Posted on 03/25/2021 4:26:55 AM PDT by MtnClimber
And it's going to use that weapon not on foreign enemies, but rather on us.
Since the creation of the United States income tax, government and taxpayers have wrangled over definitions of what constitutes "income," how it is to be calculated, and when it is to be "recognized" — that is, subjected to tax. A recent New York initiative (predictably backed by Alexandria Ocasio-Cortez) would tax appreciated assets held by wealthy taxpayers before they were sold.
This hideous tax policy hints at the temptation for government to shift its tax base to rapidly-appreciating assets when magnifying inflation through reckless debt monetization:
A new tax is being proposed by progressive lawmakers and activists that would impose a new form of capital gains tax on New Yorkers with $1 billion or more in assets[.] ... With New York state staring at a $13 billion deficit ... [l]awmakers are proposing a new kind of mark-to-market tax on unrealized capital gains. Currently, taxpayers pay capital gains tax on assets only when they sell. The new policy would tax any gain in value for an asset during the calendar year, regardless of whether it's sold.
The complexity of this state tax law would be profound. And what of assets subsequently sold at a loss — will the state refund the taxes on the phantom gain that it "recognized" the previous year?
(Excerpt) Read more at americanthinker.com ...
This train is being driven by an evil and crazy cabal.
Income Tax — well, you need a Constitutional Amendment for that.
Wealth Tax — Hey, knock yourself out! Just go to town on that one! Yee Haaa!
Not crazy.
Evil. Pure evil.
And if the asset loses value during the year you get to take a loss on it, right?
Just one step on the way to total confiscation, which is their ultimate goal. It would not take anything from the rich powers who control the democrat party.
Without a basis of establishing the actual expense and the appreciable value of the asset there’s no logical way to apply a tax to an asset such as a house car etc.
Sounds kinda like a form of personal property tax. The fun thing is that to tax this you have to go through the hassle of assessing.
Their mental illness gets worse and worse. It doesn’t plateau or improve.
So if your asset loses value over the course of the year can you claim a loss while still not selling it?
Hard for me to lose sleep over billionaires paying a bit more in tax, as literally ALL* of them are against our side.
But consider what’s coming - So, what is REALLY your income. You used to think it was that number at the bottom of Page 1 of your 1040. Not anymore, soon it will be ALL of your ‘compensation’ (a little HR lingo for those of you in Rio Linda), which includes things like health insurance, paid time off, employer FICA contributions, etc.
After all, you didn’t REALLY think that that $400,000 threshold for tax increases was going to apply to the old system, did you?
*Trump probably isn’t a net-billionaire anymore, after the damage his name took because he wanted to actually save the country from what we’re now seeing.
Virginia does it every year.
Nothing new.
Just a privilege.....
This is a state tax in NY.
I think it would require an amendment to impose it at a Federal level.
Anyway, New Yorkers getting what they voted for.
Virginia does it every year.
Nothing new.
Just a privilege.....
Good reason to leave Virginia.
I left Seattle for rural Kentucky almost 11 years ago. Second best decision I ever made.
How many billionaires will be left in New York after this is passed? And just to make sure they don’t get caught, they’ll be taking their businesses out of state with them. Way to go New York. You’re proposing a tax with a likely negative net tax revenue.
It is only fair. And that evil 1% needs to pay their fair share. /s
Debt is going to have to be monetized eventually, since the interest harvesting industry is consolidating and becoming localized in a smaller number of hands.
You could promote some diversity in the creditor class, but realistically that was never on the cards.
A jubilee year would be preferable to what they are doing, but since we already have created a VISA-Mastercard State, monetizing debt is probably the way to go.
A “wealth” tax to “supplement” the income tax - disregards that the income base that bought that “wealth” was already taxed when it was earned. A “wealth” tax is nothing other than double taxation.
Nope. Congress can make up what they wants under the 16th.
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