Posted on 04/02/2019 1:11:03 PM PDT by yesthatjallen
Senate Finance Committee ranking member Ron Wyden (D-Ore.) said Tuesday that he will put forth a proposal to ensure that wealthy individuals are paying their "fair share" of taxes, amid a debate among Democrats about how best to tax the rich.
Wyden announced that he will put forward a white paper that calls for taxing the capital gains of wealthy individuals' investments annually, as opposed to when the investments are sold under current law. Such an approach is known as "mark-to-market."
Wyden would also tax the capital gains at the same rates as other income, while capital gains are currently taxed at lower rates than ordinary income.
“Everyone needs to pay their fair share and the best approach to achieving that goal is a mark-to-market system that would require the wealthy to pay taxes on their gains every year at the same rates all other income is taxed," Wyden said in a statement. "This eliminates serious loopholes that allow some to pay a lower rate than wage earners, to delay their taxes indefinitely, and in some cases, to avoid paying tax at all."
“Just increasing the top tax rates leaves loopholes in place that savvy accountants and lawyers exploit," he added. "In contrast, taxing the annual gains generated by wealth closes a host of loopholes while raising the sort of revenue needed to keep Social Security and Medicare secure for years to come."
Wyden's announcement comes as many Democrats in the presidential race have released proposals to boost taxes on the wealthy in an effort to reduce wealth inequality and raise revenue to pay for spending priorities. Sen. Elizabeth Warren (D-Mass.) has proposed a wealth tax, while several candidates, including Sen. Bernie Sanders (I-Vt.), have proposed expanding the estate tax.
Wyden is not running for president. However, if Democrats win the 2020 presidential election and take back control of the Senate, Wyden would likely become chairman of the Finance Committee and would play a key role in crafting tax legislation.
So what do you do when there are capital losses, send the Govt a bill?
Good question?
Oregon ping...anything to get the middle class...that’s Ronnie’s game...
What’s “wealthy”?
What does this do to retirement accounts?
Under these DemocRATS? Hold on to you wallet.
After they don't get the revenue for their boondoggles, they are coming after you!
[If Warren Buffet doesn’t support this Bill, he’s a hypocrite. ]
Anyone else wondering why the Democrats want more of your money? Seems to me all they do is spend it on things to get themselves reelected. Free cell phones for deadbeats? That’s all you got? Instead of chasing another Mueller ghost and frittering away $30+ million, why not stop the bickering and do something for US?
“”calls for taxing the capital gains of wealthy individuals’ investments annually, as opposed to when the investments are sold under current law. Such an approach is known as “mark-to-market.””
Don’t have a clue what he’s talking about but I sure do wonder how you would figure capital gains BEFORE anything is sold.
END ALL loopholes and catch the politicians in that proposal and see how far it gets to a vote!
And this clown is supposedly one of the more moderate RATS. They can’t stand all that money sitting in accounts without a way to get at them.
If you still own the asset you are still at risk to lose money if the price goes down. You can’t call price appreciation a “gain” because you can’t spend it on something else until you realize the gain by selling the asset. With actual income you can spend it on other assets when you receive it and your employer can’t take back some of it if he thinks your labor value has gone down. There is no comparison between the two types of income and Weyden is an economic illiterate if he thinks there is. A law like this would be laughed out of the Supreme Court if it ever got that far.
Anyone else wondering why the Democrats want more of your money? Seems to me all they do is spend it on things to get themselves reelected
Stop blaming just the Democrats. As Trump points out again and again, our Middle East wars - begun by Bush and backed by GOp and most Freepers - have cost $7trillion over 15 years
I could see them imposing an asset tax, a percentage of your equity account, the way a property tax is already assessed. And if “conservatives” keep pushing for expensive new foreign interventions, the Dems will have even more excuse to say we need to raise taxes to pay the bill. War against Iran won’t be free, just as war against Iraq and Lybia wasn’t. And we’re still spending a billion a week in Afghanistan
When President Trump wrote into the new tax law that the rich should pay their fair share the Democrats went berserk. They still aren’t over it
This is where big Democrat donors grab Schumer by the throat behond closed doors and say “Shut that mook up - or you’ll end up floating face down in the the Hudson!” :)
This sounds like an idea to tank the market and encourage wealth flight outside the US. To the Dems and the GOPe there will never be enough taxes and no end to more and more spending.
And next, he will put forth a proposal for single, heterosexual men to suck other men’s [censored] in solidarity with the LGBT community.
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