The Democrats are currently floating the idea of taxing unrealized capital gains. As is their usual modus operandi, the Democrats are saying that this new concept of taxation will only apply to billionaires. Of course it will.
Today The American Thinker posted an article about the idea.
Here are a few highlights from that article:
Our current secretary of the Treasury, Janet Yellen, is busy trying to find a way to tax wealth without calling it taxing wealth. She has eyes on taxing unrealized capital gains. What this means simply is taxing people for money they have not earned or received. That’s it in a nutshell. That definition should leave even those who have never had a course in accounting or finance shaken.
Not only is Janet Yellen considering this, but the Democrat party is on board as well. Democrats claim that it is needed in order to pay for their agenda. You know — the one that President Biden says pays for itself. The idea of taxing you for the income you have not made is also a policy speaker of the House Nancy Pelosi proposes. Apparently, there is some confusion here.
Looking at this from my point of view, I recalled a picture of Casey Stengel, nicknamed “the ol’ Professor,” when he was the manager of the New York Mets in 1962 — a team considered the worst team to ever play in the major leagues. He had his hat off and scratched his head with the caption: “Can’t anybody here play this game?“
Think about how absurd this idea is. Imagine if an Internal Revenue Agent showed up at your house and said, we decided that you have to pay tax on the money you never earned. Aside from how insane that sounds on the surface, one need only ask: “If I didn’t receive or earn that money, with what do you expect me to pay the tax?” That, in a nutshell, is the entire problem.
Please follow the link to read the entire article. It describes some of the lessons we can learn from history about creative accounting. If you honestly believe that the ultra-rich will not find a way to avoid this tax so that it has to be passed down to the middle class, then you have truly not been paying attention.