The Biden administration planned a new, terrifying tax grab on people’s money that they haven’t earned yet. George Soros, a billionaire financier, actually supported it.
A spokesman for Soros stated Monday that the 91-year old, who funds a variety of far-Left projects around the world, was “supportive of Democrats’ new plan taxing unrealized capital gains.” Dems had hoped for more than $200 billion in the coming years to fund government handouts, green programs, and the Build Back Better plan.
Soros 'supportive' of expected Democrat plan to tax billionaire unrealized gains – spokesperson https://t.co/mgKBA87Grs pic.twitter.com/EYQ6tlQzHg— Reuters Politics (@ReutersPolitics) October 25, 2021
Capital gains so-called “unrealized”, or asset value increases that the owner has not cashed in on by selling an asset, are known as unrealized capital gains. The Democrats wanted to tax earnings that have not been made. The tax has so far targeted billionaires. However, taxes tend to increase their net worth over time. The new tax would apply to all Americans. If property and housing values increase, it would result in a tax bill from the government.
The plan has been widely criticized by business owners because it would result in new tax bills for them if their businesses increased in value. Some could be affected, such as Elon Musk, a billionaire entrepreneur. Many Democrats like the plan because it appeals to their socialist beliefs that all money belongs to the government. Therefore, there is a lot of pressure for them to implement it.
However, it appears that they will have to wait before implementing the plan. The bill’s amended framework was not announced by President Biden Thursday. Although it would be nice to believe that this is the end of the road, it’s possible for it to come back in the future.