They would force people to sell assets?
I’m a retired CPA, and I can tell you that this would be a bookkeeping nightmare.
If you exercise options, even if the value of the underlying shares falls to 0, you still owe taxes on the whole amount.
didnt clinton suggest something similar? imputed income..if you can rent your house or a room in it, you are taxed on that. whether you rent it or not.
geez, I hate liberals and their attitude of 'everything that is yours belongs to the government'..
Next up unrealized income gains.
They should not want this because such a system would then allow the claim of losses that have not yet materialized. Bought stock at $100 and the price is now $90 so a “loss” of 10% yet have not sold the stock yet.
Remember dems and the yacht tax??? Was going to raise millions,instead the rich stopped buying yachts,yacht businesses went idle and middle class people lost jobs..What looks good on paper always destroys...
Taxation of unrealized capital gains, on what exactly? Stocks, Bonds, Realestate, Self improvement? Does education become a capital gain?
Per Austrian economics, a thing has no value until you sell it, and then its value is what someone is willing to pay. Someone please correct if I misstated Austrian economics theory.
if you havent been paying attention
one of the wildest things in awhile is a group on Reddit attacking highly shorted stocks
GME halted AGAIN today.
the swings are wild
The HarrisXiben Regime crushing the non-institutional investors.
Somebody should tell Mr. Wyden he forgot to put in the loophole for Gates, Bezos, Buffett and Zuckerberg.
Musk would probably move and buy his own country.
Two Oregon radical left, antifa supporting, Congressmen propose radical tax system - So surprising!
Based on current Market Conditions, the Value of my Ammunition is much higher than it was when I purchased it.
Anyone know which Tax Form I report that unrealized Gain on?
I won’t be selling that Asset. Could be a 1040-.556 Form.
I am convinced that most Dems are economic illiterates. Those that aren’t that stupid are, instead, willfully trying to destroy the US economy.
Here is a simple, iron-clad, rule of Economics: If you tax something, you get less of it. Taxing capital, as this proposal would do, will significantly reduce the stock of capital in this country, leading to lots less innovation, less profits and less taxes. If the Dems’ goal is to raise more taxes, they would be far better served by lowering tax rates and reducing regulations, thereby giving economic growth a substantial boost. But then they’d be Republicans.
Likely this proposal is just a stalking horse to trade away for a higher cap gains rate.
Dang, I’ve got some ancient stock that has huge unrealized capital gains. That would force me to sell it off to move everything into cash.
It should also be inflation indexed.
For instance say someone bought Coke for $20/share in the year 2000, it’s $25 now (I don’ know the actual price), getting taxed on $5/share gain doesn’t account for the 20 years of inflation. Probably no nominal gain at all yet you’d still get taxed on that.
So if you inherit a farm and the next year the tax assessment goes up would you pay tax on the difference between the assessed value of the farm at the time of inheritance and the new assessed value?
Meant for consumption by useful idiots. The folks at BlackRock will grease Biden palms as much as needed to make sure this doesn’t happen.
Yeah, they are in that deep.