(RoyalPatriot.com )- Former President Donald Trump caused controversy this week when he released a statement slamming the Democrats’ failed attempts to pass a new billionaire tax, suggesting that such a move would have left the United States “high and dry.”
Trump, a multi-millionaire real estate developer, said that he might be forced to leave the country if such a tax were introduced, before walking back the suggestion and saying that he would reluctantly “stick it out.”
The plan he was talking about was a push by the Democrats that ultimately failed. It would have seen American billionaires taxed heavily to pay for President Joe Biden’s wildly unpopular “Build Back Better” plan. The tax would have seen billionaires forced to sell stakes in their various companies to pay new taxes levied on them if they saw gains of more than $1 billion in assets or incomes of over $100 million per year.
Treasury Secretary Janet Yellen announced the unrealized capital gains tax in an interview, only to be faced with national outcry given that the tax makes absolutely no sense.
US Treasury Secretary, Janet Yellen, suggests imposing a tax on unrealized capital gains.
This means stock gains will be taxed even when they have not been sold.
It also means that taxes will be owed when the value of a home appreciates, even though it has not been sold. pic.twitter.com/H4ObEgZURe
— Mr. Whale (@CryptoWhale) October 25, 2021
“What country will be the primary beneficiary from a “Billionaires Tax,” or Wealth Tax? Where will wealthy people and companies move to, leaving the United States high and dry?” Trump said in an official statement.
He added that most billionaires don’t even need to be in the United States and that there are many “smartly run countries” that would be thrilled if the “Radical Left maniacs” got what they want.
“I just wonder, will I be allowed to run for president again if I move to another country? No, I guess I’ll just stick it out, but most others won’t!” he joked.
It’s the latest indication that the former president is planning on running for the presidency once again in 2024. He has, however, refrained from officially announcing any such campaign owing to campaign financing laws that would affect the way he spends money from his Save America PAC in the meantime.