Tim Scott warns Dems' plan to tax unrealized gains risks wrecking the entire US system

[Leroy N. Soetoro]

https://www.foxnews.com/media/tim-scott-warns-dems-plan-to-tax-unrealized-
gains-risks-wrecking-the-entire-us-system

South Carolina Republican Sen. Tim Scott joined "Life, Liberty & Levin" on
Sunday to analyze the state of Congress, criticizing Democratic majority
leadership for locking out Republicans from negotiations on the multi-
trillion-dollar socioeconomic overhaul legislation dubbed human
infrastructure.

Scott told host Mark Levin that Democrats did not receive a proverbial
mandate from voters in 2020 to enact such a sweeping transformation of the
American socioeconomic system, given that they cling to a three-vote
margin in the House plus three vacancies. In addition, the U.S. Senate has
no outright majority save for Vice President Harris' tie-breaking position
in the 50-50 split therein.

"We have no idea, except for what we read in the newspapers… what's
actually happening behind closed doors. It's like those old days of smoke-
filled rooms in the middle of the night," Scott said. "The deals are being
cut, the American people are left out and the entire Republican Party,
representing half of the votes in the Senate, literally relegated to the
sidelines with no ability to actually have an input."

"There are no committees that are meeting and talking about the greatest
transformation in a negative way of the greatest economic system ever
known to man literally behind closed doors… A one-way ticket to
socialism."

Scott, the first Black Republican from the South elected to the Senate
since Mississippi's Hiram Revels and Blanche Bruce in the 1870s, said the
American system does not need such an overhaul. He pointed to himself as
an example of one of its success stories:

"This system that has allowed the poorest kids in this country to become
some of the wealthiest kids; to allow for kids like me who nearly failed
out of school to one day become a United States senator. It's because our
system works," he said. "Sure, we can make it better, but this is not
making it better."

Scott warned the American people foremost of the Democrats' opaque plan to
tax unrealized gains, appearing to differ from the left's implicit claims
such levies only hurt the wealthy.

"Part of their strategy right now is not only to increase the tax rates
but to find new ways to generate revenue from revenue that is not [in]
your account yet," he said

"That is something that is not just problematic. That is something that
actually discourages the system itself."

An unrealized gain is a financial gain an American makes on paper that has
yet to be pocketed, or "realized." Such examples include stock options
that remain in one's fund account but have not been liquidated or
withdrawn.

The IRS taxes capital gains when they are realized, whether they are
reinvested in another fund or transferred to an account holder's bank for
liquid access. Taxing unrealized gains would be a red flag that would
undermine the entire incentive for Americans of all stripes to participate
in the market, Scott inferred.

"[E]very American who sells a house or sells a business that is a once in
a lifetime transaction. To be double taxed on that is wrong," he said.

"But to take it from 23% now to 43% or to 30%, those earned 7-point
increases or a 20 point increase – that is a 100% tax increase. We can't
afford it," the North Charleston lawmaker said.

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"We can't kill the goose that lays the golden eggs. And this
administration is antithetical to all things free enterprise, hoping for
liberty and justice for all. … That is not what you're seeing. They're
embedding discrimination in the middle of their economic platforms in ways
we've never even seen before in our country."

Scott reiterated that these legislatively opaque yet destructive policies
are not what the American people voted for when they essentially chose to
give neither party a mandate in Congress, while other observers similarly
point to President Biden being chosen as the "moderate" choice on the
Democratic side in 2020 versus socialist Vermont Sen. Bernard Sanders.


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