Press Releases

Webster & Colleagues Introduce Legislation to Bar Taxation of Unrealized Capital Gains

Washington, DC – Florida Congressman Daniel Webster (R-Clermont) joined Rep. Byron Donalds (R-FL) in introducing legislation that bars the federal government from imposing or implementing taxation on unrealized capital gains from any taxable asset.

"Under the guise of making sure the rich pay their fair share, President Biden and House Democrats are pushing tax policies that take more money out of the pockets of the Middle Class and Main Street businesses," Rep. Webster said. "Taxpayer dollars do not belong to Washington. They belong to hardworking Americans, who best know how to spend their hard-earned dollars. This bill allows small business owners to keep more of the fruits of their labor to re-invest in their business and in their employees, which empowers Americans with more money to buy a home, save for their children's education, and invest for retirement."

"Democrats have become so desperate to find the means to fund their multi-trillion-dollar spending spree, they've now resorted to taxing wealth that technically doesn't exist," Rep. Donalds said. "An unrealized capital gains tax will empower the federal government to access the private transactions of Americans, needlessly expand bureaucracy in Washington, and will stifle economic prosperity for Americans."