The Biden administration has emphasized for months that the so-called “build back better” plan will be free of charge. The message has been unrelenting and possibly sleazy, whether people talk about the president, his press secretary, or Democrats in Congress.
By definition, a bill that costs billions of dollars cannot be zero dollars. It doesn’t change that it might not contribute to the deficit, which is another assertion no one should trust. Janet Yellen unwittingly revealed this yesterday when discussing Biden’s latest con taxing money that hasn’t even been produced 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
According to the reports, people should’ve known better than to put their faith in the left when it comes up with ludicrous schemes to separate people from their money. But to confess that taxing individuals on profits that haven’t yet been achieved never occurred to anyone, but they suppose they have to give them credit.
Moreover, increases in the value of investments would be taxed under the scheme even before they were liquidated. That means the government gets to play “heads I win, tails they lose.” If the value of the home rises, the IRS taxes, on the other hand, also increase each year. The same can be said about the stock market, which is notorious for its volatility.
In the case of death, the White House’s tax proposal would levy a death tax on everyone earning more than $1 million. It implies that middle-class families who want to pass on real estate or stock assets to their children will face a significant tax cost. So much for the guarantee of “no additional taxes on people making less than $400,000.”
The objective is to suffocate individual opportunities. Democrats don’t want you to possess the land. Instead, they want money and power. This new tax scheme accomplishes both of those objectives admirably.