Taxing “unrealized capital gains” sounds like a catchy and obscure way to make wealthy people pay more in taxes, but it doesn’t work. A government that moves in this direction ignores the reality that people are not static. The process also involves “taxing wealth” which then becomes an arbitrary definition.
Unrealized capital gains are not income, they are simply increases in value.
If your home was worth $200,000 last year and $300,000 this year, you have an unrealized capital gain of $100k. A 15% tax bill on that value increase means the homeowner would have to pay $15,000 to the IRS.
Joe Biden is proposing to pay for his multi-trillion expansion in debt through this type of tax upon billionaires. Treasury Secretary Janet Yellen admitted this was part of their thinking to help pay for the Biden budget last Sunday. WATCH:
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Proposing a tax on money that does not exist is the peak of government. Sure the proposal applies only to billionaires who have massive gains in their stock portfolios, but billionaires are not esoteric titles. Billionaires are people who can, if needed, move their physical location and avoid any U.S. tax on their wealth.
This is the same reason why corporations move the location of their home offices to countries with lower tax rates, a process called corporate inversion.
If Elon Musk, Warren Buffet or any other multi-billionaire wanted to avoid U.S. taxes on their personal wealth they can (relatively easily) change their official residence to Mexico or any other nation where the value of their yet unrealized wealth would not be taxed. That individual inversion process is an easily predictable unintended consequence.
As noted in The Hill:
[…] Biden is suggesting that he will pay for the new spending by taxing people not on what they have earned but what they could earn from selling assets. Most people have assets that increase in value over time. Consider a family home. Over the course of many years, it can easily double in value, but you do not “realize” that money unless you sell it. Biden is suggesting that the government should start taxing you based on any increased value of the things you own, even though you have not actually made that money. It doesn’t matter that the home or stock or art could ultimately go down in value after you are taxed on the higher value. Indeed, if you tax some unrealized gains, you could in extreme cases force people to sell assets like a home to pay the tax on income that they did not make.
The administration has started where few would object: billionaires. (read more)
Additionally, another issue arises if the previously taxed asset goes down in value; an issue where the depreciation or loss becomes a negative tax liability. Meaning if you already paid taxes on an increase in value for an asset, and the following year that asset drops in value, the federal government would then owe you money to recompensate you for a realized loss. If you paid $15k on a $100k increase in the value of an asset, and the following year that asset drops in value by $100k, the $15k you paid would be deducted from the current year tax liability.
There are constitutional issues with the federal government taxing wealth or assets; however, the overarching premise behind every proposal is that all wealth belongs to the government. You hear this ideological perspective when people say “tax expenditures” or spending in the tax code. The idea is that your income is what the government permits you to keep, NOT what your labor has achieved.
The ideology behind taxing “unrealized capital gains” is the same ideology in the premise of “sharing the wealth.” It is an ideology that stems from a belief that your dollar earned comes at the cost of my dollar not achieved.
Beware the voices who would advocate for taxing unrealized gains in wealth as a source of government revenue. Once you start down the path of taxing wealth you set up a process where the U.S. government controls the limits of where that wealth is defined. It will never stop at billionaires….
How did this Yellen broad ever get into such a position of power?
She reminds me of some of the old yentas I used to see sitting outside the buildings on the Lower East Side of NYC.
The only thing missing is the hair curlers.
“How did this Yellen broad ever get into such a position of power?”
Because the “Federal Reserve” is no more federal than “Federal Express”!
But it is federal in the sense of those needing federal prison!
She does what she is told.
She’s a Keynesian of the first water. We need a good old Austrian in there. I know…fat chance.
Arnold S?
R. Paul?
Oh HECK NO!!!! heaven forfend!
She’s a Bolshevik and that’s all the qualification she needs!
She goes all the way back to Bill Clinton.
I wondered why she reminded me of Janet Reno.
Lets just say, unlike the VP, she didn’t sleep her way there!
