https://townhall.com/columnists/christianjosi/2021/10/28/building-back-bonkers-n2598145
Were there an American Book of Bad Ideas, progressives’ old reliable fever-dream tax proposals would be chapter one. Just when we think we have seen it all, someone steps up to make the dumb story dumber. In fact, it’s happening right now as Democrats, desperate to push through some sort of legislative package that will appeal to people who aren’t entirely insane and save face before an already dubious public, now have to deal with Senator Ron Wyden’s (D-OR) bonkers “Billionaires Income Tax.” Talk about bad timing.
Of all the wrongheaded nonsense that’s floated in and out of proposed legislative vehicles for President Biden’s “Build Back Better” punchbowl, Wyden’s 11th hour turd is by far the most wild-eyed of them all. The plan would tax tradable assets (think stocks) in the name of taxing the rich. One of the many problems here beyond general obnoxiousness has to do with constitutionality. Taxation is not traditionally imposed until someone sells an asset or engages in a so called “taxable event.” The reason why Democrats want this is so they can claim they have found the money to pay for their uberwoke agenda now, and deal with trifling matters like constitutionality later.
How can Democratic party leadership not see how reckless these utterly unworkable tax-grabs look to voters? Well, in this case, it appears at least some of them can, as evidenced in Politico Wednesday:
“The jeering section includes House Ways and Means Chair Richard Neal (D-Mass.), who feels like months of work from his panel is being undercut…”
“Rep. Dan Kildee (D-Mich.) chimed in that Wyden’s plan is ‘just a public relations idea, it’s not a substantive policy suggestion.’ Even those who support the concept, like Rep. Peter Welch (D-Vt.), complained it’s coming too late given its complexity.”
Or, perhaps to put the sentiments of these and many other congressional Democrats in plainer terms, it’s like Dems have smoke pouring out of all four engines and Wyden is taking bong hits in the back row of the plane.
Unsurprisingly, the targets of this piece of work, which actually would be the first tax in American history on unrealized gains, aren‘t down with the Wyden plan, which is really a culmination of years of huddling and scheming between Wyden, and his partners in wack, Sens. Bernie Sanders ( D-VT) and Elizabeth Warren (D-MA). (The very thought of taxing unrealized capital gains is a preview of things to come from the party of broken supply chains and hyperinflation. When you run out of real money, just start taxing hypothetical money).