"unrealized capital gains" aren't taxed because they're not income until you sell the asset.
This is designed solely to ruin middle class investors, because you know the truly rich people have a million loopholes to get deductions and exemptions.
The tax law is a violation of GAP standards for accounting.
They don't want you making money on investments and assets the way that they already did.
This would actually also manage to kill the Keynsian system of US Bonds based on mortgages, because home ownership will never accrue wealth. Not to mention that this includes your retirement/pension funds. Now those are going to be taxed before you get anything out of them. Good luck saving for your retirement when you lose the value of your home by 25% a year, and you lose 45% of your pension fund when you withdraw it, especially considering an inflation rate every year that's probably closer to 5%... compounding. You will be driven into poverty by the government.
There is a 0% chance this won't be expanded to people making less that $50,000 a year.
It's just naked wealth confiscation. Every year you are forced to sell assets and turn the cash over to the government for your unrealized gains tax. Confiscatory wealth tax by another name.
Remember, these people overspend by $2-3 trillion every year.
I don't see how that's a problem. The government is way too big. They don't need any more money. It's not "fair" but everyone needs to avoid paying taxes as best you can.
It's even more evil than it sounds. Put everything you own into a business you created? Own a 50.1% interest in it? It's value doubled? Well, now you need to sell ~6.2% of your stock to cover your taxes. So much for your controlling stake. As the value of something goes to infinity, the amount of it they will "allow" you to own goes to 0. Inflation forces divestment. Just another leftist attempt at backdoor communism.
This is the same reason they love inheritance taxes on private farmland. Forces people to sell and lets their institutional donors scoop up more control.
Everyone who gets a paycheck automatically has 30-40% taken from them, they just file at the end of the year to see if they can get some of it back. It's even worse when you realize most of what they take from us doesn't go towards anything but paying off interest owed to the Federal Reserve.
It's a shit proposal twice over because both the income and the wealth are only estimates. The only appraisal that really counts is the one made cash in hand.
Cool. Can I get a tax refund from my unrealized losses after your braindead policies tank the economy?
Update: This headline appears to be BS. The article links to this whitehouse document as a source which is 188 pages and only contains the words "capital gains" 3 times, none of which confirm the claims of the article. In addition, they promote another article on the site which is a crypto pump and dump scam, probably the entire purpose of the site.
All the normies and progressives will eat this up. Yet none of them ever stop to think critically. Do you really think the donor class of ultra wealthy is actually going to pay for this? Doesn’t anyone remember when Obama said wealthy was 150k a year. They will tax you out of your suburban homes. You won’t have anywhere to park your mandatory electric car in the inner city concrete slums. Don’t worry though the grift to build a charging network is never going to be completed anyway.
This is just their pitch to give the useful idiots talking points to own the rich. They won't implement something like this directly in the way they say. They'd exempt houses under a certain amount typical to what an average person would have, probably drop a lower limit of income to qualify right in the middle of middle class. Lots of ways out for investments the elite rich, remember that's where the politicians make their money. So really it will only burn successful small business, which they'd love to happen and not be that affected by.
It's going to be a death by a thousand cuts, not one big one.
It's mostly White people that are net positive tax payers. Everyone else are net negative welfare recipients. If White people went on strike, globohomo would throw everything they had at us to stop it, which would precipitate boog 2, and then collapse the entire system, where globohomo loses.
Not that taxes matter anyway. Taxes don't fund the federal government. Money printing does. Taxes are merely a control mechanism on the people (White people), to make us poor.
"unrealized capital gains" aren't taxed because they're not income until you sell the asset.
This is designed solely to ruin middle class investors, because you know the truly rich people have a million loopholes to get deductions and exemptions.
The tax law is a violation of GAP standards for accounting.
They don't want you making money on investments and assets the way that they already did.
This would actually also manage to kill the Keynsian system of US Bonds based on mortgages, because home ownership will never accrue wealth. Not to mention that this includes your retirement/pension funds. Now those are going to be taxed before you get anything out of them. Good luck saving for your retirement when you lose the value of your home by 25% a year, and you lose 45% of your pension fund when you withdraw it, especially considering an inflation rate every year that's probably closer to 5%... compounding. You will be driven into poverty by the government.
There is a 0% chance this won't be expanded to people making less that $50,000 a year.
It's just naked wealth confiscation. Every year you are forced to sell assets and turn the cash over to the government for your unrealized gains tax. Confiscatory wealth tax by another name.
Remember, these people overspend by $2-3 trillion every year.
And the price of taking them to court is less than the price they’d pay in the new tax. It’s completely retarded.
I don't see how that's a problem. The government is way too big. They don't need any more money. It's not "fair" but everyone needs to avoid paying taxes as best you can.
It's even more evil than it sounds. Put everything you own into a business you created? Own a 50.1% interest in it? It's value doubled? Well, now you need to sell ~6.2% of your stock to cover your taxes. So much for your controlling stake. As the value of something goes to infinity, the amount of it they will "allow" you to own goes to 0. Inflation forces divestment. Just another leftist attempt at backdoor communism.
This is the same reason they love inheritance taxes on private farmland. Forces people to sell and lets their institutional donors scoop up more control.
The government is a controlling stakeholder in your assets.
This is normally referred to as: Communism.
If you want to pass on your farmland, meet an estate planning attorney and learn about living trusts.
"High net worth"
Income tax started that way too
The number of taxpaying Americans jumped from 3.9 million in 1939 to 42.6 million in 1945.
Just wait until the next “war” and it will be expanded onto everyone
Everyone who gets a paycheck automatically has 30-40% taken from them, they just file at the end of the year to see if they can get some of it back. It's even worse when you realize most of what they take from us doesn't go towards anything but paying off interest owed to the Federal Reserve.
It's a shit proposal twice over because both the income and the wealth are only estimates. The only appraisal that really counts is the one made cash in hand.
If "marginalized people" cannot have generational wealth, no one can!
Cool. Can I get a tax refund from my unrealized losses after your braindead policies tank the economy?
Update: This headline appears to be BS. The article links to this whitehouse document as a source which is 188 pages and only contains the words "capital gains" 3 times, none of which confirm the claims of the article. In addition, they promote another article on the site which is a crypto pump and dump scam, probably the entire purpose of the site.
All the normies and progressives will eat this up. Yet none of them ever stop to think critically. Do you really think the donor class of ultra wealthy is actually going to pay for this? Doesn’t anyone remember when Obama said wealthy was 150k a year. They will tax you out of your suburban homes. You won’t have anywhere to park your mandatory electric car in the inner city concrete slums. Don’t worry though the grift to build a charging network is never going to be completed anyway.
Americans should definitely support this. Accelerate.
Change your username if you are going to support communism.
What part of Communist Defense Force did you not understand?
Where were you when leftists started supporting gentrification?
?
I mean they now support gentrification, gotta tax those property values.
This is just their pitch to give the useful idiots talking points to own the rich. They won't implement something like this directly in the way they say. They'd exempt houses under a certain amount typical to what an average person would have, probably drop a lower limit of income to qualify right in the middle of middle class. Lots of ways out for investments the elite rich, remember that's where the politicians make their money. So really it will only burn successful small business, which they'd love to happen and not be that affected by.
It's going to be a death by a thousand cuts, not one big one.
It's mostly White people that are net positive tax payers. Everyone else are net negative welfare recipients. If White people went on strike, globohomo would throw everything they had at us to stop it, which would precipitate boog 2, and then collapse the entire system, where globohomo loses.
Not that taxes matter anyway. Taxes don't fund the federal government. Money printing does. Taxes are merely a control mechanism on the people (White people), to make us poor.