Last week, U.S. Rep. Byron Donalds, R-Fla., offered a proposal to bar the federal government “from imposing or implementing taxation on unrealized capital gains from any taxable asset.”
Donalds said his proposal is one way to keep federal spending in check and took a shot across the aisle.
“Democrats have become so desperate to find the means to fund their multi-trillion-dollar spending spree, they’ve now resorted to taxing wealth that technically doesn’t exist,” said Donalds. “An unrealized capital gains tax will empower the federal government to access the private transactions of Americans, needlessly expand bureaucracy in Washington, and will stifle economic prosperity for Americans.”
Nine fellow U.S. House Republicans, including U.S. Reps. Kat Cammack and Daniel Webster from Florida, co-sponsored the bill.
“Under the guise of making sure the rich pay their fair share, President Biden and House Democrats are pushing tax policies that take more money out of the pockets of the middle class and Main Street businesses,” said Webster. “Taxpayer dollars do not belong to Washington. They belong to hardworking Americans, who best know how to spend their hard-earned dollars. This bill allows small business owners to keep more of the fruits of their labor to re-invest in their business and in their employees, which empowers Americans with more money to buy a home, save for their children’s education, and invest for retirement.”
The bill was sent to the U.S. House Ways and Means Committee last week. So far, there is no companion measure over in the U.S. Senate.
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