McConnell Rips Democratic Plan Targeting Billionaire Wealth

Oct. 25, 2021, 9:28 PM

Senate Republican leader Mitch McConnell ridiculed a Democratic tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme” that could have unintended consequences for the economy and markets.

“The Democrats are so desperate to raise taxes that they are now proposing to tax money the American people haven’t even made yet,” McConnell said Monday of the plan that Democrats are considering to levy taxes on the assets of billionaires and others with high incomes. “The next visionary startup founder could have to sell away ownership prematurely just to pay Uncle Sam.”

Senate Finance Chairman Ron ...

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