Good day all. Communazi Senator Ron Wyden, (OR), has been a scion of the Progressive Totalitarian Left for his entire adult life. He is one of the “Jurassic Hacks” who have been in office for decades. He has never worked in the Dreaded Private Sector and has no idea how the real world actually works.
One of his children, on the other hand, does work in the Dreaded Private Sector and has done very well for himself as a hedge fund manager. He recently let fly at his father for working to destroy the American Dream. Here are the details from Fox News:
Democratic Sen. Ron Wyden of Oregon and his “cronies” were blasted by the senator’s multimillionaire son for hating the “American dream. Adam Wyden, the Oregon Democrat’s son and a multimillionaire hedge fund manager, put his dad on blast in a Sunday night tweet. The younger Wyden torched legislators for trying to “mindlessly and haphazardly” take things apart.
“Why does he hate us / the American dream so much?!?!?!?!” the Florida-based hedge fund manager wrote. “Reality is: most legislators have never built anything… so I guess it’s easier to mindlessly and haphazardly try and tear stuff down.”
“Thankfully, I think I can compound faster than my dad and his cronies can confiscate it…” Wyden added.
This disagreement apparently began when Comrade Senator Wyden was blasted on Twitler by Elon Musk.
The senatorial son’s tweet came as a response to a Twitter roast of the elder Wyden by billionaire Elon Musk after the senator took a jab at a social media poll by the Tesla founder.
“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” the multimillionaire Senate Finance Committee chairman wrote. “It’s time for the Billionaires Income Tax.”
The so called “Billionaires Tax that the Communazi scum in Congress have come up with would tax unrealized Capitol Gains. Basically, if you own stock and the price goes from $1 to $100 dollars and you sell it make a profit, then it’s capitol gains and the profits are income and can be taxed. The problem is if you don’t sell the stock and just hold on to it.
This is called Unrealized Capitol Gains. Most of the so called wealth that millionaires and billionaires have is tied up in stocks, bonds and other items, not in cash. It’s all just paper until they actually sell the stock, and then the normal capital gains taxes, (Evil things that they are), kick in. It’s this unrealized capital gain that the Wyden and the other Communazis want to take. This was the poll question Musk asked.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk asked his Twitter followers, who voted in favor of the move.
“I will abide by the results of this poll, whichever way it goes,” Musk continued. “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”
This also causes other issues that the Leftists flat out don’t understand, consider or even think about. If billionaires and others are forced to sell their stock to pay taxes on nonexistent gains, one of the things that will happen is the value of the stock will drop. It will also open up the sellers to what amounts to double taxation. In the end, they could end up having to pay over 100%.
While people like Fauxahontas Warren claim that their new tax would only punish Billionaires, (And that is the word they use, punish), if you think for one second it won’t be pushed down on lower income people, think again.
Families who own their own home could find themselves with a massive tax bill on their home on it’s current market value. They may have been living in it for decades, and yes, the market price might have gone up significantly. However, until they actually sell it, they have no money from it. In very short order, you would have people being thrown out of their homes and left with nothing by the ever so benevolent government.
Of course, if they were to actually try and impose this sort of tax, they would run right into the Constitution, specifically the 16th Amendment. This was the amendment that allowed the Federal Government to steal levy an income tax in Americans. The exact wording of the amendment is the key:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
The key word here is “Incomes.” Since unrealized capital gains is just that, unrealized, it isn’t income. As soon as this was passed into law, it would be challenged in court, and probably tossed out. If the court did something stupid and ignored the plain language of the amendment, you would see all the billionaires leave the United States and take their businesses with them. In short order, the economy would collapse completely. After that?
Senator Wyden is an idiot, and he might actually benefit from listening to his son. He is also one of the reasons the United States is in bad shape. He has absolutely no real world experience and no clue who his ideas and policies would actually work. (Or in most cases, fail utterly) He is yet another poster child for an amendment limiting the terms of elected and appointed swamp dwellers.
Thatisall
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