Homeowning seniors are the low lying fruit to the pigressives.
Posted on 08/31/2024 7:20:23 PM PDT by Mr. Mojo
With a Kamalobama presidency and a Democrat Congress that the vote fraud will bring in with President Giggle the USSC will be expanded or just ignored and will not have any influence as will much of the Constitution. All economic activity will be focused on foreign sales as there will be very few Americans left with money enough to eat, much less buy clothes, food, and other frivolities.
Can you deduct unrealized losses. I have 500 stock options about to expire but the stock is lower than my option price. So on paper,I lost money.
The super-rich, who this is aimed at, will have no problem in finding a way around it. And then the rest of us will learn how it is done and implement similar strategies but on a smaller scale.
Property taxes are indeed based on unrealized gains.
They are destroying retired folks’ ability to stay in their homes (often fully paid off).
What year did your daughter buy her house?
Frankly, even taxing *realized* capital gains is unjust. If I buy an apartment building for $1,000,000, and 10 years later I sell it for $1.34 million, I’m said to have a taxable gain of $340,000. But did I really gain anything at all? Unless I put a lot of improvements in the place (which would change my basis in any case), the entire “gain” is simply inflation. I’m in no better position than I was before I owned the building.
My $1.34 million will not buy anything more than I just had.
The person in this example would not have to worry because the proposed tax would be on unrealized capital gains on investments, and only applies to those with a net worth of at least $100 million. Don’t lose sleep over it!
You then apply mark to market to establish the new base value, and continue in the years following such plan implementation.
Never happen, of course. Government doesn't like to admit they are responsible for much of the "unrealized gains."
Also, the inflationary are illusory.
Most of the”gains” are due to monetized debt expansion for faking a booming economy.
You’re right, gains are fictitious.
Will they give back the losses in cash?
And who’s going to foot the bill?
F’n communist morons just wanna bankrupt we, the people.
The other issue about excess “taxes” is that they (at least in the short term) give the fruits of work and possessions to “the government,” it acquires excess power and independence with the “deep state.” and those increased funds fuel it to do badly.
10th amendment? The perma-feds and deeps state act like it does not even exist.
If the government has too much money then it has two much power. Even if we wanted to give gov that much more power, it should go to the individual STATES, not the feds. But even our individual states use money poorly.
Putting the Federal government on a VERY LIMITED DIET is one of the keys to making it ACCOUNTABLE, not independent, and force it to limit its activities to those permitted to it by the US Constitution.
This dumb idea is currently set to phase in for people with assets worth $100 million and to be fully implemented for people worth $200 million, at a rate of 25%. However, that can always be expanded downward to include most of us.
Real estate taxes already do this, except, in this case, the county is usually the landlord.
Moore vs United States
“Today’s decision will allow Congress to continue to exercise its power to tax income to fund the government and to make sure that all taxpayers – including multinational corporations and wealthy taxpayers – pay their fair share.”
SCOTUS give congress the ability to tax. They do not determine what is right or wrong.
Bookmark
One thing never brought up in this discussion. When the income tax was passed it gave the government the right to know everything about your income. Now we have 1040s, K-1s, 1099s. Even ebay is reporting sales. If they can tax the change in value of an asset then you’ll have to report the value of every asset. Every year. What about that baseball card? Gold coin from uncle Jim? Forget something? Off to jail for you. Can’t be lying to the IRS.
The private ownership of gold and silver would be outlawed and a handy 800 number posted for Dems to call and report their Republican neighbors and relatives to the IRS/ATF
“In effect, it would turn property owners into property renters, with Uncle Sam as their landlord.”
It’s called serfdom
the danger is there is no end
all of us could easily owe zillions of dollars
have everything we own confiscated
die in pauper prison labor camps
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