Expert: Billionaires Have Ways to Avoid Tax

Senate Minority Leader Mitch McConnell says the Democrats' new tax plan amounts to taxing Americans on money they haven't even made yet. Sen. Mitt Romney asks how one determines the value of assets like real estate, paintings, or jewelry—although the Treasury secretary says the tax would apply to liquid assets like stocks and bonds, not hard assets. Democrats, though, generally seem to be on board with the plan. But it's unclear if Sens. Joe Machin and Kyrsten Sinema will back it. They recently broke ranks in opposition to other progressive proposals. The Democrats can't afford to lose any votes in the Senate, assuming all Republicans vote against it. And least one Democratic congressman thinks the tax plan will be too hard to implement. How do you handle assets that go up in value one year and down in value the next, asks Rep. Jim Himes. NTD spoke with Lance Roberts, chief strategist at RIA Advisors, about the tax.