Posted on 03/18/2023 4:38:44 PM PDT by RandFan
@unusual_whales
Biden’s new budget includes a new minimum tax on wealthy individuals’ unrealized capital gains, a quadrupled tax on stock buybacks and higher Medicare taxes on people making over $400,000.
Shibetoshi Nakamoto
Replying to @unusual_whales
taxing unrealized gains -> everyone sells everything -> economy collapses
@ElonMusk
True
@PeterSchiff
It's also unconstitutional, as unrealized gains do not meet the constitutional definition of income. Such a tax would be a direct tax on property and would therefore need to be apportioned by state according to its population. That won't happen.
(Excerpt) Read more at twitter.com ...
Ping
My question is if you were taxed one year on $1m unrealized capital gains and you had a $1m unrealized loss the following year, would the entire amount of your taxes be refunded?
What a stupid question I ask. Of course the answer would be no.
It’s essentially the introduction of a wealth tax.
It is a Paper tax...NOT TANGIBLE
Schiff’s right of course
It’s not income
I understand that. It’s a tax on how well you should be doing, in the mind of the government, not how well you are doing.
What we need is a Constitutional amendment to put an end to property, asset, and estate taxes once and for all. These taxes are an insult to our right to own property.
The PedoFag doesn’t care. He isn’t into the Constitution.
Lol, if the government goes through with that, SAY GOODBYE TO ALL INVESTMENT EVERYWHERE.
Hes right
repeal the 16th
Aw, isn’t that cute!
Some people actually think that the Constitution still means a dang thing to the people in power.
If only property owners could vote on Town & school budgets, I’d gladly pay property taxes. People with no skin in the game keep passing ever increasing school budgets while the students keep doing worse on standardized tests.
Biden’s new budget includes a new minimum tax on wealthy individuals.
Don’t even think of getting rich it makes socialism look bad.
Schiff is correct. But these hacks (i.e., politicians) use the idea to launch a wide range and variety of other talking points. And they avoid talking about the real issues facing us in the Banana Republic of America (BRA for short?)
How do I look in this BRA?
Not into the Constitution?
Well, neither was 0bama. Or GW Bush. Or Bill Clinton.
They couldn't place all of us in jail.
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