Posted on 08/21/2024 10:25:19 AM PDT by MtnClimber
If you thought Kamala Harris's price controls scheme was straight out of the Book of Nicolás Maduro, wait till you see what she has in stores with her proposal for a 25% tax on unrealized capital gains.
According to Americans for Tax Reform:
The Harris-endorsed budget calls for an annual 25 percent minimum tax on the unrealized gains of individuals with income and assets that exceeding $100 million. Once in place, it won’t be long before the threshold is lowered to hit more and more Americans.
Americans overwhelmingly oppose taxes on unrealized gains, by a factor of three to one, including 76% of independents. Americans know that a “gain” isn’t “real” until it is actually realized, in hand.
What that means is that if you bought a house for $60,000 in the 1970s, and saw its value go up to $1,000,000 on Zillow last year (which isn't uncommon in places like California), you'd be on the hook for taxes on a million-dollar property, which would be more than you actually paid for the house, even though it's the same ordinary house you bought in a middle-class neighborhood back in the '70s and you haven't changed residences.
The same could be said of any homeowner, you'd buy a house for $300,000, but as its value rises to $1.2 million, your tax bill would clock in for a $1.2 million property, and not the $300,000 tract home you bought a few years earlier. If the market value went down by the time you sold, to say, $250,000, you will have spent tens or hundreds of thousands of dollars on taxes while actually earning just $250,000 on your investment.
The same could be said of stocks, or crypto, or any asset, it's not just homes.
(Excerpt) Read more at americanthinker.com ...
Talk about gouging. Why doesn’t the government just thin employees that do no work and stop spending on stupid things?
Good. Do it for all Americans. This country deserves the punishment for being so stupid as to allow us to get to this stage. What compassion I had for my fellow man has evaporated thanks to the leftists.
gotta pay for those monthly debit cards they issue to all the illegal immigrants.
Come and Take It Chiquita. And bring a lot of bananas.
Harris could tell everyone at the convention “If I win, I am going to take your house” and the idiot masses would say “Wait, huh...YAY..HOMELESSNESS ROCKS”
Isn’t Eisner v. Macomber the thing keeping this from happening? Which is one of the many reasons why Dems want to either pack the Supreme Court or replace a few of the judges with fellow travelers.
Voting for Commiekamala is an act that gives aid and comfort to the domestic and foreign enemies of the United States. The Constitution has a word for that.
Obama has always wanted to control the suburbs so you had to know that he has a plan.
Don’t you mean coconuts?
I agree except the rest of us who didnt vote for this crap are going to be stuck living like this for the next 50 yrs..you can easily vote in communism but once its in its impossible to get rid of it..just look at Venezuela, Maduro clearly lost but has he left power yet, NOPE its been weeks, he’s still there
I have a relative who has a fortune in art collected over many decades.
He would probably have to renounce his citizenship and leave the country if such a policy became law.
Generally the Romanian solution is needed to get your country out of socialism/communism.
‘unrealized cap gains’... money you didn’t make but could have in theory... and they want their taxes on that theoretical profit
F*CK YOU
You already pay taxes on a value gain when you sell.
Thee is a one time exemption for a primary residence
Oh, but they’ll say…it’s only going to hit the really rich!
It doesn’t affect me!
Answer: When did communists ever stop with the rich?
PS: Remember when the alternative minimum tax was for the rich?
Thank God we’re old. We plan on living in this house until we either die or end up in hospice.
We live in clown world and I prefer to watch it unfold from afar.
According to Americans for Tax Reform, Harris’ finally unveiled budget
<><>calls for an annual 25% minimum tax on unrealized gains
<><>for now, applies to those with income and assets that exceed $100M.
<><>Once in place, the threshold is sure to be lowered to ensnare more and more Americans.
Means you are taxed on a house you bought in the 70’s
for $400,000 at the 2023 evaluation of $1.4 million.
the income tax amendment was passed with the promise that it was only a 1% tax on millionaires
The house…where the guns are kept?
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