The only way to ensure that bills aren’t passed is to put “only for Congress” in the front and see how well they like it. When it comes to capital gains tax, the left loves to push it out, but if it were to come back to Congress, that insider trading wouldn’t fare well for them. That’s why the bar is so high on the amount they’re going after because the rich love to hide their money and not pay taxes, but guess what? Nobody likes to pay taxes. Given the opportunity, everyone would pay less, and the government would still be complaining. It’s never enough.
The tax that the left wants to impose on the rich is unrealized gains on people who have $1 billion in assets or $100 million of income for three years in a row. That means that the tax would likely take away any profit earned from investments. There wouldn’t be any investments if this were imposed. Those affected would find other ways to invest where the government would stay out of business.
Treasury Secretary Janet Yellen wants to get in the pockets of the American people. Can we all agree? Good. Yellen said that according to the plan, “The tax proposal would help get at capital gains, which are a big component of the incomes of the wealthiest persons and right now avoid taxation until they’re realized, and often they’re unrealized in the death benefit from a so-called step-up in basis.”
The Heritage Foundation said that the “tax is unconstitutional.” The constitution is very clear when it states that tax has to be “apportioned among the several states” and can’t be specific like the ones that have been put forth so far. If Congress thinks they’re going to impose a tax like that on every individual, they’re very wrong. There will be tea in the harbor.
Tax should be low and be used to stabilize the government. The government can’t even balance its budget without borrowing more money and adding to the debt, putting Americans in the wrong position. It will require reasonable politicians to turn things around, and there will need to be a lot more of them than there are today to oppose this outrageous spending.
Yellen can’t get it right and pushes against anything the GOP says. When it came to Build Back Better and the way the bill would contribute to inflation, Yellen said, “In the later part of the decade, as confirmed by the CBO score, the legislation will be deficit-reducing on an annual basis, and thus cannot be expected to contribute to inflation in those years.”
So, Yellen is saying that we should ignore the enormous impact currently and know that it will get better? That’s also assuming that large bills won’t be passed later in the decade. Given the government’s spending in the past couple of years, that’s highly unlikely.