Joe Biden may not know it but no doubt his Treasury Secretary does. A tax labeled a ‘Billionaire’s Tax’ is being pushed by the Biden gang that will in reality tax Americans’ 401Ks and IRAs.
PJ Media reports:
A wealth tax on billionaires is included in the latest version of Joe Biden’s “Build Back Better” agenda, but it’s a sure thing the real target is your retirement savings.The so-called “Billionaire Income Tax” is being written by Senate Finance Committee Chairman Ron Wyden (D-Ore.) with “input from the U.S. Treasury Department and the White House,” according to SWFI.
“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals,” U.S. Treasury Secretary Janet Yellen told CNN on Sunday.
That’s like saying you have a four-legged pet that eats kibble, barks, fetches, and looks exactly like a Golden Retriever — but it isn’t a dog.
Yellen told Jake Tapper, “I think what’s under consideration is a proposal that Senator Wyden and the Senate Finance Committee have been looking at that would impose a tax on unrealized capital gains, on liquid assets held by extremely wealthy individuals, billionaires. I wouldn’t call that a wealth tax.”
It’s a wealth tax.
Worse, it’s a tax on the investments and productivity gains that make the entire country richer.
Others see this as a tax on 401Ks and IRAs.
The left has had its eyes on your 401K & IRA for 30 years. There’s trillions of dollars there that they absolutely lust for, they would blow that money so fast.
— Hunter Biden’s Life Coach (@Dave_AllRighty) October 25, 2021
Remember, income taxes were introduced only on the rich. Now look who pays income taxes? If these taxes target the super-rich now, how many years before they tax all of us?
Who here trusts Joe Biden with your money?