Posted on 09/08/2024 11:36:01 AM PDT by John Semmens
No, not her wealth, your wealth. Part of Democrat presidential nominee Vice-President Kamala Harris' plan to "transform America" entails redistributing some of the wealth. Two ideas that she is considering are taxing unrealized capital gains and increasing the death tax.
Unrealized capital gains are increases in the value of assets like stocks, mutual funds, businesses, and property that hasn't been sold. For example, if the stock you bought for $20 a share 15 years ago is now valued at $100 a share on the stock exchange you would be assessed a tax for the $80 per share unrealized gain. Unless you have spare cash lying around you likely would have to sell part of your stock holdings to pay the unrealized gain tax levy.
Billionaire investor Mark Cuban says "this kind of tax would kill the stock market. Based off the unrealized gains, I would have to sell part of my stock or borrow money just to pay my tax bill instead of using my money to improve my company. Others less wealthy than me would be in a bigger bind. As we know, stock values can go down as well as up. The unrealized gain you had to pay a tax on in one year may be lost the next year. I doubt the government is going to refund the previous year's tax to you. It's a very risky proposal for the economy. I'm voting for Kamala, but I'm also hoping she won't go through with this crazy idea."
Current death tax rules allow people to keep family businesses in the family by not levying a tax on the estimated increase in value that occurred during the life of the deceased. Harris questioned the equity of this rule, saying "why should families be able to keep these assets generation-after-generation? Why shouldn't folks who never had a piece of this pie not get a slice? Why shouldn't a democratically elected government have a bigger say in how this wealth should be redistributed to those who have less? Why wouldn't a policy that requires heirs to sell all or part of the business to pay a tax be fairer?"
In 1976 Congress enacted a death tax rule along the lines Harris now suggests. That law sparked so many complaints that it was unfair and unworkable that it was repealed before it could go into effect. Harris contends that "America is much more progressive in its views now. Fewer folks worship the free market or private property. Voters are electing progressives like my running mate Tim who says, 'communism just means sharing equally.' Shouldn't government take heed of this wisdom and play a more active role in enforcing a more equitable sharing of the wealth?"
If you missed any of the other Semi-News/Semi-Satire posts you can find them at...
https://www.gopbriefingroom.com/index.php/topic,540995.0.html
Well, if I get my cut of Gates’ money up front......
All the proof one needs to know she’s a Russki commie ho.
If the gov’t IRS is incharge is assessing the current value of homes, businesses, properties, financial instrumrnts...of everything, will they be able to resist pumping up the assessed the value?
NO
Kamala Harris’ plan to transform America
I wager the banking system will be taken over now that’s control the democrats love.
Fundamental change in action
Obama
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