Now the Progressive-Democrats, in their fever pitch to increase taxes, want to tax phantom profits.
Oregon Senator Ron Wyden (D) [is] reviving plans to make capital gains taxes due annually….
Another Progressive-Democrat, Jon Summers (ex-Communications Director for ex-Senator Harry Reid (D, NV)) rationalized this chimera tax this way:
We’re spending way more money, billions of dollars more, a year than what we are actually bringing in in revenue. We’ve got a debt of $22 trillion, a record debt that has only skyrocketed under this administration. So, Democrats are trying to come up with a solution to bring some sanity back[.]
No, they’re not. They just want to tax anything they can dream up. Were they serious about trying to come up with a solution to bring some sanity, they’d look for ways to cut spending—but that’s literally inconceivable to them.
Most Americans—the vast majority of us with a sane understanding of revenue flows—know that there are no gains, capital or otherwise, unless and until the underlying asset is disposed. Until then, any perceived change in value is nothing more than hope or dismay.
Most Americans—the vast majority of us with a sane understanding of the American sense of property—know that the asset, the unrealized gain or loss, and the eventually realized gain or loss are those of the asset owner; they’re private property.
Sadly, Wyden and his cronies don’t believe that. They act as though the asset and the associated money is Government’s, and those men of Government only let a citizen use the things for a time.