Political News and Conservative Analysis About Congress, the President, and the Federal Government
While the wealthy tech world has historically been more favorable toward Democrats, this year a number of prominent venture capitalists andto tax the unrealized capital gains of the wealthiest people as the breaking point. It is a largely aspirational plan designed to appeal to the progressive wing of the Democratic Party, but one which appears to now be a major reason that the tech elite are jumping ship.
The proposal, if it were to ever actually become law, is a massive departure from the current tax regime because gains would be taxed even if not realized. Under the existing tax code, billionaires and the very wealthy whose investments increase in value are taxed on that growth, known as capital gains, when those investments are finally sold off.
The Wyden plan targeted the country’s wealthiest 700 or so billionaires. The new levy would have dramatically altered the tax system by imposing a 23.8% annual tax on all the billionaires’ assets appreciated in a given year. “I don’t like it,” Sen. Joe Manchin said at the time. “I don’t like the connotation that we’re targeting different people as people that — basically, they contributed to society and create a lot of jobs and a lot of money and give a lot to philanthropic pursuits.
“It is an interesting question whether or not candidates should publicly support policies that probably can’t become law, right? Basically, you’re kind of making a promise you’re not going to keep,” Peter Loge, director of the George Washington University School of Media and Public Affairs, said.that in some ways political proposals like this are metaphors.
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