The Democratic Party platform 2025 was released yesterday. It calls for a 25% wealth tax on billionaires, almost definitely including unrealized gains. Those are assets people own that they are not selling.
Biden announced in his budget that he wants to tax property like stocks, bonds, paintings, jewelry, and anything the wealthy own that they aren’t selling. These assets go up and down in value over the years, and at some point, they could be worth almost nothing.
It’s a dangerous idea, and it won’t stop at billionaires. As always, when they run out of billionaires’ money, they will go after millionaires and eventually the middle class.
Can you say you own anything if the government cane put its claws into everything you own every year?
Biden continues to lie:
There are a thousand billionaires in America, and they pay an average 8 percent in taxes– a far lower rate than a firefighter or teacher. Democrats will make billionaires pay a minimum income tax rate of 25 percent, raising $500 billion in 10 years. We’ll end the preferential treatment for capital gains for millionaires, so they pay the same rate on investment income as on wages.
They pay more than that. They pay about 25%, and then they pay state, local, and real estate taxes, which total about half of their income.
The Committee for a Responsible Federal Budget indicates that Kamala will continue this economic plan.
The campaign told them that Vice President Harris continues to support all of the revenue-raising provisions in the President’s FY 2025 budget.
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