Maybe it’s an act like “Feeble” Mueller. She can’t get a sentence out smoothly. She can smoothly steal your money tho
How did this Yellen broad ever get into such a position of power?
simple. she’s another useless bureaucrat who immediately started bouncing back and forth between gov’t and academia after she graduated college who’s never held a job in the private sector. like the rest of them, she’s been failing her way to the top her entire life. her est. net worth is 20 million.
16th Amendment: Ratified February 3, 1913. The 16th Amendment changed a portion of Article I, Section 9. The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
It says nothing about income that hasn’t happened.
I am reading a lot about taxing income we haven’t received but here in Texas we do it every day. We call it “property tax”. Our property is evaluated on what we “could” sell it for and we pay tax on that amount. This goes up every year at the tune of doubling every 10 years where I live. Of course this is absolute fraud but since it is mostly under Republican watch little is actually done to remedy the injustice.
It’s a good point and taxing “property” that way does seem to be a form of taxation on an unrealized gain. (Btw, as an aside, when house prices go down will we get to deduct un-realized losses yearly as well?)
But what method should we use to fund the state and local governments? Weren’t property taxes always the way?
Also, with respect to TX, you have no income tax. So that’s why your prop. taxes are relatively high.
What would your solution be?
Sales taxes are the “fairest” form of tax. Those who have the most spend the most and pay the most.
Politicians like how you think so they can impose a VAT (value added tax) at the point-of-sale.
Good point.
I’ve fired an email off to Abbott on calling a fourth special session to address just this.
Visit the site TEXAS SCORECARD to get a more indepth look at what is happening…and what isn’t…in our state. If he doesn’t get a substantial property tax reduction done and criminalize mandates (not just an EO), I will vote for one of his primary opponents. The House speaker is a true RINO.
Interesting, too, that it took a long, long time for many properties to be reassessed after the last housing crash.
It wasn’t uncommon to find homes with tax values 30-40% higher than the purchase price.
When home prices are going up, the assessors make it out there lickety split
Are you guys assessed at full market value?
I’m in the same boat as you are.
However. There is a big difference between State and Local property taxes and a Federal Income Tax on unrealized gains. The SALT pain is a State and Local Matter. Not a National matter.
A Federal Tax on unrealized gains is Unconstitutional until or unless the 16th Amendment is changed, and not by some illusory fiat of Janet Yellen, Bidet, Congress, or the DNC.
Oh, they can do anything they want by fiat, now. Just ask them.
UnConstitutional? ….Don’t make me laugh/cry.
They trashed the Constitution a long time ago, and now they don’t even give it lip service, quite the contrary.
Both Biden and Obummer SAID they knew things they were doing were UnConstitutional, but then they did them, anyway.
the problem with a fiat currency perhaps. anything can make sense to them when nothing is real
If there is no God, everything is justifiable.
You can bet your bottom dollar they have no belief in a higher authority than themselves.
Same thing in Virginia.
The first day of law school they teach … “the law is what the judge says it is”.
The judges are more and more political activists appointed by political ideologues. They don’t care what the law is. They issue rulings based on a desired political outcome. Don’t expect the courts to save the Constitution or the Republic.
Jail for Judges.
A good lawyer knows the law. A great one knows the judge.
Very true IME and I know first hand how expensive judge shopping can be. Turned me off to the humans in the system. Justice, if one can call it that, can be purchased for the right price.
Applying that to the unrealized gains taxation, wealthy people who may be affected can buy access to the loopholes their lawyer groups have written into the laws that Congress votes on, as well as buy access to the right IRS mitigators and judges to ‘interpret’ the law in their favor.
We’ve seen mountains of this very publicly with the numerous legal attacks on PDJT and his associates, plus the election fraud and bioweapon operations. It’s all around us and very open and conspicuous now. IMO, that’s good information.
In the back of my mind I’m also thinking, big taxes, emotional reaction, what are they trying to distract from now?
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Precisely.
Income is money that has come in . . .
Ha! And the Constitution says nothing about the government forcing you to buy their healthcare. Nor does the Constitution MANDATE vaccination.
