Who's next? Once they get their foot in the door, and see that it's not enough, who's next?
How will they reconcile unrealized losses....or will they? This is becoming an authoritarian
government on steroids
• Lawmakers are considering taxing the unrealized capital gains of billionaires as a way to raise money to help pay for President Joe Biden’s broad social and climate spending plans, Treasury Secretary Janet Yellen told CNN’s “State of the Union” on Sunday. Sen. Ron Wyden (D., Ore.), the head of the Senate Finance Committee, is working on the plan, which would put a tax on the unrealized capital gains on liquid assets held by “extremely wealthy individuals, billionaires,” Yellen said. She said it’s not a wealth tax, but would help target “an extraordinarily large part of the incomes of the wealthiest individuals” that isn’t taxed until those assets are sold. Wealth in the form of unrealized investment gains often is also passed along to heirs tax-free, a loophole some lawmakers are also examining. The Washington Post reported the billionaire tax proposal would affect the fortunes of America’s roughly 700 billionaires. Democrats are seeking alternate funding for Biden’s bill after Sen. Kyrsten Sinema (D., Ariz.) said she opposed raising taxes on the largest corporations and wealthy Americans.
www.barrons.com
As Democrats seek ways to pay for a proposed roughly $2 trillion social spending bill, a new annual tax on the unrealized capital gains of billionaires is likely to be included, House Speaker Nancy Pelosi (D.,-Calif.) told CNN Sunday.
This comes as Democrats have shorn down the size of the proposed spending bill, but have struggled to agree on a way to pay for its costs after Sen. Kyrsten Sinema (D.-Ariz.) voiced opposition to increasing capital gains taxes on individuals and marginal tax rates on corporations.
fortune.com
How will they reconcile unrealized losses....or will they? This is becoming an authoritarian
government on steroids
• Lawmakers are considering taxing the unrealized capital gains of billionaires as a way to raise money to help pay for President Joe Biden’s broad social and climate spending plans, Treasury Secretary Janet Yellen told CNN’s “State of the Union” on Sunday. Sen. Ron Wyden (D., Ore.), the head of the Senate Finance Committee, is working on the plan, which would put a tax on the unrealized capital gains on liquid assets held by “extremely wealthy individuals, billionaires,” Yellen said. She said it’s not a wealth tax, but would help target “an extraordinarily large part of the incomes of the wealthiest individuals” that isn’t taxed until those assets are sold. Wealth in the form of unrealized investment gains often is also passed along to heirs tax-free, a loophole some lawmakers are also examining. The Washington Post reported the billionaire tax proposal would affect the fortunes of America’s roughly 700 billionaires. Democrats are seeking alternate funding for Biden’s bill after Sen. Kyrsten Sinema (D., Ariz.) said she opposed raising taxes on the largest corporations and wealthy Americans.
Yellen Describes How Proposed Billionaire Tax Would Work
Yellen said lawmakers are considering a tax on "unrealized capital gains, on liquid assets held by extremely wealthy individuals, billionaires" to pay for Biden's social safety net and climate change bill.
www.barrons.com
As Democrats seek ways to pay for a proposed roughly $2 trillion social spending bill, a new annual tax on the unrealized capital gains of billionaires is likely to be included, House Speaker Nancy Pelosi (D.,-Calif.) told CNN Sunday.
This comes as Democrats have shorn down the size of the proposed spending bill, but have struggled to agree on a way to pay for its costs after Sen. Kyrsten Sinema (D.-Ariz.) voiced opposition to increasing capital gains taxes on individuals and marginal tax rates on corporations.
Democrats look to Billionaire tax on unrealized capital gains
Democratic lawmakers are looking to a tax on unrealized capital gains for the ultrarich.
