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
Senator Tim Scott referred to it last night:
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Democrats always talk about “paying their fair share”, but it’s the 50% lowest wage earners and the 1% who pay nothing. It’s the Producers who pay 95% of all taxes. When are the Democrats going to make the poor get off their butts and pay their fair share? When are Democrats going to tax the super rich? Here’s my tax plan, a 10% Sales Tax and only businesses pay this tax; that’s a little over 2 Trillion. There would be an additional 10% on Business net income, Stock and Bond gains, in addition to Lottery and Gambling winnings. No level of Government can tax, Income or Property. Service taxes will only be on services provided. Sin takes are OK, as are road use taxes. The rest is import / export taxes. I would actually be for States taxing natural resources harvested from their State. There are NO deductions. The Total Federal Tax Code should be no more than 10 pages, and State and Local Tax Codes no larger. Anytime Government creates a tax and the paperwork to comply they create overhead and reduce the Efficiency of the Economy. The 16th Amendment MUST be repealed, it is far too broad. Up until the 20th Century, the Federal Government was 4% of the GDP, it is now over 30%. We don’t need that much Government! ALL of Government should cost less than 10% of GDP. Social Security needs to be back in a Lock Box separate from Government. If people were required to save just 10% for 40 years at just 8% (less than S&P 500 average) then every middle class America would retire a millionaire. Social Security is just a scam to so soak workers with just another hidden tax.