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.
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.?
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.
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.
Will the Federal Government provide me with money from unrealized capital losses? No, the Federal Government will not.
They want our IRAs and 401Ks.
It will be interesting to see how they plan on dealing with real estate valuation and union pension funds. There are going to be an awful lot of very unhappy people here.
Don’t have time to read through the thread, so I will just say, ‘if the rich have CASH accumulated the fedzilla cannot even assess it unless they raid the rich compounds and storage bins. If cash is turned into an institutional acount then the rich do not have that cash, so what are they setting us up to misunderstand? Was this deception used when the fedzilla force all gold to be turned in?
If they tax unrealized capital gains, what happens later on when the value of those investments goes down? Will the victim get to claim a loss? And if so, will there be an annual limit on the amount that can be claimed, thus spreading the loss over a number of years?
This is insane, a record keeping nightmare, which is why Xo Xi Dung likes it.
biden, and the top tier Democrats and RINOs, are much more wealthy than I am.