Houston Rockets owner: 'Our great Capitalism will come to an end' if Dems pass unrealized gains tax
Treasury Secretary Janet Yellen has promoted the unrealized gains tax plan in media rounds.
{{#rendered}} {{/rendered}}Houston Rockets owner Tilman Fertitta warned on Monday that the current inflation and supply chain crisis is taking a toll the U.S. economy.
Fertitta, who also owns the Landry's restaurant group and other properties, told "Fox News Primetime" that the supply chain crisis coupled with inflation and a labor shortage is doing lasting damage to the United States, while separately urging Americans to be understanding of the hospitality and retail workers who continue to do their jobs during this crisis.
"We have 4,000 openings right now," he said. "Between the Golden Nugget, all the restaurants and entertainment venues; people just don’t want to work anymore. I don’t know what happened to that part of capitalism."
{{#rendered}} {{/rendered}}SEN. TIM SCOTT WARNS TAXING UNREALIZED GAINS COULD WRECK ENTIRE AMERICAN SYSTEM
Treasury Secretary Janet Yellen testifies during the House Financial Services Committee hearing in Washington, U.S., September 30, 2021. Sarah Silbiger/Pool via REUTERS
Regarding President Biden's and Treasury Secretary Janet Yellen's plan to tax unrealized gains, credits made on a balance sheet through stocks or property value increases but not yet withdrawn by the owner, Fertitta warned that even though it is dubbed a "billionaires tax" it will affect many more people not as wealthy.
"All it’s going to do is make me not build as much because I won’t have the ability to create so many more jobs and then you are paying so many different taxes. Every employee pays: payroll taxes, all your sales taxes. All the taxes they pay. It’s truly a mistake," he said.
{{#rendered}} {{/rendered}}"It’s social way of not doing things in this country. It’s the European way. Our great capitalism will slowly come to an end. And do I believe in taxes to make our country great, absolutely I don’t think a balance sheet billionaire’s tax is the way to do it," he said. "Do it on income. You can’t do it on balance sheets, it will never be right."