For months, the Biden administration has insisted that the so-called “build back better” agenda will cost “zero” dollars. Whether we are talking about the president himself, his press secretary, or Democrats in Congress, the messaging has been relentless and arguably shameless.
After all, a bill that costs trillions of dollars can not, by definition, cost zero dollars. That it might not add to the deficit, another claim no one should believe, doesn’t change that reality. Treasury Secretary Janet Yellen admitted that yesterday without realizing it as she discussed Biden’s latest scam – taxing money that hasn’t even been made yet.
.@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." pic.twitter.com/XGsQC3GgIU
— The Hill (@thehill) October 24, 2021
Shot Chaser pic.twitter.com/yF1C0GO3L3
— Kween Josie of all the Liberty (@KweenJosie) October 25, 2021
I guess you have to give them credit for creativity. I’ll admit that it never occurred to me to tax people on gains that haven’t even been realized. I should have known never to doubt the left when it comes to thinking up more and more ridiculous ways to separate people from their money.
Under the plan, increases in the value of investments would be taxed even before that investment has been liquidated. That means the government gets to play a game of “heads I win, tails you lose.” If your house increases in value, the IRS taxes you on that increase on a yearly basis despite the fact that you still bear the risk that the home could ultimately decrease in value. The same is true for the stock market, where volatility is common. What about unrealized losses? Do people get a tax credit for those?
The White House claims this will only be applied to “billionaires,” but like all taxes, you can be assured such a scheme would not remain contained. Besides, the proposal itself goes after those with just $1 million in lifetime earnings in the event of death. That means that middle-class families trying to pass down property or stock holdings to their children will be hit with a big tax bill. So much for that “no new taxes on those making under $400,000” pledge, right?
But the crushing of individual opportunity is the point. Democrats do not want you to own property. They do not want you building generational wealth. They want your money and they want to control you. This new tax scam serves both of those goals perfectly.