AOC’s acolytes will initially cheer Biden’s new Billionaire’s minimum tax of 20% that includes taxes on unrealized capital gains. But not in a few years once it will becomes imposed upon them also. Just as the federal income tax was initially imposed on millionaires-only, then gradually extended to everyone, so it will be with this tax. So no matter what you own that appreciates in value, whether it be a business, an investment portfolio, or your house, you will have to pay income tax on the appreciation of that holding every year, even when you have not put cash into your pocket by selling it. And if that holding drops in value the next tax-year, you’ll get no credit for that. The hit will first be be taken by the big companies like Amazon and their valuations, but will be subsequently experienced by smaller organizations and individuals. The asset-stripping of the people is headed into full-speed.
This will in-time kill private ownership, US entrepreneurialism, repel international capital away from our securities markets, and drive high net worth taxpayers to leave the country. It will wither the already-faltering economy, and put many people into dependence upon a government UBI, as-planned en-route to us becoming controlled under the new Marxism. The government is also working to instantiate a digital currency that will be issued by the Treasury, putting new money creation at the behest of the White House rather than the Federal Reserve. The good news it that, because it wont be blockchain-based, it wont give enable the government to have transparency into all money-flows, as many feared.
What do you expect they will uncork once they declare wartime powers ? Have you ever considered moving to Norway, Malaysia, or Andorra ?