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POLL: Majority of Americans Oppose Biden’s Latest Tax Hike Scheme

March 30, 2022

Amid 40-year high inflation, President Biden is doubling down on crippling tax hikes, this time with a scheme that taxes unrealized gains.

As put succinctly by Sen. Joe Manchin (D-WV): “You can’t be taxed on things you don’t have.” And yet that’s exactly what President Biden wants to do.

According to a recent poll, the vast majority of Americans oppose Biden’s tax hike. Even the left-leaning Tax Policy Center has warned this tax scheme “won’t work” and is “ripe for abuse.”

The poll found:

  • Overall, Americans oppose taxing unrealized gains by a 3 to 1 ratio, 75 percent – 25 percent.
  • 76 percent of Independents oppose taxing unrealized gains.
  • 69 percent of Democrats oppose taxing unrealized gains.

Read the full poll here.

Key Background:

What is an “unrealized gain”? 

  • Say you own $1,000 in stock and the price of that stock rises to $2,000. So long as you don’t sell the stock, the $1,000 increase would be an unrealized gain.

Who would be affected by a tax on unrealized gains?

  • Everyone – America’s successful investment infrastructure rewards investment here in the U.S. by allowing people to invest for both the short and long term, and this tax would undermine those incentives.
  • Hiking capital gains tax will punish Americans who invest in local businesses and job creators.
  • By punishing these investments, Democrats are harming blue-collar workers’ retirement plans.