Democrats have gotten truly desperate as they flail around looking for ways to fund their multitrillion-dollar social spendapalooza. They’re now looking at taxing unrealized capital gains.
Yes, that’s right — they want to tax profits from stocks and real estate before they’ve actually been sold and cashed out. It’s madness.
President Joe Biden admits he’s not going to get the $3.5 trillion bill he wants, but Dems are still looking to throw $2 trillion at such wish-list items as new de-facto welfare payments untied to any effort to find work, along with subsidies to fund a vast new force of unionized home health-care aides. (And remember that whatever price tag is attached to this is a wild underestimation — Democrats expect every provision to be extended far into the future.)
But finding the tax hikes to pay for it is proving difficult. Plan A failed: Sen. Kyrsten Sinema rightly refused to go along with raising corporate and personal-income rates because it’d slam the still-sputtering economy. And Dems need every one of their senators on board.
Enter Plan B from outer space: a proposed new yearly tax on unrealized capital gains, with a one-time tax on gains to date. Sens. Ron Wyden and Liz Warren have pitched this for years; now Dems are trying to target it purely at the nation’s few hundred billionaires.
Keep ALL OUR taxpayer $$$ from these Criminal Democrats !!!! Let them have > NOTHING !!!!!