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?
What if you have unrealized “Losses”?
the courts would knock it down for the theft it would be?
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No, the property taxes you pay now is taxing unrealized gains. The comps they use to tax you are from recent sales. You are taxed on those values even tho you never sold.
Sadly, in the America we have now, we cannot depend on the law or legality to save us.
What we have seen is that the Left has done two things: They have largely captured the courts, and when the courts they have not captured rule against them, they dismissively ignore them...with no penalty.
We are in great danger. Those of us who still pay taxes are at risk of becoming actual slaves to those who vote to take our money from us.
Another likely outcome is that the value of many assets will plunge to $0 because nobody would want them. I would put my small company on the market just to demonstrate that I got no offers on it … so I can credibly report that it has had no gain in value.
As a direct tax it would have to be apportioned.
I believe that we already tax unrealized foreign exchange> Corporations cannot hold their income overseas but are taxed on it.
The Supreme Court ruled that Congress has the power to tax unrealized foreign gain, so it is just a short step from taxing unrealized foreign income to taxing unrealized domestic income. I will find the case tomorrow.
One question - say the unrealized gain in $1, and you pay the tax on it. Do they tax it again the following year when it hits $10? Or allow a credit if a worldwide depression follows the passage of this law, and all we have are unrealized capital losses?
That already happens with real estate. Property gets reappraised by the county, which demands increased property taxes based on what you could realize if you sold the property, even though you are not selling it and not realizing any gains. Here in California, Prop 13 was passed decades ago to limit reappraised taxes to 2% more a year. Lawmakers continually try to get around that, and they did a few years ago.
My daughter got dinged with a more than 5% property tax this year. Because with the new law, they say her reappraised value was less than 2% a couple years ago due to a temporary decline in home values, but as home values went up again they tacked on the “missing increases” to the 2% limit and it totaled 5% now.
Politicians are evil and try to steal your money any which way they can. Unrealized gains you haven’t gotten, but taxed on it and you pay or lose your home.
Akin to the government wanting to collect taxes for the lottery tickets that haven’t won anything yet. With Harris, it might get down to that level.
Yep.
You’re being taxed on fantasy money, income someone speculates you could have made but didn’t. And guess who gets to decide what that is?
Also, when you sell something and take an actual loss, you can only deduct a certain amount each year, not the whole amount. It takes YEARS to get the money back from your over paid taxes.
It’s theft, plain and simple.
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.
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.
You mean like property taxes?