Posted on 08/23/2024 9:05:59 AM PDT by SeekAndFind
That fetid gust of hot air you may have detected wafting from Republican and conservative social media postings over the last day or two was a fabricated claim that Kamala Harris is plotting to tax everyone’s unrealized capital gains if she becomes president.
That would be a departure from current law, which taxes capital gains only when the underlying assets are sold, or “realized.”
That it’s a mythical allegation hasn’t stopped right-wingers and GOP functionaries from hand-wringing over the economic implications of any such change, and over the purportedly horrible impact on average Americans.
Here, for instance, is the far-right blowhard Mike Cernovich, in tweeting Tuesday on X : “If you own a house, subtract what you paid for it from the Zillow estimate. Be prepared to pay 25% of that in a check to the IRS. That’s your unrealized capital gains taxed owed under the Kamala Harris proposal.”
And Chicago venture investor Robert Nelson : “Taxing unrealized gains is truly the most insane, economy destroying, innovation killing, market crashing, retirement fund decimating, unconstitutional idea, which was probably planted by Russia or China to destroy the economy. Dems need to run away from this wildly stupid idea.”
All right, guys, take a deep breath. Harris hasn’t proposed taxing your unrealized capital gains, or mine. What she has said, as the Harris campaign told me, is that she “supports the revenue raisers in the FY25 Biden-Harris [administration] budget. Nothing beyond that.”
So what’s in that Biden-Harris administration budget for fiscal year 2025?
The budget plan does indeed call for taxation of unrealized capital gains held by the country’s uber-rich. That’s part of its proposal for a 25% minimum tax on the annual income of taxpayers with wealth of more than $100 million — a wealth tax.
(Excerpt) Read more at latimes.com ...
If you’re a member of that cohort, lucky you. But at that level of affluence you don’t have grounds to complain about paying a minimum 25% of your annual income.
The author argues that Anyway, there aren’t very many of you “centi-millionaires,” as the category is known—10,660 in the U.S., according to a 2023 estimate. That includes a handful of centi-billionaires such as Elon Musk ($249 billion, according to Forbes), Jeff Bezos ($198.5 billion) and Mark Zuckerberg ($185.3 billion). It’s doubtful that anyone in this category is poring over Zillow estimates to calculate the sale value of his or her house (or houses).
The income tax started as a tax on “rich people”.
Boiling the frog is what the Satanists er Democrats do.
“She’s not doing it AND you should want her to!”
Nope, NOPE and more nope.....it is NOT a good idea at all.
America has had enough of RAT taxes....more than enough.
So this is a tax that will destroy thousands of jobs.
“We just want to get married like everyone else.”
“We just want abortion legal in the most rare and extreme conditions.”
They NEVER stop. The revolution must always be revolting.
Its so reassuring knowing that unicorn farts, rainbows, an unqualified bimbo phony marxist, and MASSIVE TAX hikes are going to fix all of the USA’s problems (which, incidentally, were caused by the do-nothing lying bimbo and her boss). The definition of insanity is doing the same garbage over and over and thinking there will be a different result everytime.
I still think Trump wins handily. He's doing better than 2016 and much better than 2020. I am calling the election over by 11 pm election night as Pennsylvania looks hopeless for Halfrican/Curry bimbo
Nope, they originally just wanted to visit their partners in the hospital. Marriage was like three steps down the road.
Tariffs are the best way to raise revenue. Bar none.
What happens when the big sell offs drive down stock prices in your savings?
What happens when the best and brightest decide a ten million dollar company is big enough?
What happens when those who do make more decide to move to a country friendlier to production, growth and freedom?
Why doesn't she look to countries that have tried this and damaged their economies?
First the delusory NYT and now the insane LAT. A Friday comedy twoferone!
I think the L.A. Times is charging way too much for their newspaper. They need to cut the cost of the paper in half.
A bald-faced lie.
Lol…at the end of his article is this:
“The budget plan does indeed call for taxation of unrealized capital gains held by the country’s uber-rich”
So in principle it’s OK to tax unsold possessions as “ wealth”…as long as the State only comes after the “uber rich”
Ask anyone who survived or fled a communist regime, when did it stop with “the rich”
If you like your tax rate, you can keep it. (Just add about 20%)
The Dims will quickly change that $100 mil threshold to $250k. Since when do Dims leave well enough alone? NEVER.
The Federal Government already spends 22% of the entire GDP. Isn’t that enough?
ANYONE WHO BELIEVES ANYTHING THE L A SLIMES SAYS NEED A MENTAL EXAM.
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