It’s an ambitious spending package that keeps getting smaller, as President Biden with senior Democrats work to finalize the details on how to pay for it. The latest proposal is an annual tax on unrealized capital gains reports the New York Post.
Some are calling it a wealth tax, but Treasury Secretary Janet Yellen isn’t. It’s a tax on paper profits on liquid assets held by America’s wealthiest, and one that would impact fewer than 1,000 Americans.
Janet Yellen told CNN, “I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the income of the wealthiest individuals and right now escape taxation until they are realized.”