Democrats and the Biden administration are resorting to "desperate" measures to get their multi-trillion-dollar spending bill passed, including Treasury Secretary Janet Yellen's call for a tax on unrealized capital gains as a way to finance it, Rep. Roger Williams said on Newsmax Tuesday.
"Taxing unrealized income is crazy, and [it] would destroy the investment community," the Texas Republican said on Newsmax's "American Agenda."
"Who's going to do it? Are they going to use these IRS agents out there? They're going to hire more people to go into people's homes and tell them what their assets are worth? It's a crazy idea, and I can't see it ever working."
Yellen has called on investors to be taxed on the increase of the value in stock, even if they do not sell it, explains Business Insider.
This means if the value on a stock climbs from $100 to $150 each in a year, the taxpayer would still have to cough up a tax on the extra $50, even if they hadn't earned the profit themselves from it.
"That is an unbelievably huge takeover of personal rights," Williams told Newsmax. "If you couple that with looking at your bank account, With a cumulative $10,000 a year or $200 a week, it's a real mess. A disaster."
Williams also on Tuesday said it's "ridiculous" that the supply chain shortages have climbed so quickly in just the 10 months since President Joe Biden took office.
"I'm in the car business," he said. "We have no vehicles to sell. it's a real mess. The other day my daughter came to me and said there were no Tater Tots for my granddaughter in the grocery store. So this has been made up. It didn't have to happen.
"They have forced it by paying people not to work, by talking about minimum wages and all this sort of thing, and we've got to get ourselves out of it."
For that to happen, Republicans must win back the House in 2022, said Williams, so "we can begin to save our country, our way of doing business, and our way of life."
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