Peter appeared on OAN’s Real America with Dan Ball to discuss new prospective income taxes, the latest idiotic craze in politics.
He starts by explaining why President Biden’s desired policy isn’t even an income tax:
“The worst of the capital gains tax is that Biden wants to impose a 25% tax on unrealized capital gains, which is definitely unconstitutional because it’s not an income tax. … If you haven’t realized the gain, you have no income subject to tax under the 16th amendment. It’s a property tax. You’re taxing property, and property taxes are direct taxes. They’re still bound by the rule of apportionment. They’re not exempted through the 16th amendment, so it would be unconstitutional.”https://www.zerohedge.com/political/peter-schiff-blasts-bidens-proposed-taxes-blatantly-illegalAnd if they try, well...won't that be a fun time!
