Beware of a Biden Tax On Unrealized Capital Gains

Real Clear Politics ^ | 25 Jan 2021 | Andrew Wilford

[SunkenCiv]

https://freerepublic.com/focus/bloggers/3928802/posts?page=21#21

[GOPJ]

First and foremost, valuation of non-liquid assets can be complex. Assets such as stocks can be valued fairly easily, but others, like artwork or jewelry, may require appraisal.

Since many Americans own stocks, IRA, 401K's ect... OUR capital gains would be easy to track and tax... BUT the damn 'elites' who own art, jewelry, rare books, farm land etc... would get a pass? Yeah, I can see how democrat 'elites' came up with this BS... it hurts everyone but them.

[amorphous]

Yep. A sure bet they've got a way around something like this. Otherwise, it would never see the light of day. And rest assured it will make 'elites' even more wealthy while people are forced to sell assets to pay these taxes. It'll be like it was during the Great Depression, I'm afraid.

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." - Jefferson

[GOPJ]

...sure bet they've got a way around something like this. Otherwise, it would never see the light of day. And rest assured it will make 'elites' even more wealthy while people are forced to sell assets to pay these taxes. It'll be like it was during the Great Depression

White liberal 'elites' are the pits...

[wita]

Your comment is what is mystifying about this whole issue.

the idea is that if you have a stock or mutual fund share and it appreciates from $50 to $70, you’d have to count the $20 as capital gains and pay tax on it, even though that “gain” is only on paper and didn’t put any cash in your pocket.

This is precisely how things are as we speak in the mutual fund world. It is especially noteworthy when there is a good year in the market like 2020. The gains warrant a large CASH position in order to pay the tax due. The following year it could all go to H E double sticks, but government has already fleeced the public of CASH that was only on paper, unrealized gain.

[Freedom'sWorthIt]

I wonder if CPA’s would start leaving their profession over this....

[Daveinyork]

“IMO, Biden will go with whoever has his ear at the time.”

Or whoever is pulling the strings moving his lips.

[Daveinyork]

They may just forget to repeal the tax on realized gains so that we will pay tax twice on the same gains.