Monday, October 04, 2021

ANALYSIS/OPINION_ Ship of fools: Biden’s incompetent economic team

THE WASHINGTON TIMES

Ship of fools: Biden’s incompetent economic team


Treasury Secretary Janet Yellen testifies during a House Financial Services Committee hearing Thursday, Sept. 30, 2021, on Capitol Hill in Washington. (Sarah Silbiger/Pool via AP) more >


By Richard W. Rahn - - Monday, October 4, 2021

ANALYSIS/OPINION:



Has any president ever assembled a more incompetent and less impressive Cabinet and group of senior advisors than President Joe Biden?

This past week, Treasury Secretary Janet Yellen endorsed the idea of taxing “unrealized capital gains” – a terrible idea that is unworkable, economically destructive, and immoral. A capital gain is an increase in the price of an asset, whether it be a home, farm, business, corporate stock, art object, etc. The IRS taxes these price increases as income (even when the price increase is solely due to inflation) when the asset is sold, and the alleged gain realized. It is a terrible tax. So, the proposal by members of the Biden Administration and certain members of Congress is to take a very bad tax and make it worse.

To tax “unrealized” capital gains, the government would have to estimate the “gain” in the value of your home, farm, small business, savings, and investment accounts each year, and then levy a tax on the bureaucrat’s guess of the supposed gain. Some propose that the “unrealized capital gains tax” will only be placed on billionaires. And it is true that Jeff Bezos and others who might have 100 billion-plus on paper can never spend all of that money on themselves. So, what exactly do they do with all that money? Build spaceships to eventually go to Mars? Buy media properties like the Washington Post to bash conservatives and capitalism? And/or invest in new or existing businesses to make most things better, cheaper, and more convenient?

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READ MORE: https://www.washingtontimes.com/news/2021/oct/4/ship-of-fools-biden-incompetent-economic-team/

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