Yellen, Biden Are Coming After Your IRA Next

A wealth tax on billionaires is included in the latest version of Joe Biden’s “Build Back Better” agenda, but it’s a sure thing the real target is your retirement savings.

The so-called “Billionaire Income Tax” is being written by Senate Finance Committee Chairman Ron Wyden (D-Ore.) with “input from the U.S. Treasury Department and the White House,” according to SWFI.

“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals,” U.S. Treasury Secretary Janet Yellen told CNN on Sunday.

That’s like saying you have a four-legged pet that eats kibble, barks, fetches, and looks exactly like a Golden Retriever — but it isn’t a dog.

Yellen told Jake Tapper, “I think what’s under consideration is a proposal that Senator Wyden and the Senate Finance Committee have been looking at that would impose a tax on unrealized capital gains, on liquid assets held by extremely wealthy individuals, billionaires. I wouldn’t call that a wealth tax.”

It’s a wealth tax.

Worse, it’s a tax on the investments and productivity gains that make the entire country richer.

Let’s pretend for a moment that I’m a young entrepreneur whose company just went public. I’ve been personally scraping by to get my business going, working long hours and not taking much pay. Overnight, though, the shares I hold are worth a billion dollars.

Let’s also pretend that you, gentle reader, are a smart investor who bought a few shares in my IPO and tucked them away in your IRA account.

I don’t actually have a billion dollars. I just have these shares that the stock market values at a billion dollars. But according to Yellen, wealth tax-proponent Elizabeth Warren (D-Mass.) and Presidentish Joe Biden, I “made” a billion dollars yesterday. And being a naughty rich person, I must pay taxes on that money I don’t actually have. – READ MORE