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 ...
The question should be then:
Is DEBT, regardless of how it is derived, Taxable Income??
see Federal Reserve “NOTE”
How nice. The state of New York will revert to a vast forest once nobody lives there anymore.
I’m sorry, but I’ve got to support this theory WRT the meddlesome billionaire children of Silicon Valley. They have used their wealth and their businesses to interfere with fair elections. They themselves need to be taxed to hell
bump
I had a friend years ago that was from rural Virginia. He told me that during tax appraisal season you would be surprised at all the TVs, appliances and furniture that was stashed in the surrounding woods.
Debt is going to have to be weaponized eventually
We’ll put up with it. Asset taxes, property seizure, gun confiscation, mandatory labor, you name it.
The few who don’t, will be picked off in no time at all, and you won’t hear about it either.
Before Bidenharris are done there will be 400 million people in this country, and the newcomers won’t be the ones in detention.
And then we’ll start surrendering what we surrendered liberty for.
Pay tax on imaginary assets.
Next will be jailed for imaginary crimes (already going on).
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