Washington, D.C. – November 30, 2023 This week, former U.S. Senator John Breaux (D-LA), a spokesman for Saving America’s Family Enterprises (SAFE), joined CNBC’s “Squawk Box” for a discussion about protecting Americans and family businesses from taxes on their unrealized income.
“You can’t tax people’s income on income that they haven’t received. It’s a guess tax – ‘we’re going to guess what you owe, and we’re going to tax you on it,’” said Sen. Breaux. “If we want to raise more revenues, there’s a lot of ways we can do that, and one of them we would suggest is the tax gap: that’s $680 billion a year in unpaid taxes on laws that are legal, constitutional, and already on the books.”
SAFE filed an amicus brief with the Supreme Court in Moore v. United States seeking to protect Americans and family businesses from being taxed on their unrealized income.
You can watch the full interview here.
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