For weeks now, Biden and his fellow Democrats have claimed that their massive spending bill will cost zero dollars.
This weekend, his Treasury Secretary, Janet Yellen, went on CNN and said they want to tax ‘unrealized gains’ from the top 1 percent to pay for the bill. In other words, they want to tax wealth that hasn’t even been created yet.
This suggests that the bill costs way more than zero dollars.
Breitbart News reports:
Biden Administration Proposes Taxing Billionaires’ ‘Theoretical Income’ to Pay for Spending Bill
U.S. Treasury Secretary Janet Yellen proposed taxing billionaires’ unrealized capital gains to fund President Joe Biden’s $2 trillion spending bill — a bill which the president has claimed costs $0.
During an interview with CNN on Sunday, Yellen touted the idea of taxing the unrealized capital gains of the wealthiest 1 percent, though she claimed the measure would not count as a “wealth tax.”
Here’s what she said:
I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinary large part of the incomes of the wealthiest individuals, and right now escape taxation until they’re realized. And often they are only realized in a death, benefitting from a so-called step-up of basis.
So, it’s not a wealth tax, but, um, a tax on unrealized capital gains of exceptionally wealthy individuals.
Watch the video below:
NEW – U.S. Treasury Secretary Yellen proposes a tax on unrealized capital gains to finance Biden's "Build Back Better" plans.pic.twitter.com/pefi3PhoDe
— Disclose.tv (@disclosetv) October 24, 2021
This is insanity.
Janet Yellen just proposed a tax on unrealized capital gains.
For those who don’t know, that means if you buy a stock for $1000 and it goes up to $5000 then back to $1000, you owe taxes on the $4000 profit that you never made.
This concept will literally bankrupt people.
— Amy Tarkanian (@MrsT106) October 26, 2021
The fact Janet Yellen is even considering an unrealized capital gains tax perfectly illustrates the monstrous economic crisis we’re in.
They are willing to annihilate all investor sentiment in order to raise money to fund their reckless spending spree.
— Mr. Whale (@CryptoWhale) October 25, 2021
Just so everyone understands here, this is a war on property ownership. She wants to tax you based on what your house is worth, which means you'd have to sell it to pay the tax. And if you believe the bullshit about this only applying to billionaires, I don't know what to say.
— Matt Walsh (@MattWalshBlog) October 25, 2021
This is not just going to affect billionaires. It’s going to hurt everyone.