That’s basically paying taxes on money you _could_ have but don’t have. Yes?
Every year???
Surely the courts would knock it down for the theft it would be?
Exactly. Your home, gold, silver, antique car restorations, anything that gains in value after you buy it. I wonder if these idiots in congress considered how it would affect them and their windfall profits in the stock market? Assuming of course, that they actually pay taxes in the first place.
No wonder the dipstick Leftists want to do this. The key description that makes them salivate at the thought:
"In effect, it would turn property owners into property renters, with Uncle Sam as their landlord."
It is an astonishingly warped and evil concept, as are nearly all Marxist ones from which this is derived.
What is that saying? "You want a civil war? This is how you get a civil war."
OTOH, I believe we have surpassed the fabled tipping point, where the people voting for people to take money from someone and give it to them has surpassed those who earn the money.
This is all by design. We are in great danger.
Capital “Gains” need to be indexed to an individual’s actual, personal inflation rate calculated over that individual’s annual experienced inflation.
No more inflation tax.
We already pay real estate taxes on inflated home valuations. We were just assessed at a huge increase in value; I expect our tax bill next year will be at least 30% more than this year. And we have made no improvements to the home in years. If we were to have to pay income taxes on the “gain” due to the increased assessment, it would be a huge setback in our (generally stable and well planned) financial security.
So what will be the little loophole that exempts politicians?
The worst impacted would be breakthrough drug company shareholders.
They could easily be muscled out of the fruits of their hard work.
Commissioner [of the IRS)],
We’re prepared to pay $1 billion for Great Discovery Ltd. Send the shareholders a bill for $250 million.
Big Pill Inc.
Nice farm you got there.
Joe’s China benefactors would like to buy it.
Go for it. If it is not a tax on income. A direct tax must be apportioned. ergo a head tax.
Wish they put as much effort in figuring out how to eliminate waste and reduce spending as they do in dreaming up new taxes. 😑
This is literally the worst idea I’ve ever heard in my life. Trump should hammer the unrealized tax proposal at every opportunity, it’s something that people will intrinsically know is ridiculous.
If you bought a house for $300,000, and the value rose to $500,000 a couple years later, you could be stuck paying tax on the $200,000 of gain even as you’re struggling to make mortgage payments. At a 25% tax rate, it would cost you $50,000 in federal taxes.
And it would be year after year after year.
Rand Paul knows how to scrape up some extra cash... by slashing fraud, waste, and abuse along with outlandish budgetry line items...
Schumer is the toilet clog on most budgets submitted.
I have yet to see anyone discuss adjustments for inflation. Example, you purchased a house (or stock) for $100,000 in 2000. Today it is valued at $182,000. The government said you made $82,000 gain! But did you? The $82,000 is the effect of inflation on your original investment. So you have Zero economic return, you have just broken even due to inflation. How will the government handle this? Especially since the government has their foot on inflation to address their massive borrowing!
Missing the point.
The idea is designed to confiscate all wealth and means of production.
On purpose.
This is the result the Dhimmicraps want.
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.