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Tax on unrealized capital gains...a primer
Posted on 8/25/24 at 6:16 pm
Posted on 8/25/24 at 6:16 pm
Ignore the "promise" it's only for people making more than $100 million. Income tax was originally only on the top 1% of Americans.
Imagine your house. You bought it for $250k and it's now worth $500k. So, you have an unrealized gain of $250k. Let's say the tax is 20%, so you suddenly have to stroke a check for $50k.
Not many people can do that, but let's just suppose you can.
What about next year?
Huh?
Yeah, what about next year when your unrealized gain is STILL $250k?
Another $50k?
In three more years, the government will have completely consumed the entire built in equity of your house and they'll be there in year 6.
frick these people.
Imagine your house. You bought it for $250k and it's now worth $500k. So, you have an unrealized gain of $250k. Let's say the tax is 20%, so you suddenly have to stroke a check for $50k.
Not many people can do that, but let's just suppose you can.
What about next year?
Huh?
Yeah, what about next year when your unrealized gain is STILL $250k?
Another $50k?
In three more years, the government will have completely consumed the entire built in equity of your house and they'll be there in year 6.
frick these people.
This post was edited on 8/25/24 at 6:22 pm
40
Posted on 8/25/24 at 6:18 pm to udtiger
The fact they even have this as an idea is mind blowing
Posted on 8/25/24 at 6:18 pm to udtiger
They implement that bullshite and it’s back to cash in the mattress for most folks
Posted on 8/25/24 at 6:18 pm to udtiger
Incremental creep of government overreach. It’s what caused the revolution in the first place.
Posted on 8/25/24 at 6:26 pm to udtiger
The goal, the real goal, of a tax on unrealized gains is to make them sell off assets.
It is one of the Marxists best tools to end private ownership. And beware the definition of "gains" can be twisted and distorted a 100 ways. Having a kid gets you a bigger tax break...that can be considered a gain. Get a contractor's discount? That's a gain.
It is one of the Marxists best tools to end private ownership. And beware the definition of "gains" can be twisted and distorted a 100 ways. Having a kid gets you a bigger tax break...that can be considered a gain. Get a contractor's discount? That's a gain.
Posted on 8/25/24 at 6:28 pm to NineLineBind
Unrealized Capitol Gains is akin to throwing a handful of shite onto a wall then counting Mississippi's to see how far it slides.
Posted on 8/25/24 at 6:30 pm to udtiger
They have to do this for all of the illegals who are going to be entitled to Medicare and Social Security even though they haven't paid into it.
Posted on 8/25/24 at 6:34 pm to udtiger
this would warrant a tea party
Posted on 8/25/24 at 6:35 pm to Mushroom1968
quote:
The fact they even have this as an idea is mind blowing
yup
i honestly believe that in 10-15 years this may very well become a reality. once this idea gets more traction in the media and colleges, it'll be something that far left politicians may implement in california/mass/illinois, and then it may become a national talking point
Posted on 8/25/24 at 6:37 pm to udtiger
quote:
Tax on unrealized capital gains...a primer
A tax on unrealized cap gains is a direct tax. In order for the federal government to levy a direct tax, it either has to be apportioned among the States (ie: proportionally, by population) or there needs to be a Constitutional Amendment allowing it. The 16th does not allow for any exception to this other than derived income, in other words: "realized gains".
Posted on 8/25/24 at 6:39 pm to udtiger
It would completely destroy the economy and make the depression look tame. No one would buy anything of value. Sellers would not find buyers. Market would crash.
Posted on 8/25/24 at 6:40 pm to udtiger
Ain't no way that passes.
Posted on 8/25/24 at 6:46 pm to udtiger
The fact that she even said it makes her not a serious person, just stupid or evil.
Posted on 8/25/24 at 6:48 pm to Bard
quote:
A tax on unrealized cap gains is a direct tax. In order for the federal government to levy a direct tax, it either has to be apportioned among the States (ie: proportionally, by population) or there needs to be a Constitutional Amendment allowing it. The 16th does not allow for any exception to this other than derived income, in other words: "realized gains".
Would this apply to a wealth tax, too?
Posted on 8/25/24 at 6:49 pm to udtiger
They can come get my payment with a Kevlar vest on.
Posted on 8/25/24 at 6:58 pm to OU Guy
quote:
It would completely destroy the economy and make the depression look tame. No one would buy anything of value. Sellers would not find buyers. Market would crash.
Yes and I’m fairly certain that’s the goal
Posted on 8/25/24 at 7:04 pm to Chair45
quote:
i honestly believe that in 10-15 years this may very well become a reality. once this idea gets more traction in the media and colleges, it'll be something that far left politicians may implement in california/mass/illinois, and then it may become a national talking point
As soon as they force enough people out of ownership it will be easy to get them to vote for forcing everyone else out as well. Turning the have-nots against the haves is the democrat's specialty.
Posted on 8/25/24 at 7:13 pm to udtiger
Technically, this is how property taxes work.
Posted on 8/25/24 at 7:13 pm to udtiger
quote:
Tax on unrealized capital gains...a primer
It's not going to happen.
the end
Posted on 8/25/24 at 7:14 pm to udtiger
Time for another Boston Tea Party
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