This past July, President Joe Biden inadvertently (presumably) suggested that Treasury Secretary Janet Yellen is not a serious economist.
Yellen last Thursday: "I think we will have several more months of rapid inflation."
Biden, today: "There's nobody suggesting there's unchecked inflation is on the way. No serious economist." https://t.co/x7nLksxG0X
— Chad Gilmartin (@ChadGilmartinCA) July 19, 2021
One thing we can say for sure is that Janet Yellen is not an intellectually honest economist.
Earlier this month, Yellen told Norah O’Donnell that the IRS just wanted to spy on Americans’ bank accounts “to hold billionaires accountable.” It’s all about making sure that billionaires are paying their fair share. Billionaires who haven’t done anything wrong shouldn’t be concerned, and regular non-billionaire Americans who haven’t done anything wrong shouldn’t be concerned, either.
As Yellen explained yesterday on “State of the Union,” the Biden administration is only interested in keeping tabs on the billionaires, OK? And anyone who’s not a billionaire has nothing to worry about. As long as you haven’t invested any of your money, you’re fine!
.@SecYellen on the proposed tax which would pay for the Build Back Better act: "It's not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals." pic.twitter.com/XGsQC3GgIU
— The Hill (@thehill) October 24, 2021
Even if it is just a tax on “exceptionally wealthy individuals,” taxing unrealized capital gains is insane. But it’s more than that. Such a tax would ultimately be a tax on everyone who’s invested money in the anything, and that’s straight-up evil.
The entire concept is flawed, actually out of touch.. the markets move daily and forcing people to liquidate assets is a real thing.. where’s the cutoff.. does it apply to 401k, stock holdings that appreciate ? pic.twitter.com/rmEX9hSrCP
— Marcus Lemonis (@marcuslemonis) October 25, 2021
It applies to whatever the hell they want it to apply to. Which is to say … your money. They literally want to steal your money.
Shorter: Government theft.
— Beverly A. Pekala (@PekalaLaw) October 24, 2021
That’s exactly what this is.
Where do you get the money from to pay the tax on unrealized gains?
— Tim 🌽 (@tim_bitcoin) October 25, 2021
So lets unpacked this: Biden's unnecessary spending (the economy is doing just fine) will be financed on the backs of investors who provide seed-capital for entrepreneurial startups (that will slow the economy)?https://t.co/LqA3A7wPLC https://t.co/q6fB99YbAW
— Charles Gasparino (@CGasparino) October 25, 2021
Is there any accounting for how liquid that wealth is? If I own an apartment building that doubles in value because a baseball stadium opens next door, do I get a tax bill? https://t.co/3mAG6KmYto
— Tim Carney (@TPCarney) October 25, 2021
That’s sure what it sounds like.
The fact that wealth taxes are pushed by Elizabeth Warren, a proponent of Modern Monetary Theory — which suggests that deficits do not matter — demonstrates that this is ideological, not economic https://t.co/CDu5GUOlLS
— Ben Shapiro (@benshapiro) October 25, 2021
The Penguin wants to monitor everyone's bank accounts, keep track of our transactions, and also tax the *net worth* of wealthy people. An absolute power-mad lunatic. This administration is chock full of them. https://t.co/BbUtjh1QAE
— Matt Walsh (@MattWalshBlog) October 25, 2021
The theoretical increase in value of your home is an “unrealized capital gain” (quotes because if it’s not realized, it’s not actually a “gain”); the same for your family business.
This woman is batsh*t crazy. https://t.co/bvLkGzcSIR
— Carol Roth (@caroljsroth) October 25, 2021
FYI: an "unrealized gain" is when something you own gains value, but you don't sell it.
You know, like your house. Or your retirement fund.
So now you have to sell it, to pay the taxes.
This is a war against the remaining middle class people who still own things. https://t.co/PTbhiXw6jY
— Spike Cohen (@RealSpikeCohen) October 25, 2021
Proposing a tax on unrealized capital gains is insane.
Imagine paying taxes on something you haven’t sold just to see it go down afterwards.
I assume that means we can write off unrealized losses, right? Right!?pic.twitter.com/Q4tZE0mERl
— The Wolf Of All Streets (@scottmelker) October 25, 2021
People like Bezos, Zuckerberg, and Musk would be forced to sell enormous amounts of stock. As a result, equity values fall substantially, panic in the market ensues, investment portfolios and pension funds suffer immensely as a result. This will hurt the non-wealthy the most.
— Anthony Acquadro (@AcquadroAnthony) October 24, 2021
They want your 401k and IRA regardless of if you think you are “rich”. https://t.co/DxMkYRXWIo
— Doctor of Coding Thinkology (@bradcundiff) October 25, 2021
Democrats want to destroy your retirement and your home investment so you can be dependent on the government. https://t.co/f2PUftpVvP
— Katie Pavlich (@KatiePavlich) October 25, 2021
It wasn’t enough that they destroyed the middle class with destructive lockdowns and a massive wealth transfer upward. Now they want to weaponize the tax code to keep the peasants in their place.
— Kerfuffle Actual 🧼🤲🤗 (@shoshido) October 24, 2021