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 @ProPublica, leaked #IRS files show #Buffett's #taxes came to 0.1% of his wealth gain. Expect @SenWarren & other #wealthtax proponents to jump on this. https://t.co/RBgbJoirj6
— Janet Novack (@novack.janet on Threads) (@janetnovack) June 8, 2021
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.
A billionaire minimum tax of just 25% would raise $440 billion over the next 10 years.
Imagine what we could do if we just made billionaires pay their taxes like everyone else.
— President Biden (@POTUS) November 30, 2023
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