And the money's not even real
Reader comment on: The Biden-Wyden Wealth Tax
Submitted by Andrew Terhune (United States), Oct 26, 2021 17:28
What I have yet to see in any publication is that this tax just time shifts when the tax is paid. Today it is paid when you sell the asset. Under this plan, billionaires would pay it annually, but that means that when they do eventually sell their assets, the tax yield would be far less since the government can't tax the gain twice. In other words, this is really just a shell game. And we all know who wins shell games.
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