Appearing on CNN, Treasury Secretary Janet Yellen discussed the possibility of taxing UNREALIZED capital gains from wealthy individuals to help finance Biden’s spending plans.
“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.
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
Cardano founder Charles Hoskinson wrote “Taxing unrealized capital gains. Also known as how to burn your nation down in 60 minutes.”
Taxing unrealized capital gains. Also known as how to burn your nation down in 60 minutes. https://t.co/p3Eoow98ut
— Charles Hoskinson (@IOHK_Charles) October 25, 2021
Ricky Lavina wrote “This makes no sense. How do you tax something that isn’t yet realized? What if the value drops 100% the following year?”
This makes no sense. How do you tax something that isn’t yet realized? What if the value drops 100% the following year?
— Ricky Laviña (@LavinaRicky) October 24, 2021
Ben Shapiro commented “This is insanity.”
This is insanity. https://t.co/QDrm4aa2Lp
— Ben Shapiro (@benshapiro) October 25, 2021
UNREALIZED CAPITAL GAINS ARE NOT FUCKING REAL!!!!!!
— HGTP://VOID (@HGTP_VOID) October 24, 2021
Wellcome to comunism. We brazilians know VERY WELL this game. We know this since 1985
— Alexandre Sperotto C3PO (@ags10ags) October 25, 2021
Welcome to the Biden economy
— Fintwit (@fintwit_news) October 24, 2021