That is all Dems want: TAX, TAX, TAX.
Horrible idea, taxing unrealized gains.
Warren Buffet, Mr. “Raise My Income Taxes” himself, will be outraged by this.
He never realizes any income to tax so it doesn’t matter to him how high the peasants’ income tax is.
This tax, however, would gig him good, so he will be against it.
It’s for the children, Warren. Don’t you care about the vhildren.?
It is a stupid idea. But you could pay the tax from cash on hand without having to sell any stocks.
So, will people be able to deduct unrealized losses?
No?
Well THAT sounds fair.
“Hi, I’m here from the government to help those in need. Hand over your 401K because Talisha down the street never saved and set aside any of her earnings. She was too busy buying new cars and paying back student loans she spent on spring breaks in Aculpoco and a worthless urban studies degree.
I think this is what will get all the wealthy and upper middle income virtue-signaling liberals and moderates up in arms about the Democrats. These people don’t want to pay more taxes - they just want evil Republicans to pay more taxes. A big part of the Reagan coalition consisted of liberals who wanted to keep more of their income. That’s how he got 49 states. I expect Wyden’s proposal will get a lot of these liberals to sit out the next election, where they would have voted Dem as recently as 2018. Some might even vote GOP.
How the socialists treat their subjects ALERT.
You know, that phrase that your stock broker invented to rationalize losing stock positions....
We can write off our "unrealized loses" too!!!!!
Taxman
The Beatles
Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman
If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat,
If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the taxman, yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me.
Democrat Theme Song
Accounting nightmare. Very, very costly well before you get to paying the tax.
We would raise a lot more revenue if we would just tax stupid ideas from Democrats
Terminally insane. Put-them-out-of-their-misery insane.
When you tax an activity you get less of it.
I have shown gains and then lost everything. Unrealized gains aren’t real money until you sell the investment. Does this mean the government will return you taxes if your investment tanks?
I have a better idea: make income from “non-profit” organizations investments fully taxed at the corporate rate.
Most “non-profits” are on the Left. Tax Harvard’s endowment. Watch them scream.
Great idea, legislate an annual stock market crash until companies figure out how to manipulate their numbers to keep their prices steady, destroying the value of 401ks and retirement plans all around the nation.
It would be much more equitable for the government to assemble everyone worth above a certain amount into an auditorium, then just take half of what they own. A lot more equitable and a whole lot less paperwork.
Can you write off losses on unsold devalued stocks? Last I checked, only against similar passive income, but that was in a college course years ago, while Reagan was still POTUS, so who knows what the law is now. What about if real estate goes up but you’re not selling? Instituting this law itself will cause the stock market to tumble. Wonder if Wyden will be shorting his portfolio after it becomes law, which fortunately it has no chance of doing.