The Constitution has been dismissed as just another “white settler” relic. Outdated and outmoded for the “6uilt 6ack 6etter” America
It’s over. Our Nation is gone.
If this ever passed which it could it’s chief purpose is this: “You will own nothing.”
You can’t because it’s impossible to estimate values and make you pay taxes on it. In SD example you buy a house at $200k and the value next year goes to $300k you will get a tax bill for the $100k growth. But what if you held the property and in 3 years its value goes down? You sell it for $150k. WTH then. And that’s ditto for stocks and crypto.
This is the most Willie Wonka idea I have ever heard of. And you can bet the billionaires will be exempt. The markets (real estate, stocks, etc) will collapse overnight. But I am here to warn you that may be what they want. I won’t take anything off the table with these people. Maybe they this is how they destroy the economy for good.
If that be the case don’t let them make it to their bunkers.
To piggyback off my “You will own Nothing” scenario. In the real estate scenario and you buy the house for $200k and its estimated value goes to “$300k and you get a tax bill for the growth. How will most people pay for it? I have a feeling appraisals will get quite lofty. The only way most people will be able to pay for it is to sell their property. Can you count on the federal government to simply lien the property; with interest of course or will they foreclose on you immediately?
I am fortunate to live in a state where I am most happy with my elected representatives. We have the best governor in the nation. But that also makes us a target for Federal intervention and shenanigans. If/When that happens I will vote proposition 308. Some of you in other states should start thinking long and hard about that. I suspect you will win the mob at this point. That’s how badly TPTB are pissing people off.
Eat the Rich. This video is 10 years old, and it is still true.
You can “eat the rich” exactly Once. Then you have Nothing.
Why keep showing Buffett and Gates? Nanzi Palsi’s investments outperform them 3 times over.
She’s a genius at Capitolism!
Technically, its her HUSBAND thatsvthe genius, and of coarse she NEVER discusses pending legislation, and how it might effect “his” portfolio with him.Trust her, she would NEVER do that, cause she’s a good catholic!
Their report all transactions over $600, to “catch billionaire tax cheats” said it all, that they actually thought “we” would buy that!
I’ll just have my tax preparer put me down for $100,000 in unrealized charitable contributions. I get back to zero tax, and the charity I choose gets to record a donation – everybody wins!
Frickin’ great idea. Play the game better using their rules.
I hereby nominate you as winner of the Internet for today.
I love this!
Somehow, I get the feeling that some of the rhetoric about taxing unrealized gains is really about protecting the carried interest tax loophole for hedge funds. One of the items Trump proposed during a debate with HRC was closing the carried interest loophole. Good for him. I’m sorry he was not able to get that one done.
Last I looked, democrats in both the House and the Senate have introduced bills to end or severely restrict the tax-favored treatment for the year-end compensation at those firms. Good for them.
https://www.taxpolicycenter.org/briefing-book/what-carried-interest-and-how-it-taxed
I feel sorry for the poor guy who bought a hundred bitcoins in 2001 for a buck and misplaced his password and user id; he’s now got an unrealized tax liability of 588K, and no way to liquidate. Damn, there goes his house and small business. I thought Let’s-roll Brandon said, “the 3.1 Trillion pig’s trough pays for itself.” ‘guess not.
Lots of billionaires are beneficiaries of the fascist corporate-gov’t aristocracy that now rules us. And that’s how they got so rich and why wealth inequality is so high. The solution is good governance and the application of the rule of law–that will reduce their monstrous power and take these oligarchs down a peg or two. What we don’t want to do is normalize the idea of gov’t seizing assets or wealth per se–in the name of “equity,” because sooner or later they’ll be coming for yours too.
And as someone pointed out here the other day I think, our corporate overlords hate capitalism. Capitalism involves the protection of the individual, and the maximization of his standard of living, by making sure that companies must compete with many others in their field. That’s the last thing in the world today’s big business wants and they beg, and bribe, gov’t to make sure the playing field isn’t level.
