Taxing unrealized gains?? You might as well put your $$ underneath your mattress!
Tim Scott warns Dems' plan to tax unrealized gains risks wrecking the entire US systemSouth Carolina Republican Sen. Tim Scott joined "Life, Liberty & Levin" on Sunday to analyze the state of Congress, criticizing Democratic majority leadership for locking out Republicans from negotiations on the multi-trillion-dollar socioeconomic overhaul legislation dubbed human infrastructure.
Scott told host Mark Levin that Democrats did not receive a proverbial mandate from voters in 2020 to enact such a sweeping transformation of the American socioeconomic system, given that they cling to a three-vote margin in the House plus three vacancies. In addition, the U.S. Senate has no outright majority save for Vice President Harris' tie-breaking position in the 50-50 split therein.
"We have no idea, except for what we read in the newspapers… what's actually happening behind closed doors. It's like those old days of smoke-filled rooms in the middle of the night," Scott said. "The deals are being cut, the American people are left out and the entire Republican Party, representing half of the votes in the Senate, literally relegated to the sidelines with no ability to actually have an input."
"There are no committees that are meeting and talking about the greatest transformation in a negative way of the greatest economic system ever known to man literally behind closed doors… A one-way ticket to socialism.".................
...................Scott warned the American people foremost of the Democrats' opaque plan to tax unrealized gains, appearing to differ from the left's implicit claims such levies only hurt the wealthy.
"Part of their strategy right now is not only to increase the tax rates but to find new ways to generate revenue from revenue that is not [in] your account yet," he said
"That is something that is not just problematic. That is something that actually discourages the system itself."
An unrealized gain is a financial gain an American makes on paper that has yet to be pocketed, or "realized." Such examples include stock options that remain in one's fund account but have not been liquidated or withdrawn..................
https://www.foxnews.com/media/tim-scott-warns-dems-plan-to-tax-unrealized-gains-risks-wrecking-the-entire-us-system