Posted on 08/21/2024 10:25:19 AM PDT by MtnClimber
If you thought Kamala Harris's price controls scheme was straight out of the Book of Nicolás Maduro, wait till you see what she has in stores with her proposal for a 25% tax on unrealized capital gains.
According to Americans for Tax Reform:
The Harris-endorsed budget calls for an annual 25 percent minimum tax on the unrealized gains of individuals with income and assets that exceeding $100 million. Once in place, it won’t be long before the threshold is lowered to hit more and more Americans.
Americans overwhelmingly oppose taxes on unrealized gains, by a factor of three to one, including 76% of independents. Americans know that a “gain” isn’t “real” until it is actually realized, in hand.
What that means is that if you bought a house for $60,000 in the 1970s, and saw its value go up to $1,000,000 on Zillow last year (which isn't uncommon in places like California), you'd be on the hook for taxes on a million-dollar property, which would be more than you actually paid for the house, even though it's the same ordinary house you bought in a middle-class neighborhood back in the '70s and you haven't changed residences.
The same could be said of any homeowner, you'd buy a house for $300,000, but as its value rises to $1.2 million, your tax bill would clock in for a $1.2 million property, and not the $300,000 tract home you bought a few years earlier. If the market value went down by the time you sold, to say, $250,000, you will have spent tens or hundreds of thousands of dollars on taxes while actually earning just $250,000 on your investment.
The same could be said of stocks, or crypto, or any asset, it's not just homes.
(Excerpt) Read more at americanthinker.com ...
At this rate in another few decades that 60k for an old home will be worth about 14 million. What a joke...
Under this you get taxed every year.
You don’t sell.
But you might have to…to pay the tax.
Threats like this would literally drive a mass exodus of the wealthy out of the country if it looks like it has any chance in heck of passing. That in turn would cause catastrophic damage to the economy - real estate, business investment and capitalization, new startsup and so on would all tank hugely. Either she is a colossal idiot or the goal to explicitly destroy America is no longer being hidden.
This would eventually lead to confiscation of 401Ks and entire retirement portfolios. That’s the only way America can pay off its debts, comrades.
Expect a lot of states to secede from the union if this happens.
At every opportunity, Trump and Vance need to say "If Harris wins, she is going to take your house." Because, as you say, the masses are idiots and need a picture drawn for them.
“Either she is a colossal idiot or the goal to explicitly destroy America is no longer being hidden.”
You don’t have to pick just one. It CAN be both.
Wow it is definitely a fortune if it’s over $100 million. Hope you’re in his will!
Well at least it must be a really nice house if it’s worth $100 million.
For the democrats, putting forth imbeciles as their candidates is a feature, not a bug. They understand and favor the idea that the US is no a technocratic oligarchy ruled by the bureaucracy. They don't want some egomaniac politician getting ideas into their head and mucking things up by taking independent action, even if they are nominally on the same side. Thus the rise of the empty-suit figurehead political class.
“Hope you’re in his will!”
You and me both.
Lol.
“They don’t want some egomaniac politician getting ideas into their head and mucking things up by taking independent action”
David Icke (much ridiculed around here by some) claims that the idiot politicians serve the purpose of convincing the masses that they need to be ruled by “wise elites” of a world government since the local politicians are clowns.
BOTH. And so are those who would vote for her.
They need to tax you out of your home so they can give it to an illegal family for free.
They don’t call it the Great Replacement for nothin. All part of Obama’s plan to terrorize and replace Americans.
The old bromide is that you **can** get a country out of communism. But the catch is, that you have to shoot your way out. . .
The American Communist Party will leave absolutely no stone unturned in the promotion of more and more tyranny...
That crap would bankrupt every American farmer/rancher.
It was bad enough in ‘22 paying taxes on gains in ‘21 with money you no longer had. Uncle screw you always has his hand out when he thinks you have money and is a niggardly sob when you lose it. See ya! He says as he walks away with what he declares is his profit and never takes a loss.
Isn't that the plan? The government will determine what you need.
The whole process is wicked.
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