Why Democrats' Scheme to Tax Unrealized Capital Gains Should Terrify You

"If I didn't receive or earn that money, with what do you expect me to pay the tax?"  That, in a nutshell, is the entire problem.

 American Thinker  "Our current secretary of the Treasury, Janet Yellen, is busy trying to find a way to tax wealth without calling it taxing wealth.  She has eyes on taxing unrealized capital gains.  What this means simply is taxing people for money they have not earned or received.  That's it in a nutshell.  That definition should leave even those who have never had a course in accounting or finance shaken.

"Not only is Janet Yellen considering this, but the Democrat party is on board as well.  Democrats claim that it is needed in order to pay for their agenda.  You know — the one that President Biden says pays for itself.  The idea of taxing you for the income you have not made is also a policy speaker of the House Nancy Pelosi proposes.  Apparently, there is some confusion here.

"Looking at this from my point of view, I recalled a picture of Casey Stengel, nicknamed "the ol' Professor," when he was the manager of the New York Mets in 1962 — a team considered the worst team to ever play in the major leagues.  He had his hat off and scratched his head with the caption: "Can't anybody here play this game?"

"Think about how absurd this idea is.  Imagine if an Internal Revenue Agent showed up at your house and said, we decided that you have to pay tax on the money you never earned.  Aside from how insane that sounds on the surface, one need only ask: "If I didn't receive or earn that money, with what do you expect me to pay the tax?"  That, in a nutshell, is the entire problem.". . .

David Ennocenti, is a retired accountant and graduate of the State University of N.Y. at Buffalo, School of Management with a degree in accounting and finance.  He passed the CPA Examination in 1983.  His writing has appeared in  American Thinker,  USA Today, The New York Times, and several other publications.  His screenplay, Sniper Queen, was an official selection of The Artemis Women in Action Films Festival.  He is a past winner of the Writer's Digest Annual Competition.