Whose money is it? This will kill the Markets. A cause for a depression unlike anything we've seen. Such outrageous kleptocrats

Democrats now want to tax people’s stock gains before they sell them to help pay for Biden's massive social spending bill

Democratic leadership over the weekend began suggesting a new way to pay for President Biden's multitrillion-dollar social policy and climate action spending bill — a tax on wealthy people's unrealized capital gains.

Unrealized capital gains are increases in value of stock purchases that the purchaser has yet to "realize" by selling the stock at its new price. 

"We probably will have a wealth tax," Democratic House Speaker Nancy Pelosi (Calif.) told CNN on Sunday.

In a separate interview with the network, Treasury Secretary Janet Yellen confirmed that the policy is being discussed, though she was careful not to call it a wealth tax. According to Yellen, the policy would impose a tax on billionaires' stock gains as well as other assets like real estate.

"I wouldn't call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they're realized," Yellen said.

According to the New York Times, the policy is currently being put together by Democratic Sen. Ron Wyden (Ore.), who heads the Senate Finance Committee. It is expected to be unveiled sometime this week.

"It would affect people with $1 billion in assets or those who have reported at least $100 million in income for three consecutive years," the Times reported, adding that "Democrats hope it would generate at least $200 billion in revenue over a decade."

The Hill

@thehill

.@SecYellen on the proposed tax which would pay for the Build Back Better act: "It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals."

4:31 PM · Oct 24, 2021

1.7K

988

Share this Tweet