I guess next will come arrests for "pre-crime"
Posted on 10/25/2021 7:11:58 AM PDT by SeekAndFind
Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.
Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.
“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said.
The tax is expected to affect people with $1 billion in assets or $100 million in income for three consecutive years, according to a person familiar with the discussions. The idea, for which President Biden recently expressed support after excluding it from his campaign plans and administration agenda, would affect a narrower group of people than the capital-gains changes that have already flopped among congressional Democrats. […]
When compared with the tax-rate increases in the House bill, the emerging Wyden proposal would be significantly more progressive, in that it would raise its money from the very, very rich—likely fewer than 1,000 taxpayers—instead of the merely rich. But House Democrats have questioned whether it makes sense to add a relatively untested idea at this late stage. (WSJ)
The proposal was blasted on social media as sheer lunacy.
Taxing unrealized gains is not just lunacy but straight up premeditated murder of our economy. The only people who won’t suffer as a result are corporate oligarchs who‘ll buy up everything on the cheap. It’ll cause dependency at first and then revolution later. This is insanity. https://t.co/xsaqedEmf3— Robby Starbuck (@robbystarbuck) October 25, 2021
This is insanity. https://t.co/QDrm4aa2Lp— Ben Shapiro (@benshapiro) October 25, 2021
Taxing what is basically *theoretical* income before it’s actually income is nuts.
Will people be able to deduct unrealized losses? https://t.co/6cm9p44NB4— Tim Murtaugh (@TimMurtaugh) October 25, 2021
Maybe try eliminating step up basis first. And carried interest. That would be a start. Unrealized gains on illiquid securities would be a unmitigated disaster. https://t.co/rxGCQ6cKUv— Mike Novogratz (@novogratz) October 25, 2021
Proposing a tax on unrealized capital gains is insane.
Imagine paying taxes on something you haven’t sold just to see it go down afterwards.
I assume that means we can write off unrealized losses, right? Right!?pic.twitter.com/Q4tZE0mERl— The Wolf Of All Streets (@scottmelker) October 25, 2021
Taxing unrealized gains is only minimally about taxation itself. That's not the bigger objective.
Taxing unrealized gains grants the government the ability to monitor your each and every move.— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) October 25, 2021
“Unrealized capital gains” is not a thing; do not normalize it. Call it out for what they are proposing: unlawful seizure of personal property.— Carol Roth (@caroljsroth) October 25, 2021
IOW, However much MONEY you have, GIVE US WHATEVER WE ASK...............OR ELSE..........
Yes, this is insanity, it will never happen.
outkicking their coverage every single day
There is zero difference when they raise the assessment on your house. They are taxing you on an unrealized capital gain that may or may not materialize
Take out the for the rich and you will know what they are talking about. They will tax the value of your home.
VIDEO
U.S. Treasury Secretary Yellen proposes a tax on unrealized capital gains
https://rumble.com/vo7ehb-u.s.-treasury-secretary-yellen-proposes-a-tax-on-unrealized-capital-gains.html
Taxing billionaires is like herding cats.
It does not sound crazy until you actually try to do it!
So stupid “Americans” will think they are just going after the rich, so they will applaud this. The GOOP will once again look like they only care about the rich, which is not completely false.
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Like I said countless times, it absolutely baffles me to no end why anyone with any kind of money would support the Rats.
So are gay "marriage", megaprotection of "wetlands", Russian collusion hysteria, transgenderism, Trump impeachment(s), vaccine mandates, intersectionality, presidential election fraud, CO2phobia, the list goes on.
#1 on the list of "famous last words".
Why not just tax dreams and aspirations?
“it would raise its money from the very, very rich—likely fewer than 1,000 taxpayers...”
And, although not mentioned, it would now give the IRS the power to know what your liquid assets are. You know, stuff like art, property, etc. They’ll need a lot more IRS agents for that. Oh wait...
Just like Obamacare was insanity, and never happened...
Some "scaled back" variant of an unrealized capital gains tax will eventually pass - it's too dear to progressive hearts.
I guess next will come arrests for "pre-crime"
The wealthy hate competition, and the Democrats make it very difficult for “the great unwashed” in the private sector to create new wealth.
The wealthy can hire tax attorneys to easily evade any taxing scheme—in many cases those same attorneys will be drafting the legislation!
It is a great scam.
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