EXTRAORDINARY AH Teaching from Spiritual Hierarchy
  NEW READERS! Read Here First
  Supporting AH
  Leadership of AbundantHope
  Regional AH Sites
  Other Sites with AH material
  Contact Us
  Becoming A Messiah
  Mission Ideas
  System Busting
  Cleric Letter/English
  Translations of Cleric Letter
  AH Member Writings
  Brian's Poetry
  Telepathic Messages
  Jess Anthony
  Lucia G
  Targeted Messages
  Light Flower
  Changing The Face Of Religion
  - Phoenix Journals - PDF in German
  Candace on Religion
  Other Spiritual Pieces
  Gems from God Like Productions
  Spiritual Nuggets by the Masters
  Phoenix Journals
  Phoenix Journals - PDF
  Telepathic Messages PDF books
  Selections from the Urantia Book
  Illustrations For The Urantia Book
  CMGSN Pieces
  David Crayford and the ITC
  Health and Nutrition
  Podcasts, Radio Shows, Video by AH
  Political Information
  True US History
  Human/Animal Rights
  The Miracle That Is Me
  911 Material
  Books - eBooks
  government email/phone #'s
  Self Reliance
  Alternative News Sources
  Art and Music
  Foreign Sites
  Health and Healing
  Human/Animal Rights
  Vegan Recipes
  Translated Material
  Gekanaliseerde berichten Jess
  Gekanaliseerde berichten Candace
  Gekanaliseerde berichten Anderen
  Canal Jess
  Par Candace
  Other Channels
  Telepathische Nachrichten (Candace)
  Telepathische Nachrichten (Jess)
  Telepathische Nachrichten (div.)
  AH Mitgliederbeiträge (Candace)
  AH Mitgliederbeiträge (Jess)
  Spirituelle Schätze
  Translations - Candace
  Translations - Jess
  Translations - Others
  by Candace
  By Jess
  By Others
  Anfitriones Divinos
  Bitácoras Fénix
  Creadores-de-Alas (WingMakers/Lyricus)
  Escritos de Candace
  Escritos de Otros
  Telemensajes de Candace
  Telemensajes de Jess Anthony
  Telemensajes de Otros
  By Candace
  By Jess
  By Others
  Korean Translations
  Hungarian Translations
  Swedish Translations

[an error occurred while processing this directive]
Political Information Last Updated: Oct 27, 2021 - 1:23:49 AM

Taxing Billionaires or Millionaires On Money They Don’t Actually Have is Another Bad ‘fantasy government’ Idea by The Democrats
By John Ransom
Oct 27, 2021 - 1:17:58 AM

Email this article
 Printer friendly page Share/Bookmark

26 Oct, 2021 16:10
Get short URL

Taxing billionaires or millionaires on money they don't actually have is another bad ‘fantasy government' idea by the Democrats

US Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing on Capitol Hill in Washington, DC, US, June 23, 2021. © Greg Nash / Pool via REUTERS

Follow RT onRT

John Ransom is a political and financial writer and editor whose work has appeared at, Newsmax, the Daily Caller and IBT. He splits his time between the US and Asia.

US Treasury Secretary Janet Yellen's latest scheme to scare up new plans to fund the Biden White House's ‘Build Back Better' plan is to tax "unrealized capital gains" or, in plain English, money that doesn't actually exist yet.

It's Tuesday in America, and that means that it's another day for Democrats to play Fantasy Government, the game where we only find out what happens to the rest of us after Congress passes another law that they say holds billionaires accountable.

Up for consideration this time, according to Secretary Yellen, is a Democrat tax on "unrealized gains" that's aimed at "billionaires."

The Democrats say it's necessary to tax gains that exist only on paper because they want to spend more money on "free stuff" for some Americans. And that free stuff won't cost Americans anything but our freedoms.

Details are light so far about exactly how this liberal proposal would work. But for now we know that the "wealth tax" -this time around- would go after about 700 billionaires by eliminating the step-up-in-basis provision that charges taxes on wealth that's left to heirs.

The proposal, however, could change. The Dems want to tax money billionaires don't have yet, so the government can have it now instead.

Because what the Democrats really want is to figure out how to get unpopular billionaires to cough-up about $200 billion to pay for their spending splurge over the next decade. The details of exactly how they'll do that, of course, will come later.

But it's a safe bet that the Big Guy in the White House thinks that Big Guys at Twitter, Facebook, Amazon, Berkshire Hathaway, Bloomberg and Tesla owe the Democrats. After all, as of last year, the top 600 Forbes billionaires (which include all the Big Guys at Twitter, Facebook, Amazon, Berkshire Hathaway, Bloomberg, Tesla, etc.) had a total net worth of $3.4 trillion, growing an astounding 15% in the first months of the pandemic, and never looking back since then, according to Forbes.

So, $200 billion out of $3.4 trillion amounts to little more than a breakfast-diner tip (and a small one at that) at only 5.9% of their total net worth.

