Tax on Billionaires’ Unrealized Gains Will Likely Be in Budget Package, Democrats Say - WSJ

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Ms. Yellen said.

So is it income or is it unrealized? Astonishing that the Tresuary Secretary, and former Fed Chair, seems to miss this basic fact.

“Of course, Americans haven’t seen inflation like we’ve experienced recently in a long time, but as we get back to normal, expect that to end,” she said on CNN.

A credible prediction from an economist who runs in the same circles as the economists who have been repeating the word “transitory” for the past nine months.