Washington, D.C. – August 22, 2024 – Former U.S. Senator John Breaux (D-LA), senior advisor for Saving America’s Family Enterprises (SAFE), issued the following statement in response to reports that Vice President Kamala Harris supports a tax on unrealized gains:
“This news has sparked significant concern and confusion among what it means for taxpayers, and with good reason. These guess taxes on hypothetical income come with costly consequences. The practical implications alone are staggering. There is a straightforward way to collect more revenue and ensure fairness: enforce the existing tax code to ensure that the wealthy pay what they owe under the law. In fact, the Treasury Department and the Internal Revenue Service recently announced that more than $1 billion in back taxes have been collected from high-income individuals this year alone. These kinds of targeted initiatives will be much more effective than unworkable guess taxes that do more harm than good.”
About SAFE
Saving America’s Family Enterprises (SAFE) is a bipartisan research and education organization focused on comprehensive tax reforms that raise revenue, increase fairness, promote greater efficiency, and encourage companies to do more business in the United States.
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