Biden admin wants to tax increased value of assets

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United States Secretary of Treasury Janet Yellen joined CNN's Jake Tapper on Sunday to discuss Biden's "Build Back Better" agenda, specifically taxing the wealthy through capital gains.

Yellen said that unlike Speaker Nancy Pelosi she would not call it a "wealth tax" but a tax on "unrealized capital gains" for the "exceptionally wealthy."

This means Yellen wants to tax the increase in value on your home before you've sold it, taxing the money you would earn if you sold it even if you haven't sold it. This would be true of increased valuation on stocks, as well. As Biden has said many times, he doesn't want to increase taxes on those earning less than $400,000 per year.

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