Treasury Secretary Janet Yellen announces in the clip below that she will punish people for saving and investing, which is what keeps the economic engine of capitalism going. This is clown world public policy.
She is resuscitating Senator Wyden’s plan to tax gains a person does not have. She thinks she can tax unrealized gains and absurdly claims it’s not a wealth tax.
While she’s claiming it’s for “only extremely wealthy individuals,” as in all communist/socialist regimes, it will very, very quickly filter down to the middle class and the middle class savings and investments in retirement funds. The rich will hide their money or be exempt, especially universities and other favored voting blocs, such as leftist foundations.
The tax the rich plot is a Trojan Horse and a fraud. Yellen is far-left and knows exactly what she is doing.
It also eliminates compounding. Instead of a 10% increase in your portfolio worth $10,000 the tax takes the value to $9,000. That loss over years is enormous.
As one Twitter user wrote: They inflate the currency, making assets worth more nominally, then tax you on the “gain” in addition to the inflationary tax of your cost of living rising – incredibly insidious and the stuff of revolutions. Combine this with taking away cash and they are basically saying they are going to raid your accounts and leave you with whatever your ration is designated to be. Also will this tax apply the billion-dollar foundations and trusts of the elites and universities etc? or to their triple tax exempt muni bonds? I doubt it. It will be a tax on middle-class individual investors who put aside hard-earned savings for the markets.
Don’t forget they plan to hire nearly 100,000 IRS workers to scrutinize almost every working Americans bank accounts. They will pull money from your accounts at will.
Watch:
NEW – U.S. Treasury Secretary Yellen proposes a tax on unrealized capital gains to finance Biden’s “Build Back Better” plans.pic.twitter.com/pefi3PhoDe
— Disclose.tv (@disclosetv) October 24, 2021
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