Capitalism isn’t the problem. The problem is that it’s not applied correctly and for the benefit of the consumer.
We haven’t had capitalism in quite some time. We have corporatism which is large corporations buying politicians to make laws in favor of them alone. Think pandemic where we are all forced to shop at Walmart, Target, and Amazon. Big companies despise capitalism. They want all competition eliminated.
@eschatologuy·
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Do you know what happens when this passes? Everyone liquidates because only a complete fool would pay taxes without realizing a gain.
And who’s going to be the buyer in the middle of a liquidity bloodbath? Blackrock. Schwab. Vanguard. Other names you wouldn’t recognize. You are watching the great reset unfold in realtime. Pay attention. Pay attention to the winners. They have name and addresses, whereas soon we’ll only have one of those things.
Somebody else posted this:
It works like this: rampaging inflation drives the dollar down, so your $100,000 house becomes “worth” $200,000. So, you get hit with a tax bill for this $100,000, which you can’t pay. So you have to try to sell your house, but no one will buy it. So, Blackrock buys it up at the auction.
Suddenly, you realize that every house in every city has become a rental property. You can no longer “buy” a house. Suddenly, millions of Americans are forced to pay rent to vast companies that are owned by the Chinese. They have been reduced to serfdom, living as peasants on the [Land]Lord’s lands just like they did in the first Dark Ages, and doomed to do so forever.
“The greatest Art of War is to defeat your enemy without fighting him.”
Stuff that exists on paper or as electrons is pretty easy to capture if/when the government controls the system of transaction. Dirt, OTOH, that’s boots on the ground stuff and I remember firsthand how things went during the last crash where responses varied from squatters to destruction to fires to gunfights. And that was after a period of relative prosperity and fun times for most.
Now? Two years of government overreach on the Covid operation, a stolen election, massive inflation, bare shelves in the stores, labor participation in the tank, vaccine mandates, on and on….. I’d expect widespread bloodshed against any humans who operate as government agents against citizens in this scenario and those who think they’re safe won’t be, not in this information age. Worst case scenario, sure, but if they go after ordinary citizens where they live and raise their children, expect those hundreds of millions of firearms to get some exercise.
Just the inflation of certain goods and materials under Biden have increased the base price 400%, so not only is our base price 4 times the price it was a year ago, but the sales taxes are also 4x. In my state that sales tax paid is 40 percent of the base price of materials from 1 year ago. I am speaking of steel and lumber prices. I quoted a job for someone and they literally could not believe the material price Including tax. Biden & Company is Rap..ing us all financially. These leftist f*cking crooks are nothing more than shake down wannabe thugs.
Having a resale license for decades, I saw daily the firsthand effects of %-driven sales taxes, the constant escalation in rates, and the effects of inflation, which is part of why I chose to retire to a state with no sales tax.
However, given the Communist government currently in power in Oregon, that status is likely in jeopardy. The gem of free money for the state is too lucrative to ignore. The only defense is the underground economy and limiting consumerism, something easy to do if/when one is poor.
One other defense to the proposed asset gain tax is owning assets the government can’t easily track and assess.
The good news, if there is any, is for we oldsters by the time their program trickles down to the modestly comfortable among us, we’ll be dead. America, where money rules.
This is exactly it. You will be forced to sell your appreciated asset whether it be a home, stocks, mutual funds to pay the unrealized gain tax.
This is no doubt why they are engineering inflation and climbing stock market to further inflate asset prices to obtain the largest amount of unrealized gains tax possible.
The “billionaire” narrative is to keep you distracted so you won’t see the sleight of hand.
“You will own nothing and you will be happy.” Klaus Schwab
The democrats are playing both side of the stock market. One of Nancy’s and Chuck’s biggest donors lost a boatload of money shorting Tesla and a few other well known companies over the past few years. So not only could he write off those losses as a tax deduction, but when everyone cashes out the Market will collapse making the shorts extremely wealthy. The Democrats know exactly what they are doing, it’s corruption at its finest.
