ICYMI: Sen. John Breaux Joins “The Bill Martinez Show,” Opposes Taxes on Unrealized Gains
Washington, D.C. – November 3, 2023 – In case you missed it, this week, former U.S. Senator John Breaux (D-LA), a spokesman for Saving America’s Family Enterprises (SAFE), joined “The Bill Martinez Show” to discuss protecting Americans from devastating taxes on unrealized gains.
SAFE and Sen. Breaux have filed an amicus brief urging the U.S. Supreme Court to declare taxes on unrealized gains–which have been proposed in Congress and President Biden’s budgets–unconstitutional.
Listen to the interview here.
On the threat of taxes on unrealized gains: “It makes no sense.”
“You think about a family farm – I mean under this proposal they’d have to pay a new tax every year on somebody’s estimate of how much that family farm has increased in value, even if they haven’t sold it. It makes no sense; we think it’s unconstitutional.”
On the threat to family-owned businesses: “You can’t tax income before someone gets the income.”
“Can you imagine just the example of a family farm – we don’t know what it’s worth until it’s actually sold. You can estimate, but you know you have an estimate of what it’s worth, but until you sell it you don’t have a nickel of income. And this is an income tax, and you can’t tax income before someone gets the income.”
On the unworkability of taxes on unrealized gains: “It’s a guess tax.”
“It’s a guess tax, it’s an estimate – but every year you’d come in and have an assessment on your personal property saying what they think someone else thinks you could sell it for, even if you haven’t sold it. It’s a guess tax and it would be so unconstitutional and complicated that you don’t think it will come into play but that’s what our organization is trying to make clear to members of Congress and to the general public and to the Supreme Court that this has to be declared unconstitutional right out front.”
Sen. Breaux is appearing on radio shows across the country to discuss the threat of a tax on unrealized gains. Other recent guest appearances include Philadelphia’s “The Chris Stigall Show” and “The Lars Larson Show.“
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