Unconstitutional.
So he’ll be taxing himself, Pelosi and Hunter?
Cant tax gains that do not exist.
I wonder if search still works, nah probably not
Meaning the plan is per usual. First put the tax in place, then consecutively lower the rate till they get to the real money the middle class has.
The Richest stay that way because they put their $$$ into tax free Educational and Charitable Foundations, thereby reducing their taxable income to less than their secretary pays... at least that is what Warren Buffett told Bill Gates to do.
And, if you can tax a gain, then you can deduct a loss.
Taxing unrealized gains is complete bullsnot. It’ll destroy the economy.
What about handing out refunds for unrealized losses?
As inflation takes off—we’ll all be billionaires!
Joe knows that the way to earn untaxable money is to get elected to political office and have your relatives sell access to your influence.
Junta Joe already hit nearly everyone with his biggest tax yet: Inflation. After centuries of Governments using the same ploy people still don’t realize it is a tax.
Sounds good to me since so many of them are lefties.
Make them make good on all their social conscience bs.
Maybe they would get a clue?
Nah.
Taxing unrealized capital gains is just theft. We’re in a kleptocracy.
Most of them are woked out liberals anyways, except Musk I guess.
Anyways, I don’t feel sorry for em. They deserve it.
The Kelo decision was couched as a fifth amendment issue of "public good" versus "public use," but was actually a taking of unrealized gain.
The city of New London, CT, thought they could get higher property taxes (the "public good") if current private property (individual homes) was taken and the property used for businesses that were worth more (the unrealized gain). The fifth amendment only authorizes takings for "public use" such as schools, roads, and other government needs.
The unrealized gains were never actually realized, as the business project that New London counted on never happened. They were left with no public good and no more property owner base to pay the existing taxes.
This is the fallacy of unrealized gains; those gains are not certain outcomes. If the government were allowed to seize people's stock portfolios when a stock appreciates (forcing a certain realization) and force a sale when the shareholder is not ready to sell, that is an illegal taking. They might as well force a homeowner to rent a spare room so they can gain the income tax on the rental fee, if all they are interested in is creating an unrealized gain and then realizing it.
-PJ
History proves it: every time the Democrats say they're gonna tax the rich, they hit the MIDDLE CLASS.
Every.
Damn.
Time.
Bills stadium negotiations reportedly moving forward
Looks like the plan to have taxpayers pick up over $1 billion of the cost is going swimmingly.