Connect with us

Hi, what are you looking for?

US News

Biden Really Doesn’t Understand How Income Taxes Work (Or He’s Full Of It)

via ABC News
This article was originally published at Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

A new tax system is being proposed by Democrats that focuses on taxing “wealth gain” instead of just income.

The concept of “wealth gain” encompasses not only realized gains but also unrealized gains, such as the appreciation of assets like homes and retirement savings.

Critics accuse advocates of misleading the public and President Joe Biden of either ignorance or dishonesty in his approach to taxes. (Trending: Tucker Reveals The Moment He Became A Full-Blown Trump Supporter)

According to The Washington Examiner, “Income is mostly your salary. It also includes interest you were paid by your savings accounts. For very few people, income also includes some taxable benefits. Income also includes ‘realized gains’ — that is, stock you bought at $5 and sold for $8 counts as $3 in income.”

“Wealth gain includes all of the above plus unrealized gains,” continued the outlet.

“That is, if your home appreciated in value, your net worth has gone up, and so you have ‘gained wealth,’ even if you have no desire or ability to sell your home any time soon,” explained the outlet.

Most Popular:

Walmart Joins ‘Woke’ Companies and Angers Conservatives

WWE Legend Sentenced To 17 Years In Prison

Biden Impeachment Vote Coming To House Floor

You May Also Like