They left off “…but first we must destroy, level, and obliterate life as we know it on earth.”
And, brother, are they ever going after it hell for leather.
What a creep
a self righteous one at that…
It’s all about corruption and extortion. You just have to be willing to pay more politicians more $ than the next guy.
Pay very close attention to the word games here. They are coming for you next.
https://www.facebook.com/bonginoreport/videos/1077835859637373/
I came to that same conclusion a-while ago.
Generational SRA (satanic ritual abuse) is what I think.
Nero and Rome burning moments! This smells like desperation more than anything!
*FREEDOM AS A SERVICE.*
Thank you, no. I’ll pass.
Will that be like a voter ID?
FREEDOM AS A SERVICE.
The actual tweet link is waiting for approval.
https://www.zerohedge.com/geopolitical/public-health-or-private-wealth-how-digital-vaccine-passports-pave-way-unprecedented
With inflation running at current rates, we may all be billionaires soon.
Of course, by then it will take most of that to buy a 3 bedroom house.
Plus, inflation will constantly be raising the dollar “value” of EVERYTHING, even as the REAL value plummets.
I just bought some light bulbs last week, went back today to buy some more…. price increased 25% in a week. I also bought some other items, price increased $50 in a month.
Could it be that they are trying to tax people out of private property the way they taxed them out of smoking cigarettes? With Black Rock, Vanguard, and State Street buying up all the homes they can, are we being forced back into being peasants of the estate in a soon to be feudal society governed by our Marxist Communist overlords?
Private property, fossil fuels, and investment capital. Charge enough money to change behavior, and they can crash the whole system
Let’s find where the overlords live and deprive them of life, liberty, and the pursuit of happiness. If we burn, they burn with us! (I hate Panem.) Hunger Games reference.
“The administration has started where few would object: billionaires.”
And they will end up with billionaires protecting those assets by putting them into foundations, trusts, etc. How much do you need to split assets among a few foundations to get under a billion?
This truly seems like the tipping point. We live in a world where change is a constant reality. What happens if you get people with the same mindset as those who make up the Loudoun County school board doing your property tax assessment? Do you think you’re going to get a fair appeal or rather, that the values just might skyrocket even more than currently?
If memory serves me correctly, this tax scam is very similar to an attempt during the first two years of the Clinton administration. The democrats wanted to tax you on “unrealized income” of the fair market rental value of your home. This idea or attempted theft of “unrealized income” had it’s base in a bastardized interpretation of an IRS rule called “Ministers’ Compensation & Housing Allowance.” This idea died after Republicans took control in, I believe 1996. If I am wrong then please correct my memory.
Wait Until All These New Homebuyers See Their Property Taxes Go Up Next Year
…”buyers in 2021 may face even more buyers remorse, on top of overpaying for property: they may soon find out that property taxes are going to increase”
RAPE, PILLAGE, PLUNDER; AMERICA YOU’VE BEEN HAD!
NOTE: First, my thanks to President Trump for his role in exposing the entire military/industrial/political/deep state complex and the swamp they employ. Last, my thanks to Little Joe, Crying Chuck, Loony Nancy, and so many others in the swamp. Special thanks to each of you for reinforcing my lessons learned throughout your years in politics. Little Joe do you remember the time we listed you, Billy Clinton, and a whole gaggle of politicians as subjects in that international drug trade investigation? Hint, it was during your first term in the Senate. Why don’t you impress the folks by explaining the term, ‘Green Lining?’ Little Joe you also have my congratulations in that you are one of the three subjects who has gone on to be President of the United States of America!
Soldier/Cop/Mercenary, Retired
President Trump’s remarks/actions since entering politics and this article reinforces the confession/lessons learned first presented in 1989 (most presented in 1989, rest added during President Obama’s last two years in office) to the citizens of this old soldier/cop/mercenary’s community while serving as their police chief.
