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 ...
“He would probably have to renounce his citizenship and leave the country if such a policy became law.”
There was a time that Paris owned the art market. Then the French government passed a fairly small tax, don’t recall the exact amount, but not much...on the sale of artworks. On a million dollars the amount was significant enough that virtually the entire art market moved to London overnight. The tax was in addition to other taxes and fees and was supposed to go to the descendants of the artist. Can you imagine the job of proving you are descended from someone who lived 250 years ago? And how many descendants will there be. Hint, it can run into the hundreds. It was a stupid idea and like most tax ideas caused a significant loss of French revenue. Just because something is stupid, unworkable and causes a net loss doesn’t mean it won’t happen. History tells us it happens more often than not.
Trump is looking at having Elon Musk as an advisor to cut these superfluous drones from the federal payroll, eliminate wasteful spending and do away with wasteful bureaucratic nonsense and red tape. I’m all for it!
No compassion at all here either. Our fate is in the hands of undecided voters. These are the stupidest of all voters and they control our fate? I say stupidest because anyone undecided in such a case of clear choices can only be stupid. Like you, I paint all people the same until they can prove themselves differently.
And they clap like trained seals and the mindless useful idiots that they are.
$30 trillion in debt --- our grandchildren's money is all tapped out now. How high will the debt go before no one will lend us another nickel?
SS trust fund is so low that benefits will have to be cut in the near future. But you expected this and prepared with funds and investments to replace the SS income you paid into your whole life. You paid off your mortgage and other debts to minimize your retirement income needs.
Bad thing is, your home and investments are --- guess what --- unrealized income.
Congratulations, you have joined the ranks of "other people"!
You will own nothing and love it --- or you'll be dead.
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Yes, technically part of her proposed grab. But they will go after readily accessible cash and instruments first. Retirements, stocks and bonds, cash in savings, etc.
“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.”
It doesn’t matter even if they keep that high threshold.
Those very large holders will, since they are paying the tax anyway, liquidate those assets. And they will find a different place to put those oceans of money so they never have to pay that tax again.
And all markets that hold your little guy investments will go straight to hell. 401ks and IRAs insurance etc. The resulting deflation will then destroy the value of your home.
This is the worst financial idea anyone ever had.
Because the Tax Code is not really about funding the government but about controlling you.
Unrealized gains isn’t that what the democrats call money laundering?.
Even with confiscation there is not enough money to pay US debts, declared & undeclared.
Well, I hope she comes for it in person.
This tax will kill family farms and ranches as the tax will make it nearly impossible pass the land on to the next generation.
This tax will kill family farms and ranches as the tax will make it nearly impossible pass the land on to the next generation.
And yet John Melonhead will still support her.
That’s why there needs to also be massive spending cuts. Enough taxes are being paid that if spending were cut by 25%, and that’s doable a balanced budget is possible. But it isn’t going to happen.
It’s irritating enough right off the bat that they get a fat cut but face zero risk of loss if the pick of a security or financial instrument goes south.
And the seatbelt law was only passed because you would NEVER ever ever be able to be pulled over solely for not wearing one :-)
Hmmm...
House sold in 60’s for 60K fiat = $480 (24) Double Eagles
Current - $1,000,000 = $8000.00 (400) Double Eagles
Doesn’t look like it passes any taxable threshold :-)
You CAN do that also, as long as you don’t get schemey/greedy and try to advantage the Lawful money side and then borrow its fiat value out (the FAIL encountered by someone who was operating for a long time under this and then apparently wanted more “stuff”).
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