Posted on 01/05/2024 9:02:48 PM PST by zeestephen
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Not yet.
I have a large collection of Cuban cigars bought several years ago from European vendors by mail order.
Since I bought them the price has exploded to many multiples of the pre Covid price due to the collapse of the Cuban tobacco industry.
A “wealth” tax would crush me.
I am trying to smoke my way through the problem, but it is going to take many years....
;-)
Typical mainstream media biased article. Envy is one of the seven deadly sins - but it gets clicks and sells newspapers. Millions will read this article and be convinced that wealth should be taxed.
If our government begins to tax wealth like this it will have a major impact on the stock market and disrupt our economy. Remember the impact it had every time the IRS changed things like depreciation schedules, interest rates and capitol gains. Those disruptions will seem like hiccoughs compared to what this would do.
There is too much idle wealth in this country, in the hands of people who don’t appreciate how wealth is made. There’s no easy solution to this problem, but it is a problem.
And if you have a long term loss you can only deduct 3K per year after zeroing out short term gains. Had one huge one in the 80s. Took forever to whittle it down.
Yes, I know that pain very well.
I dropped almost 100K in penny stocks in the financial blood bath that followed the human blood bath on 9-11-2001.
I think my final 3K deduction is in 2032.
The Obidens are trying to tax that wealth. If the Court rules in their favor then very soon you will be taxed on the appreciation of the value of your house which is worth300k now but you bought it for49k. That would be a tax on your “accumulated wealth” and on inflation which is a part of that 251k appreciation and is already a tax.
Why would they give credits for unrealized losses? If they are going to initiate a wealth tax it is something totally innovative and they can structure how they will.
Pure wealth envy agitprop. This is the same kind of political pandering that got my GreatGrandparents killed during the holodomor.
It's quit perplexing that there should be so many Conservatives on a Conservative website, isn't it?
One big thing these retards can never understand is that the wealthy don’t have their wealth stuffed in mattresses or even bank accounts.
It is in businesses and corporations. Sure you could take SpaceX and Tesla away from Musk and give them to Lenny the garbage man and Fred the street sweeper, but you won’t like the results.
Wealth isn’t just privilege, it is responsibility. Even owning a junker car you have to change the oil in it. Does Lenny have any clue how to run SpaceX?
The only “idle wealth” is money under the mattress. Billionaires’ wealth is invested in industries in order to hopefully create more wealth and as a side product, goods and services for everyone.
Or given to causes like Black Lives Matter, Inc.
Biden was a cosigner of the bill that taxes Social Security.
Meanwhile, he gets to accumulate wealth tax free, under the radar.
Great idea, the government must start grabbing billionaire’s financial holdings, then they can go after the millionaires and after that the biggest of all, the middle class. They can even confiscate property. Commies/socialists win.
It would seem to me that as soon as they tax unrealized profits, it instantly devalues every asset. The only reason to do this is to destroy the investment industry. It’s a foolhardy attempt to redistribute income by people who don’t know the first thing about investing. It’s a combination of envy and power grabbing.
“Capital gains are still income.”
True but they are not income until the asset is liquidated. Until that point, they are only potential gains. If I bought stock at $100k five years ago and it is now worth $300k, I have not received $200k in income or capital gains.
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