Tax on Unrealized Capital Gains!

by Simon 18 Replies latest social current

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  hybridous

  They couldn't do much more damage if they set out specifically to destroy the economy, so you start to wonder - is that the real plan? What is the final outcome that they are aiming for because it isn't economic stability and a healthy economy.

  It seems that the political class has declared, more-or-less...open war on the productive middle-classes. The poor are only needed for votes every few years, and to perpetuate the endless social maladies that supposedly necessitate the strong arm of government in the first place. I wish I had other conclusions to arrive at, but this one fits the known facts at hand. I can no longer in good faith presume stupidity and incompetence. This reeks of malevolence.
  
  
• 

  DATA-DOG

  I don’t worry because if I can’t afford my home that I purchased 3 years ago, before home values increased, and before Biden took office then Blackrock will buy it.
  I’m sure they will be great Landlords.
  
  
  DD
• 

  waton

  and is this done every year?
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  joey jojo

  It would be interesting to see how this is implemented. Is it a one time tax, yearly, every 3 months?

  A one off slug to your unrealised gains based on their present values seems outrageous- its a bad enough feeling paying tax on realised gains.

  The article implies that only liquid assets will be targetted, are they after a slice of the crypto currency pie?

  Hybridous- its always the middle class that pay. The super rich get tax breaks and the super poor get handouts. Its the juicy middle class that get the bill.
• 

  Simon

  Don't forget also that people will make gains in notional dollars, even if they really made a loss in value.

  i.e. if you have a $1m home and it goes up to a $3m price label, in real (todays dollars) purchasing power it might have really become $0.5m ... which is a loss.

  So you'll be paying tax on the value of the money that the government already stolen from you because of their money printing driven inflation.
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  FedUpJW

  A tax like this would be a Boston Tea Party like event...

  Normal people would think so, however there are too damned many lazy, perpetual poor welfare leeches who will stand with their hands out to ever get a decent citizen revolt off the ground.

  They couldn't do much more damage if they set out specifically to destroy the economy, so you start to wonder - is that the real plan?

  Yes, yes that is the plan, there were just too many idiots who were always chirping about conspiracy theories and wanting mo' free stuffs to ever get anyone to take the left's stated goals seriously until now, when it is too late.
  
• 

  WokenfromJWcult

  The democratic party is starting to look and act like a cult. Wait a minute, a cult looks better.
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  Simon

  I guess to explain my previous point better, it all comes down to the difference between value and price.

  The value of your house hasn't really increased, but the price has risen. The price has only risen because they have devalued the currency that it is denominated in, so the gain is imaginary. But they want to tax you on that imaginary gain. You still own the same house, and if you sold it could only buy another equivalent house. You haven't really gained anything.

  So not only have they stolen from you by devaluing the currency you may hold, but any asset held independent of that devalued currency they now want to also tax.

  Massive theft to bankroll their incompetence and profligate spending.
• 

  Disillusioned JW

  Many of the posts in this topic thread are very informative and sensible. I admit I was not expecting such to be the case, but I am glad I read this topic thread. Prior to reading posts on this website about taxing unrealized capital gains and about monitoring $600 bank accounts (and/or monitoring transactions of over $600 in bank accounts), I had not heard or read of such being proposed. [I have broadcast TV (over-the air antenna TV); I don't have cable TV and I don't have satellite TV and I rarely watch TV and other videos over the internet. I primarily use the internet for reading and for financial transactions.] But, later I noticed that even the mainstream news websites which I consider reliable sources of news also mention that these proposals were made. Thanks folks for the comments you posted in this topic thread.
  

  I agree that these tax proposals are idiotic and that if implemented they would be dangerous.
  

  I am discovering some things about the political party I am currently a member of (the Democratic Party) and of certain politicians I voted for that I find very disturbing. In about two years I probably will leave the Democratic Party and once again be the type of voter who is not a member of any political party (what is commonly called an independent voter). I find myself increasingly not approving of any political party (though I do approve of some specific legislative actions and executive actions of both the Democratic and Republican parties, and I approve of some proposals of some third/minor parties).