Washington, D.C. – December 7, 2023 – This week, former U.S. Senator John Breaux (D-LA), a spokesman for Saving America’s Family Enterprises (SAFE), joined “The Lars Larson Show” to talk about the importance of protecting Americans from new taxes on unrealized income.
SAFE and Sen. Breaux filed an amicus brief in Moore v. United States urging the U.S. Supreme Court to declare taxes on unrealized gains–which have been proposed in Congress and President Biden’s budgets–unconstitutional. Sen. Breaux was in attendance on Tuesday as the Supreme Court heard oral arguments in the case.
Listen to the interview here.
On the issue of the nature of a tax on unrealized gains: “If you haven’t received a nickel, you haven’t derived any income.”
“I’m of the opinion that everybody should pair their fair share of taxes on income that they have; but they have to have the income before they can be required to pay a tax on it.”
On the threat of taxes on unrealized gains: “It’s fundamentally wrong.”
“If you haven’t received a nickel, you haven’t derived any income. And yet, they’re saying ‘you could in the future…’ They’re trying to tax income that hasn’t been received. We think it’s fundamentally wrong; it’s unenforceable.”
On the nature of unrealized gains: “Until you actually sell the property and make a profit, you have no income.”
“They’re not really gains; it’s a potential gain, sure. But until you actually sell the property and make a profit, you have no income. That’s what I think is so dangerous about this proposition; and we think the Supreme Court’s decision hopefully declares that concept unconstitutional.”
On the existing tax gap: “There are [other] ways to raise revenue if you need it.”
“Our group that we’re working with thinks everybody should pay their fair share. There are about $680 billion of money that’s not collected that are laws on the books that are constitutional through tax avoidance. There are ways to raise revenue if you need it. But you can’t do it in an unconstitutional fashion like this would be.”
Sen. Breaux and Sen. Ben Nelson (D-NE), also a spokesman for SAFE, are appearing on radio shows across the country to discuss the threat of a tax on unrealized gains. Other recent guest appearances include Sirius XM’s “Julie Mason Mornings” and “The Lars Larson Show.” Sen. Breaux also recently appeared on CNBC’s “Squawk Box.”