Nashville’s Good Guys With Guns Show That America’s Courage Is Not Extinct
The Biden Administration's Shameless Aversion to Responsibility
Dem Congresswoman Says This Is the Real Purpose of the Second Amendment
In Defense of Netanyahu
Russia Detains WSJ Reporter
Why Tech Titans Are Calling for an Immediate Pause on Training of AI...
'This Is an Insurrection': Protesters in Kentucky Storm Capitol During Debate About Trans...
Watch How Thomas Massie Engages With Democrat Colleague Screaming About Gun Control
Hyperbole, Hysteria, and Hatred
Here's Why Seven Women Are Suing Their Sorority
There's a Reason Not to Publish Mass Shooters' Names, This Isn't It
Time for Another Unhinged Meltdown at an 'Elite' Law School
Here's What Was Seized From the Zulock Mansion
Picking Up the Pieces: How I Help Women Rebuild Their Lives
Restoring Trust In Government By Using the IQA

'This Is Insanity': Democrats Discuss New Plan to Help Pay for Massive Spending Bill

AP Photo/Pablo Martinez Monsivais, File

Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.

Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.

“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.

The tax is expected to affect people with $1 billion in assets or $100 million in income for three consecutive years, according to a person familiar with the discussions. The idea, for which President Biden recently expressed support after excluding it from his campaign plans and administration agenda, would affect a narrower group of people than the capital-gains changes that have already flopped among congressional Democrats. […]

When compared with the tax-rate increases in the House bill, the emerging Wyden proposal would be significantly more progressive, in that it would raise its money from the very, very rich—likely fewer than 1,000 taxpayers—instead of the merely rich. But House Democrats have questioned whether it makes sense to add a relatively untested idea at this late stage. (WSJ)

The proposal was blasted on social media as sheer lunacy. 

Join the conversation as a VIP Member


Trending on Townhall Video