Graham If you buy an asset at a dollar, and it appreciates to three dollars but you haven't sold it yet, would [Biden's] budget propose taxing that unrealized gain?

Young [OMB]: It would…because these things have ebbs and flows, it makes sense to do it over long period of time.

Graham: But you will be taxed?

Young: Absolutely. Remember a lot of those unrealized gains are used to go to banks and take loans on things.

Graham: Do you think that will hurt investing?

Young: [Biden] believes we tried trickle-down, it did not work…he is about investing in the middle class. He believes we can grow the economy best from the middle class and working families.