Democrats are pushing a billionaire tax proposal to impose new taxes on unrealized capital gains on America’s wealthiest to pay for President Biden’s spending package.
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
Senate Finance Committee Chairman Ron Wyden (D-OR) unveiled the details.
Finance Chair Ron Wyden (D-Ore.) wants to begin requiring people with more than $1 billion in assets, or who earn more than $100 million in three consecutive years, to begin paying capital gains taxes each year on the appreciation in value of their assets, regardless of whether they are sold.
NewsmaxTV reported on the consequences of the billionaire tax proposal.
Senator Ron Wyden has "devised a scheme" to tax money that you don't have, "They need money so bad they want the profits from your stock or real estate investment before you even sell it," says @SchmittNYC. pic.twitter.com/I0bj8vnUE4
— Newsmax (@newsmax) October 27, 2021
Critics blasted the proposal including Tesla CEO Elon Musk.
Exactly. Eventually, they run out of other people’s money and then they come for you.
— Elon Musk (@elonmusk) October 26, 2021
Elon Musk slams Biden over his new billionaires' tax and warns 'eventually they run out of other people's money and come for you' https://t.co/cX0X2i2KF2
— Daily Mail US (@DailyMail) October 26, 2021
The "wealth tax" is a tax on money you haven't earned.
It's unconstitutional, unfair, and it would wreak havoc on the markets.
But beyond those problems, it wouldn't even work. Billionaires would simply move money—or themselves— out of the United States.
— Tom Cotton (@TomCottonAR) October 26, 2021
"The unrealized gains tax is only for Billionaires"
100 years ago they claimed that about the income tax too.
With an unrealized gains tax, they'll start taxing your retirement savings. They're taxing assets you haven't sold (and therefore don't even have the money for).
— Naomi Mathew ?? (@naomimath) October 25, 2021
At this point we should just tax little kid’s hopes and dreams
— Chef Andrew Gruel (@ChefGruel) October 25, 2021
Democrats continue to make decisions without considering the consequences, including taxing unrealized capital gains which could drive the wealthy out of the U.S.
Does anyone believe this type of tax, once established, will stop with billionaires?