March 16, 2023 • News
Senator John Breaux Joins SAFE, Opposes New Push to Tax Unrealized Gains
Washington, D.C. – March 16, 2023 – Today, Saving America’s Family Enterprises, Inc. (SAFE), a nonprofit, nonpartisan educational organization, announced that former Senator John Breaux (D-LA) will serve as a senior advisor to and spokesperson for the organization. This announcement follows the release of President Joe Biden’s Fiscal Year 2024 budget which includes a new tax on unrealized gains. Legislation taxing unrealized gains has also been introduced in numerous states. If enacted, these proposals, which are based on subjective and ever-changing valuation of assets, would make our tax code more complex and create new ways for the wealthy to evade taxes.
“I support a progressive tax code and agree that the wealthy should pay what they owe. A tax on unrealized gains is simply not the answer. Taxes on unrealized gains are based on guesswork and will add more complexity in the tax code by creating new loopholes for the wealthy. The tax code should support hardworking taxpayers, small businesses, and family farms,” said Senator John Breaux.
Senator John Breaux was a senior member of the Senate Finance Committee and played a leading role on tax policy throughout his over 30 years of service in Congress. He co-chaired President Bush’s 2005 Tax Reform Commission, was a founder of the Centrist Coalition of Senate Democrats and Republicans, and was the chairman of the Democratic Leadership Council.