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Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal(Wealth Tax)
Forbes ^ | 08/21/2024 | Andrew Leahey

Posted on 08/21/2024 3:12:59 AM PDT by Kid Shelleen

In President Joe Biden’s proposal in the Fiscal Year 2025 Budget of the United States Government, and more specifically in the General Explanations of the Administration’s FY 2025 Revenue Proposals, the Biden administration has proposed a slate of bold shifts in tax policy that could redefine high income tax planning and investment strategies.

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept ---SNIP-- . A shift in tax policy towards tapping revenue streams in unrealized gains is almost certainly on the horizon-

(Excerpt) Read more at forbes.com ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Government; News/Current Events; Politics/Elections
KEYWORDS: andrewleahey; comradekamala; kamala; kamalanomics; kamalatruth; kamunism; taxes; theft; unrealizedgaintax; wealthtax
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To: A_Former_Democrat

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


61 posted on 08/21/2024 6:00:30 AM PDT by srmanuel
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To: Kid Shelleen

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.


62 posted on 08/21/2024 6:00:40 AM PDT by Texas Fossil (Texas is not about where you were born, but a Free State of Heart, Mind and Attitude.)
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To: kiryandil

There is still only one type of good commie.


63 posted on 08/21/2024 6:01:57 AM PDT by Texas Fossil (Texas is not about where you were born, but a Free State of Heart, Mind and Attitude.)
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To: ChessExpert

Now


64 posted on 08/21/2024 6:03:42 AM PDT by gas_dr (Conditions of Socratic debate: Intelligence, Candor, and Good Will)
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To: All
Another good read.

Harris' Unrealized Gains Tax Would Obliterate The U.S. Economy
65 posted on 08/21/2024 6:06:07 AM PDT by Kid Shelleen (Beat your plowshares into swords. Let the weak say I am strong)
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To: Kid Shelleen

And…food

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


66 posted on 08/21/2024 6:15:12 AM PDT by combat_boots
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To: dfwgator

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


67 posted on 08/21/2024 6:21:15 AM PDT by crusty old prospector
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To: Kid Shelleen

/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.


68 posted on 08/21/2024 6:26:23 AM PDT by FiddlePig (The greatest threat to our sacred liberty is to not value it!””)
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To: Kid Shelleen

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%.


69 posted on 08/21/2024 6:30:20 AM PDT by Brian Griffin ("Building a wall is a red herring" - Elon Musk)
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To: Kid Shelleen; Cletus.D.Yokel; bitt; little jeremiah; generally; numberonepal

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?


70 posted on 08/21/2024 6:35:13 AM PDT by thinden (buckle up ....)
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To: Kid Shelleen
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?

71 posted on 08/21/2024 6:38:37 AM PDT by eastexsteve
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To: FiddlePig

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.


72 posted on 08/21/2024 6:39:28 AM PDT by Brian Griffin ("Building a wall is a red herring" - Elon Musk)
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To: AdSimp
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.

73 posted on 08/21/2024 6:46:43 AM PDT by eastexsteve
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To: Kid Shelleen

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


74 posted on 08/21/2024 6:46:49 AM PDT by redgolum
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To: Kid Shelleen

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.


75 posted on 08/21/2024 6:50:36 AM PDT by Jim W N (MAGA by restoring the Gospel of the Grace of Christ (Jude 3) and our Free Constitutional Republic!)
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To: Gen.Blather

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.


76 posted on 08/21/2024 6:58:21 AM PDT by 1FreeAmerican
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To: Kid Shelleen

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


77 posted on 08/21/2024 7:10:03 AM PDT by Eleutheria5 (Every Goliath has his David. Child in need of a CGM system. https://gofund.me/6452dbf1. )
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To: Kid Shelleen

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


78 posted on 08/21/2024 7:15:58 AM PDT by Boogieman
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To: thinden

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.


79 posted on 08/21/2024 7:20:17 AM PDT by cgbg ("Our democracy" = Their Kleptocracy)
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To: Texas Fossil

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”.


80 posted on 08/21/2024 7:20:38 AM PDT by kiryandil (FR Democrat Party operatives! Rally in defense of your Colombian cartel stooge Merchan!)
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