Biden Administration Floating Proposal That Will Tax People on Profits That Don’t Exist

President Biden’s $2 trillion spending package continues to stall as senior Democrats are hoping to finalize a proposal on a new annual tax on billionaires’ unrealized capital gains, Democratic leadership has indicated. “We probably will have a wealth tax,” House Speaker Nancy Pelosi (D-Calif.) confirmed Sunday on CNN. The proposal, which is being reviewed by Senate Finance Committee Chairman Ron Wyden (D-Ore.), would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said.

RELATED: Democrats’ latest terrible idea — taxing profits that don’t exist

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