Biden's proposed tax on unrealized gains a 'wealth killer': Brenberg
Biden proposes new minimum tax on billionaires, unrealized gains
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Fox News contributor Brian Brenberg slams the progressive $5.8 trillion budget proposal which includes the highest spike in climate spending.
Fox News contributor and The King’s College economics professor Brian Brenberg warned on Tuesday that the "big problem" with President Biden’s proposed $5.8 trillion "spending blowout" is taxes and taking aim at unrealized gains is a "killer for wealth."
"The real problem is the tax increases," Brenberg said on "Fox & Friends First." "And the big one, a wealth tax increase."
President Biden on Monday unveiled a new minimum tax targeting billionaires as part of his 2023 budget request, proposing a 20% rate that would hit both the income and unrealized capital gains of the wealthiest Americans.
Brenberg stressed a tax on unrealized gains or "taking your money" before you sell something or "realize a gain" is pointless.
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"If you've got a nice house sitting there and it rises in value, we're going to take some of that value from you – that's a killer – that's a killer for wealth creation to tax wealth. Europe tried it, it didn't work. There's no reason we should be trying it," he said.
Brenberg raised further skepticism about how non-liquid assets would be properly valued by the government.
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"What about a small business or medium-sized business that's changed in value, but you don't value those year after year? Guess who gets to decide? The Treasury," he said. "Guess what the Treasury is going to say? ‘Wow, that business went up by quite a bit, didn't it? Why don't you go ahead and pay those taxes.’"
"Imagine starting a business in the U.S. and having to face that," he added.
Though it remains unclear whether Democrats will fully back the president’s budget, Brenberg believes Biden has chosen to appease his political party over Americans’ needs.
"Whether it's fossil fuels, whether it's taxes now, whether it's spending, whether it's inflation, it's always the same thing," Brenberg pointed out. "He's trying to reward the people who put him in power instead of the rest of America that needs a leader on the economy."
Fox News contributor Brian Brenberg appears on "Fox & Friends First" on Tuesday, March 29, 2022. (FOX Business)
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The economist warned the Biden administration is already "blowing out" its federal budget.
"They say they're going after billionaires, but this is the same administration that wanted to add 80,000 new IRS agents," Brenberg noted. "They're not there to go after billionaires."
FOX Business' Megan Henney contributed to this report.