Soldier/Cop/Mercenary, Retired
A Soldier/Cop/Mercenary’s Confession/Lessons Learned
* Soldiers (ground combat soldiers, that is) do not fight first and foremost for their country, the flag, motherhood, girls back home, or apple pie! Before all else, soldiers engaged in ground combat fight for their fellow soldiers and their unit. Why? Because in every war/police action/whatever including WWII the strategies and tactics adopted by mostly incompetent/corrupt military and civilian managers (notice I said managers not leaders) were/are designed to maximize the profits of the military/industrial/political complex with little regard for the those personnel charged with employing the same. In short, the American soldier has been/is nothing more than a “mercenary” since 1969 with the creation of the “All Volunteer Army (VOLAR)”.
* The Seven C’s of Leadership according to a survey of 1646 Vietnam era ground combat veterans listed of the order of their importance (according to the vets) are; Candor, Competence, Consistency, Commitment, Courage, Compassion, and Courtesy. The reason the soldiers in the survey chose the word “candor” is because to them candor encompasses both omission and co-mission. To a combat soldier lack of absolute candor, be it co-mission or omission, are equal sins! In short, soldiers expect/demand absolute candor from their leaders before all else. Note: The democrats have proven they are masters of co-mission, while republicans have proven they are masters of omission!
* The American people are the most effectively lied to people in modern times thanks primarily to politicians, bureaucrats, academicians, and the media.
* Arrogance plus ignorance equals stupidity (A + I = S).
* The greatest threats to the American people are the corrupt and/or incompetent politicians/bureaucrats/academicians found at every level of government/academia, and the majority of the American so-called media.
* The American Profession of Arms and our brothers/sisters in the Blue have failed to protect the American people from all of their enemies, both foreign and ‘most especially’ domestic.
* There are only two primary requirements to be a career soldier and/or cop in America. One must be smart enough to do the work and dumb enough to take the job.
* American soldiers and police officers must in addition to mastering all of their professionally mandated tasks learn to accomplish the same with at least one arm tied behind their backs and their vision impaired 50% or more.
* Far too many of the politicians, bureaucrats, academicians, and media types I have encountered during my years as a soldier/cop/mercenary I most kindly refer to as; self-serving, witless, cowards. Note: I originally referred to the aforementioned folks as; “Self-serving, witless, cowardly, pissants!” After retiring to the deep woods I dropped pissants once becoming acquainted with the little guys; in that I learned pissants are not self-serving nor witless, and certainly not cowards!
* After carefully watching the whole of the political class since May of 1960, I can say without reservation that most of the group will sell their souls and our bodies just to remain in power.
* Want to see what the United States of America will look like if the left takes control of the government? Take your pick: New York City, Baltimore, Chicago, Seattle, San Francisco, Los Angeles, or the complete packages; California, New York, Illinois, etc, etc, etc…..
* If the so-called Progressive movement continues unchecked a number of able veterans are going to be presented with a challenge/decision. Are the American people worth another drop of our sweat and/or our blood?
* The end goal of the elites and their minions is not (nor ever has been) socialism, communism, or capitalism. The elites of world have used all manner of ideologies, religions, terrorism, brute force, etc. to drive the masses/peasants/serfs/whatever in one direction. That direction leads to one of the oldest forms of human control ever employed in the history of mankind. That form of human control is Feudalism!
Soldier/Cop/Mercenary, Retired
PS The following is for you Americans who still can control you levels of sensitivity/anxiety in the face of the real threats/actions that are going to bring this nation to its knees. All of the lessons learned above (save the last three, which were added during Obama’s last two years in office) and those listed below were written for the prelude of a book titled: “Rape, Pillage, Plunder; America You’ve Been Had!” (After Obama was elected to his second term I added; “And It’s Your Own Damn Fault!”). The book has not been published in that the Department of Defense has denied four requests to publish the same due to classified information they claim is in the book. That so-called classified information primarily deals with the number of politicians and bureaucrats sitting at the federal, state, county, and city levels of government during the Carter years who made the list of subjects in an investigation of the international drug trade and money laundering. Three of those politicians went on to be President of the United States of America.
The excluded lessons learned are: Sorry, I have ‘chickened out’ and omitted four of the lessons learned presented in 1989. If any of you are interested in reading the same just send me a self-addressed envelope with a note from your doctor stating you can handle high levels of stress. I know, many of you think I am also a coward.
perfect
gotta love the Bee
So they destroy the economy / value of the dollar causing inflation and want to classify us and tax us as virtual slaves; this is not poor management at all, it is Slavery – It only works on the fictitious ‘persons’ our elders allowed them to create with legal constructs, not people who know better, know and live by the natural law – In GOD we trust, not children or tyrants.
Another game, another test to see how far they can bite the hand that feeds them – they don’t own me or the fruits of my labor; i am not operating in their commercial system and definitely never signed any contracts giving them authority over my body – if commercial taxes are not enough, that is not the living people’s problem, that is a planning problem for intelligent & logical governors, not dullards that are in over their heads, thrashing around as greedy fools making up the rules as they go along.
This won’t stop with billionaires, these are godless psychopaths, most worship money itself and most are, or on their way, to being billionaire themselves – this is a fools errand on their part to have us believe we are in the clear because we don’t rate and we would be fools to play their game any longer. Remove the emotion and our problem becomes clear. They have no remorse destroying the people.
Time will tell and it will happen, guaranteed to happen, as i see it, it will only get worse – the people will have to put an end to it, like people have always done before; the question is this the chosen generation of people to get it done and shrug off the parasite – it’s in their nature to feed, it’s in our nature to fight –
After my divorce my only regret was that i waited so long – we were both a lot happier to be free again- have we heard all the reasons yet why, why we are chosen to be the victim and why we are destined to remain slaves? We didn’t make the mistakes that got us here but it will be a mistake to let it go on.
Tax the rich … make up any standard you want … anyone making more than 25k is rich … tax anything over that at a flat tax rate of 75% … that way, everyone will be poor … except for the Congressional slugs who will exempt themselves from such taxes.
Yet more,..irony? Hypocrisy, stupidity or insanity?
Yellen and Bidenites are firm believers in this idea that governments can create wealth, by simply printing more $.
And yet they want to track all transactions over $600, to “get tax cheats”, and tax “unrealised Capital gains”,…WHY, if they seriously BELIEVE? After all, the Government can just print more $, right?
OR, is it just that THEY want ALL the $?
How would Pelosi’s “husbands portfolio” look, if it had been taxed, for say the last five years, on all its “unrealised Capital gains”?
HOW would one even go about implementing such a cock-a-mamie tax plan?
If an investment, over the coarse of a tax year, goes up, and down several times, does the investor add up all the “ups”, minus all the “downs”, .to detirmine if they owe, and how much?
Is this just a “stalking horse” provision, they “advance” so they can then throw it away “in negotiation”, or yet another step in trying to transform America into a 3rd World hell hole?
Eventually, the next gen of Conmunists WILL go after the Billionaires, they ALWAYS do.
Conmunism works, until they run out of other peoples money.
Capital gains must be indexed to real things of value or its just theft.
The AMT was also initially sold as a “make sure the rich pay” scheme in 1969.
Not reserved for the “rich” so much today since it’s conveniently not indexed to inflation.
Just another nose in the middle class tent two step!
Haven’t they already done this with Alternative Minimum Tax?
Stefan Molyneux did a good vid on this tax prevents class mobility, it’s all about pulling up the ladder:
How taxes make the rich richer:
https://www.bitchute.com/video/YbJs9zj81uLR/?list=notifications&randomize=false
Make noise about this … it works, politely.
Let me see if I have this right: On June 1st I purchase stock worth $100,000. On December 31st that stock is valued by the stock market at $150,000. So I get taxed 15% of $50,000. But what if, on December 31, the stock is only valued at $50,000. Do I get to claim an “unrealized loss?” Not in a million years.
Mexico is actually starting to look pretty good…
here’s another thing
suppose your house doubles in value over 30 years, the life of a typical mortgage
you’re selling at a large APPARENT profit
but you’re cashing out in FUTURE dollars, much depreciated by inflation and worth much, much less in purchasing power from when you bought the house
your dollar value in the house may have been treading water the entire time and you didn’t make a real profit after all
you may have even lost money in real dollars
who’s an expert and can run the numbers?
and I’m talking REAL inflation “including food and fuel costs” that the garbage CPI disregards (Consumer Price Index, a charade if there ever was one)
anyone expert enough to run the numbers? say for a median-price home in 1990 to now?
… and with a real, not phony, inflation index?
one more thing
your real wealth lost to finance charges in the mortgage arrangement would be another item to identify in an analysis of what you pay and what you gain at resale
that’s kind of a separate issue, but important to know
“sharing the wealth”
Squirrels who did not postpone immediate gratification and who were lazy and failed to industriously gather and store nuts …
… now want some of YOUR nuts now that winter is arriving
(to draw an analogy)
Or – to paraphrase Thomas Sowell:
“What is your ‘fair share’ of a dollar another man has earned?”
Hence “you will own nothing & you will be happy.”
At this very moment these very wealthy individuals are busy donating huge sums of money to members of congress to ensure this is not part of any bill. Taxing unrealized capital gains is political suicide and Janet Yellen clearly demonstrates what a buffoon she is.
If these lying communists are not taken down America is finished.
People are already being taxed locally on the supposed current market value of their property without having actually sold it on the market. So now they want to add federal taxes to it?
I don’t know when Elon Musk posted these tweets but I think we’ve already realized before that the wealthy won’t be able to cover all the debt.
True cost of Dems’ plans: $7.5 trillion and a lot of gimmicks
https://nypost.com/2021/10/27/true-cost-of-dems-plans-7-5-trillion-and-a-lot-of-gimmicks/
“Instead of producing legislation that truly costs $2 trillion over the decade, lawmakers are crafting as much as $4 trillion worth of new initiatives, but simply using fake expiration dates to score only a few years of each proposal. The idea is to create new federal programs, hook the constituencies on new federal benefits, and then assume that future Congresses and presidents will not dare to allow them to expire. Those assumed extensions will then blow up the cost far above today’s $2 trillion sticker price.”
First, there should be a withholding tax on every short sale. Let’s try 5%.
Welcome to the future INDIA! Everyone in the subcontinent of India knows about White Money vs. Black Money. Society will convert to the under-the-table market and only about 25% of the economy will be recorded and taxed…
So the government that prints money through the issuance of debt it will never repay that chases the price of scarce goods like land higher wants to extract a tax on the value of the land that their policies are driving the prices thereof higher.
Got it.
Probably not a great metaphor, but . . .
As a small business (part) owner in Australia, I remember our employees ganging up on us one day about pay rates.
We explained (genuinely) that our calculations every year were based on keeping them all employed (as well as ourselves).
I was a tad agressive asking them to choose which of their fellow workers they would like to say goodbye to – half serious but they got the point – while I was impressed with my colleague (one of the other owners) who said “If we give everybody a rise and things turn to crap down the track, are you guys happy to take a pay cut?”.
In the context of this article, I think it’s important to realise (sorry) that people are happy to “take” but refuse to give back.
Real estate taxes are local. If they tax you on the value of your house, it is a local valuation done by your local tax authority. If that is federalized, then we go full-on Reconstruction on them. Learn from us real Southerners. Burn the Courthouse. Destroy the records. Run the tax collector out on a rail. “What records, sir? I bought this old farm for $10 and it’s not worth but $8, it’s the last offer my neighbor made me. His farm? I only offered him $3 and he bought it for $20!” Then S.S.S.
Maybe they will accept checks from unrealized accounts. This unreal government has a problem with reality.
They insist on real money for financing their economic nightmares.