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WSJ Editorial Board: The Democrats' wealth-tax mirage
Fox News
Democrats are scrambling to finance their spending bill after Arizona Sen. Kyrsten Sinema shot down their plans to raise corporate and individual income-tax rates.
***"It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals," Treasury Secretary Janet Yellen was at pains to explain. The Treasury gig hasn’t been good for her reputation. But she certainly knows that a tax on unrealized capital gains is a de facto wealth tax, which would be levied on property rather than income.
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