POLL: Majority of Americans Oppose Biden’s Latest Tax Hike Scheme
March 30, 2022 - Blog - Press Releases - Select Revenue Measures - Talking Points
Amid 40-year high inflation, President Biden is doubling down on crippling tax hikes, this time with a scheme that taxes unrealized gains.
As put succinctly by Sen. Joe Manchin (D-WV): “You can’t be taxed on things you don’t have." And yet that’s exactly what President Biden wants to do.
According to a recent poll, the vast majority of Americans oppose Biden’s tax hike. Even the left-leaning Tax Policy Center has warned this tax scheme “won’t work " and is “ripe for abuse."
The poll found:
* Overall, Americans oppose taxing unrealized gains by a 3 to 1 ratio, 75 percent - 25 percent.
* 76 percent of Independents oppose taxing unrealized gains.
* 69 percent of Democrats oppose taxing unrealized gains.
Read the full poll here.
Key Background:
What is an “unrealized gain"?
* Say you own $1,000 in stock and the price of that stock rises to $2,000. So long as you don’t sell the stock, the $1,000 increase would be an unrealized gain.
Who would be affected by a tax on unrealized gains?
* Everyone - America’s successful investment infrastructure rewards investment here in the U.S. by allowing people to invest for both the short and long term, and this tax would undermine those incentives.
* Hiking capital gains tax will punish Americans who invest in local businesses and job creators.
* By punishing these investments, Democrats are harming blue-collar workers’ retirement plans.
