No extensive notes for this one, I just keep seeing people shilling for this idiotic unrealized gains tax, and I felt compelled to say something.
As Bastiat tells us, it’s not just the immediate effects of a policy we should look at, it’s the longer-term and more subtle effects that we must understand before we implement it.
The arguments around this seem to mostly be people who failed to follow Bastiat’s admonition, but I’m not surprised.
The bottom line is that this expansion of tax powers is a trap.
In this video, I talk about just a couple of the unintended consequences of such a policy–there are more, for sure.
For example, this video by FreedomToons seems to sum it up well…