Posted on 09/24/2021 5:47:44 PM PDT by libstripper
Senate Finance Chair Ron Wyden wants to tax billionaires' unrealized wealth gains annually.
Biden said he supports the proposal as a potential method to fund Democrats' social-spending bill.
"I come from the corporate state of America," Biden said. "I just think it's about just paying your fair share, for Lord's sake."
House Democrats have proposed a whole host of options to pay for their $3.5 trillion social-spending bill which includes measures like universal pre-K, tuition-free community college, and paid leave for workers.
One of those options, proposed by Senate Finance Chair Ron Wyden, is a change to the way the government taxes earnings on assets like stocks and bonds. It would mainly affect the wealthy, because their wealth usually derives from investments more than salaries. The gains on those assets - which are called capital gains - are taxed at a far loewer rate than income brought in through wages. The top marginal tax rate on income is 37%; capital gains for the wealthiest Americans are taxed just up to 20%.
(Excerpt) Read more at msn.com ...
So if they tax your unrealized profit in BGEN and it reports a drug failed, sending the stock down 40% and your position to a loss, they will refund the money and issue you a credit? Didn’t think so.
“I come from the corporate state of America,” Biden said. “I just think it’s about just paying your fair share, for Lord’s sake.”
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Says the tax deadbeat who owes the IRS $500K.
Massive withdrawals, purchasing of gold, art, property, shifting assets to dark trusts, there is always a way for the wealthy. It’s not like the 0.5% rates are compelling to leave your money in a database that can be seized or hacked.
This is why they more it overseas.....Rats are FOOLS.
What will they do with imputed losses?
Capital Gains on Roth IRA monies are not currently taxed.
Hunter will be reimbursed.
Would require a constitutional amendment as the only basis for taxation by Congress is the 16th amendment which only allows for the taxation of income.
However, I fully recognize that the Dems don’t think the constitution applies to them, their utopia, or the laws that they pass.
Is Biden going to pay his $500,000.?
The total estimated net worth of the 400 wealthiest Americans would only bring in $3.2 trillion. Less than last year’s federal deficit and less than the proposed $3.5 Billion proposed by the lunatic twins Pelosi and Sanders.
https://www.forbes.com/forbes-400/
Biden isn’t even paying his “fair share” of the taxes he owes....and that’s been going on for a good bit of time. Is he paying fines on that as well?
guess what, we all just became “wealthy” and any savings aside from your monthly spending is now considered “piles of cash” and belongs in democrat campaign coffers.
The Fed would prop up the stock market.
Look at the pension funds for IL, NY, and CA. They are all underfunded and all very heavily depend on stock investments. A market crash would make them drastically underfunded. Probably requiring tax increases in already heavily-taxed, predominately RAT, states.
They want to take the retirement funds away then kill us with the jabs. No money left for retirement now? Who cares, you’ll be finished off soon by your destroyed immune system. Problem solved, woohoo!!
Solves SS, medicare problems and lots of other messy little issues that communist countries have problems with. It’s diabolical genius. These people are beyond evil. Stalin would be in awe.
Unconstitutional seizure.
Stupid, sh*tty moron doesn’t know what the F he’s talking about. But he does prove one thing, nobody is too stupid to live.
They probably handle it like capital losses, a small maximum per year that becomes losses to be carried forward for many years...
Taxes on capital gains you owe immediately, taxes on capital losses—sit and wait for years...
Heads they win, tails you lose.
Will the Federal Government provide me with money from unrealized capital losses? No, the Federal Government will not.
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