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The Biden administration’s plan to tax unrealized gains is tyranny

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In a recent effort to put a tighter stranglehold on the American people, secretary of treasury Janet Yellen divulged the Biden administration’s plan to tax unrealized capital gains. According to the Democrat economist, the proposal to impose taxes on asset gains even before they are sold for cash, will help fund various issues such as climate change and social justice. 

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said on CNN’s “State of the Union.”

The proposal, which also drew the support of Democratic Party House Speaker Nancy Pelosi (CA), is still being drafted by Senator Ron Wyden (D-OR). However, the idea has already sparked widespread outrage among the citizenry, after topics about the proposed tax plan went viral on social media and various community forums.

“This is unconscionable. For those who don’t know, 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. If implemented, this would be an act of war against the remaining middle-class folks who still actually own things,”  2020 Libertarian vice presidential candidate Spike Cohen stated.

Proponents of cryptocurrencies who were among the victims of Biden’s economic saboteurs, voiced their opposition to another despotic idea that clearly resembles the policies of the Chinese communist regime.

“Maybe try eliminating [the] step-up basis first. And carried interest. That would be a start. Unrealized gains on illiquid securities would be [an] unmitigated disaster,” Galaxy Digital’s billionaire CEO Mike Novogratz stated.

“Tax on unrealized gains is legal plunder. They created this mess and now they’re looking to pass the cost to the people,” Bitcoin believer Stephan Livera said on Twitter.

During a time of economic turmoil, every hard working citizen is looking for ways to preserve the waning value of their dollar and investing is the best available option out there. Taxing the gains of an investor’s asset before its value has been realized, is a desperate attempt of the Biden administration to recoup the losses caused by their inept handling of our country’s economy.

The Democrats are deceiving the people into thinking that their policies are intended to punish the rich, but in reality, the wealthy elite will easily escape the financial onslaught without sustaining any damage at all. The ordinary middle class will be the ones to suffer the most if Yellen and her cohorts succeed in establishing their repressive policies.

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