Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal(Wealth Tax)

Forbes ^ | 08/21/2024 | Andrew Leahey

[srmanuel]

That’s what I thought as well, and I didn’t take the time to look it up.

[Texas Fossil]

Absolute Garbage.

They never thought about what inflation does to distort potential anything.

This is pure insanity.

Of course, the Lying #ComDem thieves are drooling over legal plunder eliminating private property totally. That is the Aim of Communism.

Keep your powder dry.

[Texas Fossil]

There is still only one type of good commie.

[gas_dr]

Now

[Kid Shelleen]

Another good read.

Harris' Unrealized Gains Tax Would Obliterate The U.S. Economy

[combat_boots]

And…food

https://www.naturalnews.com/2024-08-21-americas-holodomor-analysis-of-kamala-food-price-control-industry-insider.html

[crusty old prospector]

I just got one off of eBay. It is hard to find the “An Ideal for Living” ones with the drumming dude. $27 total.

[FiddlePig]

/Sarc warning needed. The RICH don’t pay taxes, they make political contributions. “Tax the rich” is the biggest LIE told by (misnamed) “progressives”. They ARE controlled by the rich and totally own the DemWit party and much of the Reprobates. and they understand most of their voters are stupid.

[Brian Griffin]

In a MAGA economy, a person might buy a machine tool leased out to a factory for an investment.

There would be no capital gains, but it might yield 10%.

[thinden]

Kamala’s policies so far:
Price Controls
28% corporate tax
44.6% capital gains tax
25% tax on unrealized gains

xxxxxxxxxxxxxxxxx

let’s see how this would work for a $100,000 investment portfolio:

$100,000 2024.01.01
+16.82% S&P ytd
$16,820.00 unrealized gain YTD
25% tax on unrealized gain
$4,205 tax due on unrealized gain

used this model to determine proposed tax on your portfolio

eg. $ 500,000 porfolio = $21,025 tax due
eg. $1,000,000 porfolio = $42,050 tax due

so, what you gonna sell to come up with the cash to pay one of the 87,000 new tax men?

numbers crunchers - is this about right?

[eastexsteve]

Don’t worry folks. This will only affect billionaires.

You don't think this will affect your home? You already pay property tax. Wanna let the fed get in on the action too?

[Brian Griffin]

The rich can raise prices to cover taxation.

The wage and salary paid working and middle classes don’t have pricing power to compensate for taxation.

[eastexsteve]

I wondered about where the buyers will come from.

China. I must get one call a week from someone long distance who can't speak legible English wanting to buy our wheat farm.

[redgolum]

Many wealthy people use loans against the stock they own in order to live on. Since it is a loan, it doesn’t count as income though the expected increase in value can be counted as security for the loan.

The call has been for sometime to treat that type of finance structure as taxable somehow.

Personally, I think that is a big ask

[Jim W N]

The answer to high taxes is DISMANTLE THE 80%+ $3+ trillion unconstitutional portion of the feds.

The IRS would be a storefront and America and the American people would be RICH AND FREE.

[1FreeAmerican]

It will be double taxation - you will pay a tax on the unrealized gain, and when you sell some of the asset to pay the tax you will pay a capital gains tax on that as well.

[Eleutheria5]

No. Hell, no. And never. On philosophical, economic, and principled grounds.

[Boogieman]

There’s a zero percent chance this passes with a Republican controlled Congress.

[cgbg]

In a world of wealth taxes assets like stocks will decrease in value. It would cause a stock market crash of epic proportions.

There will be nothing to collect.

Folks will keep their money in stuff that is not taxed—whatever that might be—depending on the exact wording of the law.

[kiryandil]

In 1967, Polish mercenary Rafal Ganowicz was asked what it felt like to take human life, “I wouldn’t know, I’ve only ever killed Communists”.