The Dems' Main Narrative for the Schumer Shutdown Is Falling Apart
CNN's Van Jones Reveals What Schumer Told Him Three Months Ago About Shutting...
AG Bondi to Appeal 'Woefully Insufficient' Sentence for Justice Kavanaugh's Would-be Assas...
No, NYT, We Don't Need to Feel Bad for These People
Scott Wiener: Accusations of Fascism Will Continue Until Conservatives Bend the Knee to...
Colorado Authorities Reopen Investigation Into Death of Hunter S. Thompson
Maxwell House Coffee’s Temporary Rebrand Is Something Else
Dirty Hospitals Are to Blame for Superbug Deaths
Hope Amid Chaos in Nigeria
Flexing Fraud: Fake Gym at Center of $3M PPP Scam
The Train of Progress Must Not Be Derailed
Trump Ends the Green Scam — Now the Crying Caucus Is Out of...
Make Protecting Animals Great Again: The Trump Administration Is Ending Animal Cruelty
Hochu v. Mamdani: The Upcoming War Over NYC Tax Increases
More Government Control Over College Sports Is the Wrong Fix
Tipsheet

'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.

Advertisement

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)

Advertisement

The proposal was blasted on social media as sheer lunacy. 

Advertisement

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement