The 16th Amendment says Congress has the power to “lay and collect taxes on incomes, from whatever source derived.” And that has been understood to mean that the government may impose taxes on wages or earnings and stock dividends, but not on property or corporate wealth that grows in value. These are referred to as “unrealized gains.”
Investing is now “unrealized gains” to politicians.
They are "unrealized gains" that's not a term they just made up. They're theoretical gains that you'd have if you sold it at the current price, it shouldn't be taxed because it's not real money.
That'd be like if you had to pay taxes for 2024 on January 1st, 2024 based on the amount of money you could make. It's absolutely absurd.
Here here. As a "philosophical anarcho-capitalist", I think starting to abolish ALL taxes wherever possible is an incremental step towards liberty that actually could gain support. We need to normalize the idea in the culture that taxes are a necessary evil, minimized as much as possible, with very specific constraints on what they can be imposed on and who makes the decision. Repeal the 16th, obviously. Then find other ways to pay for things - usually in the form of usage-based fees.
I'm also ok with the government getting their cut when a property is sold. What I'm not ok with is perpetual taxation. It's like you're just renting your property from the state. It's very hard on people as they get older. There should be a cap on all property taxes payable by a single owner. It could be a really high number, like 100% the total, payable over time. Or you could outright pay the total tax bill up front if you have the cash. After that you only have to pay a smaller service fee for things directly related to town property management: roads, police, firefighters, maybe public schools IF your child goes to public school. I'd prefer to privatize all of the above but they can work as utilities too.
At least with property tax I can see their being justification for various infrastructure costs....but as we've seen from most administrations, they hardly ever spend the money for such needs.
Again it’s taxation based off investment. If this passes the government can pick and choose taxation entirely off what they value something as. It’s a massively corrupt metric that will only realistically impact private businesses, investors, and homeowners if the government deems them to be worth more than what they were taxing them at before
it's quite simple really: it's their money and property that they haven't collected yet. they have graciously let us rent it thus far, but they will ask for a back eventually.
if they're going to get to tax unrealized gains, do we get to use unrealized losses as credits too?
i'm not sure they're ready for this shit. the ebay/paypal thing really set shit off. if you accept a payment over $600, paypal is required to report it to the IRS. so if you bought that 80 inch TV, didn't amortize/depreciate it, and now it's 10 years old and needs to be replaced, you could now claim an unrealized total loss.
for anyone who knows what they're doing with their taxes, their unrealized losses will very quickly dwarf their income.
Financial products should absolutely be illegal. People just make all these scams up out of thin air and then lobby the government not to outlaw any of it. When you seriously look into the finance industry for the first time, your first question is “why is any of this legal?”
Taxing wealth is stupid, when taxing income is fairer, easier and less disruptive. Taxing "unrealised gains" is utter bullshit, unless it comes with an obligation to offer to buy the asset at its appraised value.
Laws and the constitution only matter for small stuff that doesn't threaten the powers that be. Other people's money is just too important to the government and its profiteers.
Investing is now “unrealized gains” to politicians.
They are "unrealized gains" that's not a term they just made up. They're theoretical gains that you'd have if you sold it at the current price, it shouldn't be taxed because it's not real money.
That'd be like if you had to pay taxes for 2024 on January 1st, 2024 based on the amount of money you could make. It's absolutely absurd.
Here here. As a "philosophical anarcho-capitalist", I think starting to abolish ALL taxes wherever possible is an incremental step towards liberty that actually could gain support. We need to normalize the idea in the culture that taxes are a necessary evil, minimized as much as possible, with very specific constraints on what they can be imposed on and who makes the decision. Repeal the 16th, obviously. Then find other ways to pay for things - usually in the form of usage-based fees.
I'm also ok with the government getting their cut when a property is sold. What I'm not ok with is perpetual taxation. It's like you're just renting your property from the state. It's very hard on people as they get older. There should be a cap on all property taxes payable by a single owner. It could be a really high number, like 100% the total, payable over time. Or you could outright pay the total tax bill up front if you have the cash. After that you only have to pay a smaller service fee for things directly related to town property management: roads, police, firefighters, maybe public schools IF your child goes to public school. I'd prefer to privatize all of the above but they can work as utilities too.
At least with property tax I can see their being justification for various infrastructure costs....but as we've seen from most administrations, they hardly ever spend the money for such needs.
it's a tool they have proven utterly unqualified to wield.
Buddy of mine asked our local government (now seeking a third half percent property tax increase in 5 years) "where is the money going?"
Spoiler alert: they didn't like that question. Or answer it.
It's basically a wealth or head tax. It's just not for the most part progressive, and we don't talk about it.
Leftover from people profiting from their property, but now it's just a way to fleece people.
The rapist Bill Clinton proposed to tax “unrealized gains” on home owners that had extra rooms they could have rented out.
Prince John of Nottingham was less of a crook than today’s liberal scum.
Again it’s taxation based off investment. If this passes the government can pick and choose taxation entirely off what they value something as. It’s a massively corrupt metric that will only realistically impact private businesses, investors, and homeowners if the government deems them to be worth more than what they were taxing them at before
It shouldn't affect anyone, ever. Unrealized gains is a financial term to refer to theoretical profits, and it should stay that way.
Thankfully we can just end this all now by abolishing the 16th. And the 19th while we are at it.
it's quite simple really: it's their money and property that they haven't collected yet. they have graciously let us rent it thus far, but they will ask for a back eventually.
if they're going to get to tax unrealized gains, do we get to use unrealized losses as credits too?
i'm not sure they're ready for this shit. the ebay/paypal thing really set shit off. if you accept a payment over $600, paypal is required to report it to the IRS. so if you bought that 80 inch TV, didn't amortize/depreciate it, and now it's 10 years old and needs to be replaced, you could now claim an unrealized total loss.
for anyone who knows what they're doing with their taxes, their unrealized losses will very quickly dwarf their income.
Can I reduce my taxable income using my unrealized capital losses, then?
No...?
Then fuck off.
Good.
Tax the stock market into oblivion, it's all fake and gay anyway.
Financial products should absolutely be illegal. People just make all these scams up out of thin air and then lobby the government not to outlaw any of it. When you seriously look into the finance industry for the first time, your first question is “why is any of this legal?”
Financial products and globohomo are the only things the US has left. It's not like we make anything anymore.
It's not going to be taxed into oblivion though. It's going to be taxed to maximize the government's returns on the stock market.
Taxing wealth is stupid, when taxing income is fairer, easier and less disruptive. Taxing "unrealised gains" is utter bullshit, unless it comes with an obligation to offer to buy the asset at its appraised value.
Not happy about it? Sorry you have no standings
They won't have the courage to rule against it.
Laws and the constitution only matter for small stuff that doesn't threaten the powers that be. Other people's money is just too important to the government and its profiteers.