Posted on 11/15/2019 11:29:26 AM PST by karpov
No excerpt from Bloomberg allowed, story here. She wants a 59% top income tax rate and to tax unrealized capital gains yearly, including real estate and business holdings.
Next up would be to make the “mark to market” tax retroactive to the date of purchase
You really need to read the article? Occasionally Coherent, who until January qualified for food stamps, wants to soak “the rich”. Of course, she’s probably too stupid to realize that she’s calling for major tax increases on most her Demo-rat colleagues in Congress.
If the market crashes, do you get a refund on the gain you will never realize but borrowed money to pay tax on?
All these folks selling and pledging assets to pay taxes on unrealized gains will cause the market to crash and make the “gains” vaporize.
Maybe the moderator added the link. I know that when I have put Bloomberg links in the URL box that the posts have been rejected with a message such as “no links to Bloomberg allowed”.
It inherently is. It would be your basis at the end of the year, less the last basis you'd already reported. Yes, they could make it year to year.
Most likely, they would take the commodities market as a model. It hasn't been mentioned in the comments so far, but futures (i.e., the commodities market) are marked to market at the end of the year right now, and taxed at a blended rate that is 60% capital gains and 40% ordinary. It has to do with the fact that its easy to roll over contracts.
Anyway, I think the first focus would be financial assets. Of course, the next "tax expenditure" would be seen to be real estate appreciation. Imagine the corruption and bribes that would be associated with the assessor's valuation!
Democrat plans don't need to work. They just need to feel good. Like Social Security. Medicare. Welfare. Etc.
“...tax unrealized capital gains yearly, including real estate and business holdings.”
She’s a joke...
Warren says you can sign over illiquid assets to the government and they will sell them.
Exactly, so they get a good first bite at the apple.
From related threads concerning the federal government’s constitutionally limited power to appropriate taxes…
While AOC’s heart is arguably in the right place, misguided, institutionally indoctrinated AOC got herself elected to the wrong government to serve the needs of the people, the constitutionally limited power federal government, when she should have gotten herself elected to one of the constitutionally powerful state governments.
After all, the Founding States left the care of the people to the states, not the feds, the founders intending for the states to use their unique 10th Amendment (10A) powers to care for the people.
In fact, the congressional record shows that Rep. John Bingham, a constitutional lawmaker, had officially clarified that the founders had left the care of the people to the states, not the feds.
”... the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Federal Constitution, is in the States, and not in the Federal Government [emphases added].” —Rep. John Bingham, Congressional Globe, 1866. (See about middle of 3rd column.)
Justice Brandeis had put it this way about the unique powers of the sovereign states to serve the people.
"It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose [emphasis added], serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.” —Justice Brandeis, Laboratories of democracy.
(Note that constitutional limits on states as laboratories of democracy is that states cannot establish privileged / protected classes or abridge constitutionally enumerated rights, and must maintain a constitutionally guaranteed republican form of government.)
So how did we wind up with an unconstitutionally big federal government on our backs?
Regarding unconstitutional federal domestic spending, consider this. Using inappropriate words like “concept” and “implicit,” the excerpt below from Wickard v. Filburn (Wickard) shows what was left of the defense of 10A-protected state sovereignty by the last of pre-FDR era state sovereignty-respecting majority justices in United States v. Butler, FDR’s state sovereignty-ignoring activist justices later blatantly ignoring the reasonable Butler interpretation of 10A when they scandalously decided Wickard in Congress’s favor imo.
"10th Amendment: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."
”From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added].” —United States v. Butler, 1936.
"In discussion and decision, the point of reference, instead of being what was "necessary and proper" to the exercise by Congress of its granted power, was often some concept [???] of sovereignty thought to be implicit [??? emphases added] in the status of statehood." —Wickard v. Filburn, 1942.
The remedy for unconstitutionally big federal government on our backs…
Patriots need to elect a new patriot lawmakers in the 2020 elections that will not only promise to fully support PDJT's already great work for MAGA, now KAG, but will also do this.
New lawmakers also need to promise to work with PDJT to put a stop to unconstitutional federal taxes, taxes that Congress cannot justify under its constitutional Article I, Section 8-limited powers.
Once unconstitutional federal taxes are stopped, the states will ultimately find a tsunami of new revenues imo, revenues that they can use for all kinds of improvements for the welfare of their respective citizens that AOC is now wrongly trying to implement through the constitutionally limited power federal government.
And to make the stop of unconstitutional federal taxes permanent, patriots also need to support PDJT in leading the states to repeal the 16th and ill-conceived 17th Amendments.
Remember in November 2020!
MAGA! Now KAG! (Keep America Great!)
"The “Holy Grail” of organized crime is to control government power to tax." —me
"The 16th Amendment effectively repealed the involuntary servitude aspect of the 13th Amendment imo, evidenced by unconstitutional federal taxes." —me
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
"13th Amendment, Section 1:
Neither slavery nor involuntary servitude [emphasis added], except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."
"16th Amendment:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes.” —me
"Patriots need to support PDJT in demanding that Congress moves "April 15" tax day to the day before election day." —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
If atually submitted as a bill, the Senate should respond with a bill of their own - set the minimum tax rate at 5% and the maximum rate at 30%
Ah, yes, from the Ministry of Housinge...
So does this mean that every commercial building in the USA must be appraised every year? After you pay tax on an unrealized capital gain, how do you get that money back when the appraised value goes down later? Trump is an absolute genius compared to the competition.
You must not be familiar with her district.
Show us your boobs!
Sure - lots of unemployed brothers-in-law out there to do appraising and they'll GUARANTEE there will be no such thing as lower values!
Since this bimbo obviously has no brains, maybe she would make a good poll dancer.
So the government prints money making houses double in value. Besides reducing the value of your cash, they tax you on the increase in the value of your home.
The truth is that right now, this very minute, I can take depreciation deductions for business property I personally own, and both individuals and corporations can deduct mortgage interest. The difference is that the new tax code gives us a standard deduction which is so large that most people find it advantageous to use that instead of itemizing.
Both corporations and individuals can deduct interest on business property. There are limits on the interest deductions on personal property, like a house you live in.
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