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Senate Minority Leader Mitch McConnell slammed the Democrats’ proposed billionaire tax to pay for President Biden’s sweeping social spending bill, blasting the proposal to tax unrealized capital gains in a floor speech on Monday.
His comments come as top Democrats assert they are nearing an agreement on the reconciliation measure which is expected to address some of the Biden administration’s top priorities including climate change and the expansion of social programs, with Democratic leaders hoping to see a vote on the not-yet-completed measure in coming weeks.
“The far left is officially calling the shots, and that’s where the latest new craziness comes into the picture. If public reporting has it right, the Democrats are so desperate to raise taxes that they are now proposing to tax money the American people haven’t even made yet,” McConnell said.
“Let me say that again. They’re now proposing to tax money the American people haven’t even made yet. Yes, you heard me right. So much for the quaint idea that you had to actually make money first before the IRS could tax it, now Democrats want to tax money you haven’t made yet.”
Speaker Nancy Pelosi (D-Calif.) confirmed on Sunday that Democrats are likely to include the language in the final version of the bill as a pay-for.
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