And as much as I think that the Big Guy billionaires should cough up some of their wealth on something besides spacecraft, I also know that taxing some people to pay for the Democrats' ridiculous schemes to give to others is bad policy.

It's another pay-to-play scheme that lets the politicians and their billionaire enablers get whatever they want, while the rest of us pick up the tab in loss of freedom, higher prices and, eventually, lost jobs and higher taxes.

It's bad policy in part because these liberal spend-and-tax schemes never work. The programs always cost more than they say and the taxes raised never quite make up for the dislocation they make to the private sector.

So, eventually the politicians will turn to the middle class to make up the difference.

ALSO ON RT.COMBiden obviously doesn't care about border security or human trafficking, since the government has lost 45,000 kids

We are already facing historic inflationary pressures over the trillions of dollars spent on pandemic relief. Adding more hot air to the pandemic bubble that has store shelves skimpy but prices high won't bring anything other than less supply and higher prices.

It's also bad policy because the next time liberals need money, they will propose taxing those nasty millionaires in the same way they now go after billionaires.

Don't believe me? Then at least believe the guy who is behind today's newest tax scheme to tax "only" billionaires. When he first proposed the idea in 2019, he wanted to tax both millionaires and billionaires. "Sen. Ron Wyden, D-Oregon," reported CNBC"has proposed a tax rule that would mark-to-market the investments held by wealthy people, subjecting any gain to a tax each year."

Wyden wants to tax money that billionaires and millionaires don't have yet, so the government can have it now instead. He thinks that such a proposal would bring in about $125 billion annually versus the $20 billion annual tax that Democrats are proposing now that only includes billionaires.

The trouble with calling people millionaires, is that more and more of the millionaires each year are middle-class Americans, like you. The other trouble is that Democrats think that taxing millionaires in addition to billionaires could bring in $105 billion more every year than just taxing the billionaires alone.

Anyone have trouble believing that Democrats wouldn't love to figure out how to spend another $300 billion each year on something -anything - while taxing millionaires and billionaires for $105 billion out of a $300-billion tab while adding the balance to the national credit card?

"While there are a variety of methods and data sources, the results consistently point to significant negative effects of taxes on economic growth even after controlling for various other factors such as government spending, business cycle conditions, and monetary policy," said a 2014 literature review of tax policy by the Tax Foundation.

ALSO ON RT.COMQueen of Investing: Just how did Nancy Pelosi build a $120mn fortune on a $223,000 annual salary?

Why would we ask the country to penalize one of the most productive areas of the economy -private capital that's been highly successful in business- and turn that money over to politicians to spend on areas that have highly politicized and very dubious economic goals?

If that were possible, governments across the globe wouldn't have rushed to privatization to cure with shock therapy the last period of hyper-inflation in the 1970s and 1980s that was the result of rampant government spending and "investment."

And only those addicted to the game of Fantasy Government would play this game, which unfortunately describes the Democrats' governing philosophy quite well.

Think your friends would be interested? Share this story!

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.

All writings by members of AbundantHope are copyrighted by
©2005-2021 AbundantHope - All rights reserved

Detailed explanation of AbundantHope's Copyrights are found here

Top of Page

Political Information
Latest Headlines
Children are the Faultline in the Covid Vaccine Narrative that Exposes the Fraud
Neil Oliver: Pandora’s Box – Brute Force is Ultimately at the End of Government Compulsory Vaccinations
UK's Minimum Gap For Covid Booster Jabs To Be Halved to Three Months
Creepy: Police Can Track Australian Protestors Right Down To Their Neighborhoods
European Union Debates Reconstituting Nazi Medical Policy With Mandatory Medical Procedures and Abolishing Nuremberg Code
Facebook Bans Covid "Wrong Think"
The Power to Imprison — Life in Pandemicland
The Case For Compulsory Vaccinations Is Dead... Omicron Just Killed It
mRNA Inventor Stands With Abp. Viganò’s Call For Alliance Against ‘fundamentally evil’ COVID Tyranny
Viganò:”those who resist the NWO will have the help and protection of God”
CONFLICT: Reuters News Agency Chairman is ALSO a Pfizer Investor And Board Member
Pfizer Whistleblower Was Directly Involved in COVID Vaccine Clinical Trials, New Documents Prove
Fed Up Parent At School Board Meeting Identifies The Elephant In The Room: ‘It’s The Jews’
Armed Agents in Texas School District Arrest Concerned Parents in Their Own Homes
Millions Of Americans Are Scrambling To Become Independent Of The System As It Collapses All Around Them
COVID Vaccines Mandatory for More Than 200 Million People Worldwide + More
Watch: Disturbing Confrontation Inside Australia's 'Gold Standard' COVID Internment Camp
Australian Politician Finds Surprise Culprit Behind Low Indigenous Vaccination Rate
The Irish Triple-Vaxx Double-Maskers are Getting Locked Out Again