Assessment: If ever there was a way to discourage investment in the US economy from wealthy investors, this is it. Once the tax is instituted, a trickle down to the middle class is inevitable …
Earlier this week, Treasury Secretary Janet Yellen (and a handful of her fellow Democrats in the Senate) announced their intentions to help fund President Biden’s ‘Build Back Better’ agenda with a new tax on unrealized capital gains for the wealthiest Americans. The event led to this widely viewed clip of Yellen explaining that the tax on “extremely liquid assets” would only apply to the wealthiest Americans during an interview with CNN’s state of the Union.
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
We later learned that Democrats were setting their sights on $5 trillion of billionaire wealth extraction, something that would move the US closer to AOC’s stated goal of eliminating billionaires.
So overnight, Sen. Ron Wyden, the chairman of the Senate Finance Committee (which is, by the way, different from the Senate Banking Committee) released the much anticipated details of the tax on unrealized capital gains for billionaires as Democrats are working on how they will raise enough taxes to offset the spending in particularly the second part of Biden’s ‘BBB’ plan which involves a massive expansion of the American social safety net, among other Dem agenda items. Read More @ HERE