Iran deal, I was indicted, and the next day after being stripped of my position, Obama announced the Iran deal.”

Menendez continued: “Obama told me that he could not have the Democratic Chairman of the SFRC be against him. By having me removed as the Chair of the Senate Foreign Relations Committee, Obama removed my major opposition to his Iran deal. It was a bad deal for the U.S. and for our ally, Israel.”

The once-powerful Democrat Senator argued that the 2015 corruption indictment brought against him by the Obama DOJ was never meant to achieve a conviction but merely to damage his reputation and prevent him from derailing the Iran deal. Notably, the 2015 charges were eventually dropped by federal prosecutors.

Menendez concluded, writing: “So when Democrats talk about weaponizing the Justice Dept, they should look into their own past actions. Obama was willing to use the Justice Department to pursue and preserve the legacy issue he felt would earn him the Nobel Prize he had received.”

The National Pulse reported in September 2023 that Menendez and his wife, Nadine, were indicted by a federal grand jury on corruption charges stemming from their efforts to assist a donor facing legal proceedings and the political interests of the Egyptian government. After a lengthy investigation, Menendez was convicted on 16 counts of public corruption in July 2024.

Image by Christopher Dilts for Organizing for America.

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By Popular Demand.
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21 hours ago
William Upton
Economy

Trump Tariff Triumph as Trade Deficit HALVED in One Month.

PULSE POINTS:

❓What Happened: Key economic indicators reveal inflation is decreasing, personal incomes are rising, and the trade deficit has seen a record reduction.

👥 Who’s Involved: President Donald J. Trump, the Federal Reserve, and the Commerce Department.

📍 Where & When: United States, April 2025, with the data released by the Commerce Department on May 30, 2025.

⚠️ Impact: The figures surpass economists’ expectations and suggest significant economic shifts, including positive tariff-related impacts on trade.

IN FULL:

The United States’ trade deficit was cut by nearly half in April, falling from $162.3 billion in March to just $87.6 billion. According to data released by the U.S. Commerce Department on Friday, the goods trade gap contracted by 46 percent last month.

Notably, goods imports decreased by $68.4 billion to $276.1 billion, the single largest drop in goods imports on record. Meanwhile, exports jumped by $6.3 billion to a total of $188.5 billion.

The data comes on the heels of government inflation numbers showing prices are holding stable despite predictions from the Federal Reserve and tariff opponents who have argued that President Donald J. Trump’s imposition of aggressive trade duties on imports would cause inflation to accelerate. Instead, consumer data shows inflation continuing to cool, though signals of potential deflationary pressures are raising some alarms.

President Trump has repeatedly emphasized that he intends to use an array of tariff measures to encourage the reshoring of American manufacturing jobs as leverage to negotiate new bilateral trade deals with key economic partner nations, and to boost federal revenues in place of income taxes. The Commerce Department data suggests the trade and economic policy transition is working with minimal disruption thus far.

The National Pulse reported earlier this week that tariff revenues in May have already exceeded $22.3 billion. In April, the federal government collected $17.4 billion in trade duties.

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By Popular Demand.
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22 hours ago
Jack Montgomery
News

Trump Blames Federalist Society ‘Sleazebag’ for Recommending Bad Judges.

PULSE POINTS:

❓What Happened: President Donald J. Trump blamed Leonard Leo and the Federalist Society for recommending bad judges early in his first term, linking their influence to a U.S. Court of International Trade ruling that attempted to overturn his tariff policy.

👤Who’s Involved: President Trump, the Federalist Society, Leonard Leo, the U.S. Court of International Trade, and the New Civil Liberties Alliance.

📍 Where & When: Truth Social platform, with Trump’s post on May 30, 2025, following the trade court’s now-stayed ruling.

🧾Key Quote: “I was new to Washington, and it was suggested that I use The Federalist Society… but then realized that they were under the thumb of a real ‘sleazebag’ named Leonard Leo,” Trump wrote.

⚠️ Impact: Trump warns that the tariff ruling threatens presidential power and America’s economic defense against adversaries like Communist China.

IN FULL:

President Donald J. Trump has blamed the Federalist Society for recommending bad judges to him near the beginning of his first term, when he had few contacts in Washington, D.C. The America First leader explained the situation on his Truth Social platform after the obscure U.S. Court of International Trade attempted to overturn his tariff policy in its entirety in a now-stayed ruling.

