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.
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.
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.