Only income is taxed.
Not wealth.
These people are morons. If you start taxing unrealized gains, it will cause a few problems.
1) people will have to sell assets to pay the taxes on these unrealized gains
2) it will disincentivize investment in real estate by the bottom half of the country. How do you sell part of your rental property or commercial property to pay the tax man?
3) trumps NY trial will be the blueprint to ruin anyone on the wrong side of politicians. Who values properties that have a subjective value?
Finally, there is no forethought whatsoever.
If they tax unrealized gains, they are going to have to give credits for unrealized losses. And they won’t be able to carry forward deductions for losses like they do now. So the net is exactly the freaking same.
It just hurts the economy and feels good to say.
Anybody can do that. It just takes the willingness to not spend everything you have and save a few bucks every paycheque. The size of the loans might vary, but it works in principle.
Those who are wealthy are usually recipients of grandparents who decided to start doing that.
Very misleading...which is the obvious intention....
I want the billionair8 to keep their billions and spend it and invest as they like, and not give one more cent to any politicians and bureaucrats.
By far most billionaires earned their wealth by providing goods and services that the public clamors for.
The politicians and bureaucrats have enriched themselves by selling themselves to the highest bidder and have used most of the tax money to buy votes so they can stay where they are for life.
I’ll take a billionaire over a politician any day of the week.
Consider-
1)Regardless of the tax code, they’ve collected 15-25% of gdp for a long time. They’ve spent over 25% of gdp something like 15yrs running.
2)They told us Trump, Bush and Reagan tax cuts were for the rich. The result is the single most graduated system on earth where a US low 40% of filers pay federal income tax.
It is an obv spending problem. It stinks as the Dems are 96% of the wealthiest and 90% of the wealthier etc.....
“America’s wealthiest families can leverage that on-paper value increase to secure favorable loans with low-interest rates in lieu of using taxable income to finance their lifestyle.”
People with names like Clinton, Biden and Pelosi. People who tell us they are pure as the driven snow while claiming that “evil Republicans” will lie, cheat and steal given the chance.
“The problem with socialism is that you eventually run out of other people’s money.”
― Margaret Thatcher
If their wealth, income, etc., is the result of doing nothing illegal, then good for them and stay out of their business. Let them spend it so others can have income. Freedom. Capitalism. America.
I think ultra-rich (or anyone, for that matter) should be ultra-taxed on any money made on investments in China.
It's called collateral on a loan....and yes, why should I have to sell my asset to purchase anything, when if there is someone out there willing to loan me money at a low interest rate. The principle and interest rate are lower than the tax were I to sell the asset.
Basic math is beyond Rolling Stone and the Tax fairness group.
Rolling Stone? Commie-Lite class envy claptrap.
So, my early morning, coffee-deficit brain interprets this as more movement by the left to penalize success rather than incentivize investment (a dichotomy, and an oxymoron in a capitalist economy). i.e., ‘distribution of wealth’.
IOW, ‘same ol’, same ol’.
Good, I’d rather the billionaires have the money than the government.
Anyone can make deals with lenders. You just have to ask.
Who will do more evil with that money? The billionaires or the mass murder cabal that is the government.
.
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.
Pure wealth envy agitprop. This is the same kind of political pandering that got my GreatGrandparents killed during the holodomor.
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?
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.