‘An act of war against the middle class’ – Americans criticize Janet Yellen’s idea to tax ‘unrealized capital gains’ – Taxes Bitcoin News – News Couple

‘An act of war against the middle class’ – Americans criticize Janet Yellen’s idea to tax ‘unrealized capital gains’ – Taxes Bitcoin News

US Treasury Secretary Janet Yellen told CNN on Sunday that lawmakers are considering taxing unrealized capital gains. According to Lilin, the money raised will help fund things related to climate and social change. While Yellen said U.S. Senator Ron Wyden (De., Oregon) was working on the plan, a large number of Americans criticized the proposal on forums and social media.

Janet Yellen Discusses Unrealized Capital Gains Tax Proposal, as House Speaker Pelosi Approves

The phrase “unrealized capital gains” was Trending on social media and forums in the past 24 hours after US Treasury Secretary Janet Yellen discussed “State of the Union” on CNN. Yellen explained the concept, which aims to tax Americans on unrealized capital gains arising from liquid assets. Of course, like IRS’ controversial $600 surveillance proposal, Yellen stressed that the proposal was aimed at “individuals who are extremely wealthy, billionaires.” Yellen stressed, however, that the tax is not a wealth tax.

“I wouldn’t call this a wealth tax, but it will help with capital gains, which are an extraordinarily large portion of the incomes of the wealthiest individuals, and now evade taxes until they come true,” Yellen said on CNN. She explained that Democratic Senator Ron Wyden was working on the proposal, and that House Speaker Nancy Pelosi supports the concept. Although Yellen said it wasn’t a “wealth tax,” Pelosi (D., California) had different words when she told CNN on Sunday: “We probably have a wealth tax.”

Pelosi believes the unrealized earnings tax will help fund the $2 trillion spending bill, and said the spending bill package was “pretty much in place” and that lawmakers are in the process of finalizing some “recent decisions.” While Yellen, Democrats and CNN applaud the idea of ​​taxing unrealized gains, Americans resent the idea as “unreasonable.”

Political commentators, libertarians, and crypto enthusiasts scoff at Yellen’s suggestion – “Taxes on Unrealized Gains Legal Looting”

For those who don’t know, an ‘unrealized profit’ is when something you own gains value, but you don’t sell it. You know, like your house. Or a retirement fund, said Spike Cohen, the 2020 libertarian vice presidential nominee. Your own. So now you have to sell it, to pay the taxes. If it were carried out, Cohen added, it would be an act of war against the remaining middle-class people who still actually owned things.

Cryptocurrency Supporter and CEO of Galaxy Digital Mike Novogratz Sharing two cents About unrealized gains on Twitter. “Maybe he tried to eliminate [the] Escalation basis first. And the billionaire investor said, “and carry interest.” “This will be a start. Unrealized gains on illiquid securities will be [an] Fear not. Independent journalist Jordan Schechtel to explain That “taxing unrealized gains is about the minimum taxation itself. That is not the biggest goal,” Schachtel noted. The journalist added:

Taxing unrealized gains gives the government the ability to monitor your every move.

Almost every post on social media and forums on this topic is filled with comments suggesting that Americans think taxing unrealized gains is a horrible idea. Except for mainstream media publications such as The Wall Street JournalThe Washington Post, The Hill and other publications continue to argue that the tax targets the “billionaire class” and the “exceptionally wealthy”. American journalist and Youtuber Tim Pool said the suggestion is a hoax on people who don’t have money.

“Wealth tax, unrealized gains, whatever” pool chirp. “It’s a trick that the rich attract to the poor who don’t understand how finance and the economy works. Wealth taxes won’t do anything, people don’t really understand the power of that massive wealth.” Bitcoin supporter Stephen Levera compressed On social media that “Taxes on unrealized gains are legal looting. They made this mess and now they are looking to pass the cost on to the people.”

Evolutionary behaviorist and well-known author Gad Saad sarcastically notice That unrealized profit tax was a good idea. “That sounds like a good idea,” Saad said disdainfully. We must also engage in punitive measures for unverified crimes. The author concluded that the person who looks guilty and you proactively give him the chair (for the sake of societal cohesion and diversity).

What do you think about Janet Yellen and Nancy Pelosi telling Americans that lawmakers plan to pay an unrealized profit tax on the upcoming $2 trillion spending bill? Tell us what you think about it in the comments section below.

Tags in this story

Billionaire-Class, CNN, The Economy, Gad Saad, Janet Yellen, Liquid Assets, Mainstream Media, Mike Novogratz, Nancy Pelosi, Spike Cohen, State of the Union, Steven Levra, Taxes, Unrealized Tax Gains, Taxes, Tim Ball, Unrealized capital, the wealthy, relentless

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