re: Yellen: Treasury will consider taxing unrealized capital gains

Cryptos would become the last vestige of investment I think.

How the hell would this policy even work with a privately held business? The valuation on those things swing wildly depending on who you are talking to.

This is why you vote against democrats. Holy shite thats terrible.

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she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism

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Umm... that's going to require Congressional approval. That's not something that Treasury can just decide to do on their own.

HAVING SAID THAT...

Treasury for many years has wanted to reduce the differences between corporate tax earnings and corporate GAAP (financial statement) earnings. The tax vs GAAP rules allow companies to, probably, overstate financial earnings, and understate tax earnings.

Mark to Market would be horrific for individuals. For large C Corps... telling them that they have to unify their financial and their tax earnings... would be interesting. IRS has been collecting this data for a while now with the Schedule M-3.

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Then move

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if we move down a road of enforcing absolutely suicidal fiscal policy, I assuredly will.

The Fed is being weaponized

In 2020, members of the board of governors or presidents of reserve banks gave 201 speeches. Of those, 22 addressed social justice, and inequality, climate change, etc.

They will bypass the constitution, have a weaponized Fed and go after everything owned by the middle and upper class...only the ultra wealthy and the poor will benefit.

Unfortunately , a large part of this nation is poor due to very questionable life choices.

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The left is about to use climate change, social justice and equality as weapons in the Fed.

The Fed has NO business in this arena....it suppresses the free flow of interest, cash and investments.

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Preach. This is classic big government oozing like slime into every possible crack and crevice it can get into. I suspect we are about to see a massive expansion of federal government power. The causes you named, as well as Covid, will be the seemingly well-intentioned excuses.

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We literally had this discussion 2 weeks ago re: taxing capital gains as income. It only applies if you have gains > $1 million (article says millionaires and billionaires).

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What happens when that isn’t enough?

Do you think millionaires and billionaires being forced to liquidate assets would be healthy for the economy?

What happens if a family run business does really well and appreciates “mark to market” $1,000,000 in value that year? Do they just have to sell it to pay the new tax?

I can’t believe there are people on this board dumb enough to try to defend this just because they think it doesn’t apply to them.

I expect them to tax at the regular rate or increase the cap gain rate. This is not the first time this has been floated. There is also no expectation that you will be able to write off unrealized losses.