“Where do these… Judges come from? How is it possible for them to have potentially done such damage to the United States of America? Is it purely a hatred of ‘TRUMP?’ What other reason could it be?” Trump wrote.

He continued: “I was new to Washington, and it was suggested that I use The Federalist Society as a recommending source on Judges. I did so, openly and freely, but then realized that they were under the thumb of a real ‘sleazebag’ named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions.”

Trump said that Leo, who is still co-chairman of the Federalist Society, “openly brags how he controls Judges, and even Justices of the United States Supreme Court—I hope that is not so, and don’t believe it is!”

The President said he was “so disappointed in The Federalist Society” for its “bad advice… on numerous Judicial Nominations,” warning that if the U.S. Court of International Trade’s tariff ruling is ultimately upheld, it will “destroy our Nation!”

On the prospect of Congress having to approve every tariff, he described a process in which “hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion,” hamstringing his ability to act in the American interest against foreign governments.

“If allowed to stand, this would completely destroy Presidential Power—The Presidency would never be the same!” Trump argued, insisting, “The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm.”

“Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY,” he said.

The New Civil Liberties Alliance, which is affiliated with Leo, is among the organizations mounting a lawfare campaign against Trump’s tariff polices, attempting to overturn levies imposed on imports from Communist China.

In 202s, Leo’s Marble Freedom Trust—a 501(c)4 nonprofit that operates as a funding organ for a network of conservative legal and policy groups—effectively received a $1.65 billion contribution through a financial deal executed by Chicago businessman Barre Seid.

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By Popular Demand.
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23 hours ago
News

DATA: Key Pro-Trump Demo Is NOT Motivated to Turn Out for GOP in 2026.

PULSE POINTS:

❓What Happened: Polling reveals ‘mid-propensity voters’ (MPVs) who supported Trump in 2024 may not turn out for Republicans in the 2026 midterms.

👥 Who’s Involved: J.L. Partners conducted the polling; President Donald Trump; mid-propensity voters; Republican strategists.

📍 Where & When: United States, polling conducted in April and May 2025.

💬 Key Quote: “If you are a Republican operative, the best way to get the message across is to make these elections about putting the GOP in the best position to carry the agenda that Trump has championed forward into years to come,” said James Johnson, Co-Founder of J.L. Partners.

⚠️ Impact: Republicans face a challenge in motivating a key voter bloc that is vital for maintaining congressional majorities and advancing the MAGA agenda.

IN FULL:

A newly released analysis from J.L. Partners highlights concerns for Republicans ahead of the midterm elections, as a critical group of ‘mid-propensity voters’ (MPVs) who supported President Donald J. Trump in 2024 appear less motivated to vote in 2026.

The analysis defines MPVs as voters who supported Trump but rank their likelihood of voting in midterm elections between four and seven out of 10. These voters, who comprise 20 percent of the electorate, are predominantly younger (aged 18-29) and disproportionately black. Despite their support for Trump in 2024, many are politically unaligned, with 42 percent identifying as Independent or unaffiliated.

In the 2024 election, 36 percent of MPVs backed Trump, compared to 32 percent for former Vice President Kamala Harris, while 29 percent did not vote at all. According to J.L. Partners, the most compelling argument for these voters to participate in the midterms is ensuring Republican congressional majorities to advance the Trump platform and position the party for the 2028 presidential race.

James Johnson, Co-Founder of J.L. Partners, explained, “It might seem odd, but it is intuitive when you think about it… they are thinking through a presidential election prism.” Johnson emphasized the importance of framing the midterms as a continuation of the Trump agenda, stating, “If you are a Republican operative, the best way to get the message across is to make these elections about putting the GOP in the best position to carry the agenda that Trump has championed forward into years to come.”

Republicans face historical challenges in maintaining voter enthusiasm during midterms, when opposition parties typically gain momentum. Trump’s team is reportedly preparing for potential Democratic efforts to impeach him if they regain the House majority.

John McLaughlin, Trump’s longtime pollster, stressed the urgency of delivering on campaign promises, including tax cuts, to maintain voter support. “We need to pass the tax cuts and avoid a recession,” McLaughlin said. “That’s the high stakes here. We cannot lose the midterms.”

Image by Gage Skidmore.

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By Popular Demand.
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24 hours ago
News

As China Stands Against Bitcoin, Vance Vows Trump Admin Will ‘Champion’ It.

