July 3, 2022

Democrats divided over ‘unrealized gains’ tax

Several House Democrats have stood up to the rest of their party on the issue of aggressive tax code changes that are being considered for “unrealized gains.” 

According to Breitbart News House Democrats opposed one another on Tuesday when the issue of taxing assets that have increased in value but not yet sold came to the table.

Amongst those siding with conservatives on the proposed controversial tax hike was Rep. Dan Kildee (D-MI) who called the bill, proposed by Sen. Ron Wyden (D-OR), a non-starter.

The bill was postposed as radical tax that would have applied to an asset if it increased in value and was not yet cashed in, which would mean that it’s value could fall once again, making it’s possession a total loss at the time of sale, but without negating the taxes paid on the “unrealized gains,” proposed by progressives.

House Budget Chair John Yarmuth (D-KY) was among the dissenters, saying he opposes the measure, but said he didn’t feel it would tax Americans enough:

“I don’t think it’s a reliable offset. So I have concerns about that,” Yarmuth said in reference to reconciling the $3.5 trillion spending package Democrats are considering.

Rep. Jimmy Gomez (D-CA) was also a bit miffed, as was demonstrated by his comments to Politico Playbook where he told reporters that the potential weal tax frustrated him, saying it was a waste of time:

“The Senate needs to start saying yes or no on issues and stop f***ing talking,” Rep. Gomez stated in regard to the potential asset, currently proposed for the wealthy.

Share on facebook
Share on twitter
Share on linkedin



Sign Up For The Daily Newsletter