Democrats’ efforts to tax the unrealized gains of millionaires and billionaires have failed due to opposition from moderate members of the party, Breitbart reported.
Sen. Ron Wyden (D-OR) proposed the “billionaire tax” as a way to bridge the gap between moderates and progressives in the party and to help pay for the spending bill, but it was not ultimately successful.
Rep. Jimmy Gomez (D-CA) said he was angry about the talk about the tax and felt it was a waste of time. “The Senate needs to start saying yes or no on issues and stop f***ing talking,” he said.
The Wall Street Journal said such a tax would face legal challenges and could be outside the scope of the 16th Amendment.
It could also be a problem if the assets go back down after the tax was paid.
Read the full story here.