Democrats are addicted to finding new ways to confiscate wealth to pay for their radical, Big Government agenda. Their latest hairbrained idea is to set outrageous taxes against unrealized capital gains.
Under the proposed plan, if you purchased an asset for $100, and it is valued at $700 today, you would be taxed on $600 in unrealized capital gains even though you haven’t sold the asset.
What happens when that asset decreases in value back to $100? Would the federal government return your tax payment? Of course not.
And this is all to finance Biden’s Green New Deal that he’s been cooking up with Socialists in Congress.
Democrats say the tax would only apply to the wealthiest billionaires. But we know it would be a pilot program for extending the tax increase against middle-class Americans. Own a home that’s gained some value? Tax. Have a cryptocurrency that’s “gone to the moon”? Tax. Invested in a new business that’s finally turning the corner? Tax. Tax. Tax.
Democrats’ unhealthy addiction to taxation will cripple investment in America. When investment decreases, the effects are felt everywhere in the economy. Wages will be stagnant or even decrease. New business formation will be stifled due to lack of interest from the investment community. Jobs would be lost in the millions. But Democrats don’t care. No cost is too great for the cause of Big Government.
Going after unrealized capital gains would also result in a massive sell-off of assets from middle-class Americans, causing volatility in 401ks and other investment accounts. The middle class is under attack from the Socialist Left, it’s not just the billionaires. And because many people wouldn’t have the income to pay the new tax, a massive selloff could spin the economy into a crisis not seen since the Great Recession.
While Democrats claim there would be various loopholes and restraints, we know their ultimate goal: Control. They want to control how you’re investing. They want to control how much money you’re making on that investment. And they want to use that revenue to redistribute wealth in America to others that quite honestly didn’t earn it. Democrats propose expanding the IRS in order to raise hundreds of billions of dollars in revenues from tax avoidance. The reality is they want to get inside your bank account, monitor your wealth and every financial transaction you make. And they want to redistribute your money through a growing federal government toward leftist programs like the Green New Deal.
This is Socialism. This is tyranny. We cannot stand for it.
Join us in standing against an unconstitutional wealth confiscation and tell these greedy politicians to stay out of your investment account.