PULSE POINTS:

❓What Happened: Vice President J.D. Vance highlighted China’s opposition to Bitcoin as a reason for the U.S. to embrace cryptocurrency, emphasizing its strategic importance.

👥 Who’s Involved: Vice President J.D. Vance, President Donald J. Trump, the Department of Labor, the U.S. Senate, and the Chinese Communist Party (CCP).

📍 Where & When: Bitcoin 2025 Conference, Las Vegas, May 28.

💬 Key Quote: “The People’s Republic of China doesn’t like Bitcoin. Well, we should be asking ourselves, why is that? Why is our biggest adversary such an opponent of Bitcoin, and if the Communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin.” – J.D. Vance.

⚠️ Impact: U.S. policy shifts toward cryptocurrency include rescinding restrictions, promoting digital assets, and establishing a Bitcoin national strategic reserve.

IN FULL:

Vice President J.D. Vance has called for the United States to embrace Bitcoin, citing China’s opposition to the decentralized cryptocurrency as a strategic opportunity. Speaking at the Bitcoin 2025 Conference in Las Vegas on May 28, Vance emphasized the importance of leveraging America’s advantage in digital assets.

“The People’s Republic of China doesn’t like Bitcoin. Well, we should be asking ourselves, why is that? Why is our biggest adversary such an opponent of Bitcoin, and if the communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin,” Vance stated.

The event coincided with the Department of Labor’s withdrawal of guidelines discouraging fiduciaries from including cryptocurrency in 401(k) retirement plans. Vance argued that Bitcoin serves as a hedge against inflation and political persecution, referencing cases where individuals were denied financial services due to their political beliefs.

“With President [Donald] Trump, crypto finally has a champion and an ally in the White House,” Vance noted, adding that the administration views digital assets not just as an investment but as a driver of personal liberty.

China banned cryptocurrency trading in 2019 and intensified its crackdown in 2021, positioning itself against the technology. Meanwhile, President Trump recently signed an executive order to establish the U.S. as a leader in digital assets and financial technology, creating a working group chaired by David Sacks to oversee progress.

The administration has also rolled back prior restrictions, including overturning reporting requirements for digital asset transactions and rescinding policies that limited banks’ cryptocurrency-related activities. In March, Trump hosted a White House summit to engage industry leaders on crypto policy.

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By Popular Demand.
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May 30, 2025
Immigration
NatSec

Trump Admin Closing Office Importing Afghan Migrants.

PULSE POINTS:

❓What Happened: The State Department has announced plans to close its Afghan refugee resettlement office as part of a reorganization effort.

👥 Who’s Involved: The State Department, Congress, the Office of the Coordinator for Afghan Relocation Efforts (CARE), and the Afghanistan Affairs Office.

📍 Where & When: United States; changes to take effect by July 1.

💬 Key Quote: “The planned changes are… reflective of the administration’s and secretary’s broader efforts to streamline government functions, eliminate redundancy, and enhance accountability,” according to a letter sent to Congress.

⚠️ Impact: The closure affects the resettlement of Afghan refugees in the U.S. following the Afghanistan war and is part of broader workforce reductions impacting over 300 offices.

IN FULL:

The State Department has informed Congress of its decision to close the Office of the Coordinator for Afghan Relocation Efforts (CARE), a program established to assist Afghan refugees following the U.S. withdrawal from Afghanistan. Additionally, the role of the special representative for Afghan reconstruction will be eliminated as part of these changes.

According to a letter sent to lawmakers, the office’s responsibilities will be transferred to the Afghanistan Affairs Office as part of a broader reorganization strategy. Set to take effect by July 1, the changes are part of the administration’s plan to streamline government operations through the Department of Government Efficiency (DOGE). The letter states that more than 300 offices will undergo restructuring “to refocus on core U.S. foreign policy objectives and the needs of contemporary diplomacy.”

The CARE office was originally created under the Biden government to support Afghan refugees claimed to have worked alongside American forces or their relatives.

“The planned changes are also reflective of the administration’s and secretary’s broader efforts to streamline government functions, eliminate redundancy, and enhance accountability,” the letter reads.

Meanwhile, concerns about the legitimacy of Afghan asylum claims have been raised in other countries. The National Pulse previously reported that Germany found that thousands of so-called Afghan asylum seekers have actually traveled back to their home country on multiple occasions, even vacationing there, suggesting they face no genuine threat from the Taliban.

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By Popular Demand.
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