Biden Admin Wants To Tax ‘Unrealized Gains’ To Pay For Bill That Supposedly Costs Zero Dollars (VIDEO)

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.

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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.

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So, it’s not a wealth tax, but, um, a tax on unrealized capital gains of exceptionally wealthy individuals.

Watch the video below:

This is insanity.

This is not just going to affect billionaires. It’s going to hurt everyone.

 

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