Posted on 09/05/2024 5:51:25 AM PDT by ChicagoConservative27
On Wednesday’s broadcast of CNN’s “Laura Coates Live,” CNN Economics and Political Commentator, Washington Post columnist, and “PBS NewsHour” Special Correspondent Catherine Rampell stated that while there are abuses and unfairness within the capital gains tax system, the proposal from 2024 Democratic presidential candidate Vice President Kamala Harris is likely to be “unworkable” at an administrative level.
Rampell said, “If you’re a really rich person, you can leave your assets to your heirs and whatever gains you saw over the course of your lifetime will be wiped out, and everything gets reset when that stuff is inherited, it’s something called the step-up basis. And so, as a result, you do end up with a lot of appreciated assets, whether it’s a stock portfolio or an art collection or anything else, where the gains never get taxed. And I do think that’s a problem. The specific proposal that we are referring to about taxing those unrealized gains today is basically something that the Biden administration has come up with. It’s not new to Kamala Harris as a presidential candidate, per se. And I think it would probably be kind of administratively unworkable, the idea that you, like, tax the gains as they are being accrued, even if the stuff never gets sold or the person who owns them never dies and passes them onto their heirs.”
(Excerpt) Read more at breitbart.com ...
The average American has no clue what a tax on unrealized gains means, or why it’s unworkable.
But they can't admit that while they are backtracking even though everyone affected
figured that out. Because destroying middle class homeownership is still part of the
program. They will try some other way.
Backtracking...For now.
It is a wealth tax. It has been done in The Netherlands. A friend of mine’s father was wiped out due to the tax. He was a retired machinist. Every year he got a tax bill on the value of his assets. (Home, vehicle and other possessions). Over the years he had to start selling his assets to be able to pay the taxes until he had nothing left to sell.
The average American has no clue what a tax on unrealized gains means, or why it’s unworkable.
Exactly.
Although ... there was a lady in our docs office, attempting to explain this to patients who would/could listen, recently.
God bless her for trying to red pill/educate folks, at any opportunity she had.
Sadly, most everyone looked clueless, as she spoke.
You will have nothing, and, be happy!
~ Klaus/WEF
If the value of the capital declines, is the government supposed to pay?
No mention I. The article about the inheritance tax. The author does mention step-up in basis upon inheritance and possibly eliminating that and require paying capital gains at inheritance, but nothing on the inheritance tax and all the ways the very rich avoid it (I’m looking at you, Kennedy family).
My proposal, yet again:
Levies on any residential property of less than 2799 square feet of finished living space shall be no higher than the 2019 dollar amounts on the property, or for a newer or since resold property no higher than what it would have been levied at for 2019 if it lacked owner specific tax breaks, increased by 3% per calendar year since 2019 and by any percentage increase to its finished living space.
Drop two bills in the hopper and fight to limit the ability of Democrats to buy votes at the expense of the middle class.
Drop a constitutional amendment proposal bill in two congressional hoppers and fight to limit the ability of Democrats to buy votes at the expense of the middle class. It might make Congress deep red come January.
I do see an issue with the step up basis especially for items of value that can be readily valued like stocks. For things that cannot be valued as easily, it gets very murky.
The GOP needs to tell the American people how this will work.
Then why are they used as collateral for loans that fund people like Musk and Bezo’s lifestyle?
Treat them like property tax if you must.
There are at least six major problems even if levied only levied on $50 million or more.
The first is that growing businesses would be deprived of needed capital. Money that could be put into the business would be sent to DC to buy votes instead of being used to create jobs.
The second is that up-and-coming businesses would become prey for greedy Greenwich guys who would simply use their banking connections to take what hard work and ingenuity created.
Dear IRS Commissioner:
We are willing to buy Rapidly Growing Company for $450 million. Please send the owner a $100 million tax bill.
Whitestone Acquistions
The third is that new drug companies with promising drugs would generally have to be sold off to existing drug companies, decreasing competition.
The fourth is that large farming companies would be subject to forced sales of land to say foreign government pension funds.
The fifth is that Big Oil could force successful wildcatters to sell off new oil fields on the cheap.
The sixth is that Democratic politicians should not be given the ability to buy more votes.
The US debt will either need to be defaulted or repaid.
Taxes will go up and services will be cut no matter what. There is no easy way out of this.
The debt doubled between 2014 and 2024. Something has to change. I am not in favor of this, but again, where do we raise taxes and cut? Both have to be done.
Everything you posted is true. But reality is what reality is.
True but the idea is not that difficult to explain and, once explained, I think a lot of people would understand the problems with it. Plus, from an IRS standpoint, how do you actually do this without expanding the IRS even further and continuing to grow government?
“The GOP needs to tell the American people how this will work.”
While I am among those that think the GOP is pathetic on messaging, I can’t blame the GOP for this one. How do you educate those that prefer to stay ignorant? Mention unrealized capital gains tax to most people and their eyes glaze over.
Open borders and spending money and gender confusion and feminism is too. Let nothing stop you.
Its even MORE unfair that half the population live their entire lives paying no taxes whatsoever. But that never seems to be brought up.
Either start taxing those who pay no taxes or start reducing the size of government so that not taxing those people becomes budget neutral.
“In the United States, Washington State has recently advanced a wealth tax proposal of a one percent tax on tradable net worth above $250 million. While the state’s economists projected that the wealth tax would raise about $3.2 billion a year, $1.44 billion, almost 45 percent, would have been collected from Jeff Bezos. But his decision to move to Florida just eliminated potential wealth tax collections worth nearly half the official estimate.
“When a tax is so heavily concentrated on a few wealthy, highly mobile individuals, that’s what happens when just one person moves.”
https://taxfoundation.org/research/all/eu/wealth-tax-impact/
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