Because they didn’t want people to know the TRUTH about their Voter Fraud & would then blame Trump for their own crimes! Wake Up America!
We should “tax” the government for unrealized promises!
“In other words, steal from your future.”
U.S. Treasury Secretary Yellen proposes a tax on unrealized capital gains to finance Biden’s “Build Back Better” plans.
An unjust tax is still unjust no matter if it affects you or not. I would never say that it’s okay to tax 1st generation immigrants more money just because I’m not one. If your morality only extends to those in your immediate circle, then you don’t have morals. Few people bother to think about what would happen
if the billionaires suddenly put their stock in the market to pay this ridiculous “tax”: the markets would plummet and their stock would lose most of its value.
This would cause the worst stock market crash in history, and throw us into a depression. We’re taxing what you have. Now, we’d like to tax what you don’t have. And while we’ll tax you when it increases, we won’t refund when it declines. That is the government.
Can we just talk about how the government can manipulate valuations also? Throwing a huge gov contract to a company would elevate the price of the stock thus increasing tax revenue without stockholders realizing any increase in income or money from that increase in valuation. Also, don’t think for one minute that if this passes, they won’t come for the middle class next. The real bonanza is in the trillions held by tens of millions middle class citizens in retirement accounts.
taxes on them. How do you suggest they pay their fair share? Someone making $100K per year pays 24%. Billionaires per zero or a minute % by parking money in unrealized (albeit liquid) cap gains. How do you tax it though? Do you take part of the asset? Or do you force them to sell? Who do they sell it to? If the price drops after they sell it, does the buyer get cash back? And is the original tax negated, since the unrealized gain is now gone?
Dizzying. That someone thinks this is a good idea, yes.
But also watching this video and finding myself slowly tilting my head to the left like it’s the end of the first level of the original Modern Warfare or something. I heard it will apply to entities whose assets appreciate $100m annually for 3 consecutive years. Or something like that. Such a stipulation would obviously not hurt average investors. The part I don’t understand yet, is why wouldn’t the rich just set up a business that shows massive losses to offset. Like here billionaires. Let’s put a billion each in this fund, tomorrow we’ll sell 1/100000000000000000000000 of a share for $1 then another for $0.01.
It’s like asking Lebron to pay taxes on his potential earnings over the duration of his contract before he realizes it. Then again after it’s realized, then again when he dies or passes to his children. It’s like asking Lebron to pay taxes on his potential earnings over the duration of his contract before he realizes it. Then again after it’s realized, then again when he dies or passes to his children. Do we get to deduct unrealized losses? Of course not.
As the cost of government escalates, the people become enslaved by its increasingly gluttonous demands and prosperity fades to become a distant memory. So, they are taxing something that does not exist, and trying to pass a bill that has no cost, to fund a program that will achieve nothing concrete. At least they are consistent! While I don’t agree with taxes on unrealized capital gains, immoral isn’t the right term here. They are also not accounting for the fact that the majority of gains in the stock market over the past 2 decades are based primarily on inflation. So you are to pay a tax on money not actually earned while paying a similar hidden tax due to inflation from poor monetary policy. So if they tax you on potential gains then they have to credit you if they turn out to be a loss. So basically they buy a stock (-$1), create a run on it(+$20) , pay tax on it (-$3),bottom it out ($0) and claim it as a loss and collect from the Govt. (+$16) Exactly. If everyone was forced to actually monetize all gains annually, the gains would be much smaller because most markets can’t be that liquid. Yeah, mark-to-market accounting has been such a sweet, easy deal for businesses, why not make households live on it, too?
You will own nothing and be happy about it, WEF goal is to enslave us all .
And the Government of Canada has been signaling that it will tax primary residences (presumably at whatever value the government declares) because it’s not fair that people who work hard to afford such ‘luxury’ should have homes. Wonderful, let’s apply 5th grade economics to the whole of the US. Income tax started out as a temporary tax on the 1%…. Thank you Sec. Yellen for giving everyone a clear reason to only transact in crypto’s. btw I will be taking a write off for thousands of unrealized losses so how about that?
And then the security drops in value! Double loss!
This would really destroy individual investment in this country, but it certainly fits in with socialism, More recently it’s actually increased “value” based on the depreciated value of the dollar. It’s still the same house you own. This is how they want to combat inflation, and take real assets from private citizens. This has nothing to do with billionaires or even millionaires… but about wiping out the middle class!
I don’t know that I’m fully on board with the plan to tax unrealized gains, but it’s a little silly to say that Jeff Bezos’s wealth is an “imaginary number”. I remember Jordan Peterson saying something about sacrificing the future for the present. Seems an apt example: When the government says redistribution of wealth. They mean to take for themselves not help any lower class Peasants . Working class and poor are beneath them . This is not the behavior of a nation that is long for this world! Steal from the future…hmmm…so on par with the ‘free’ reconciliation and infrastructure plans?
Well, at least they’re consistent.
Taxing unrealized gains on 100 billionaires is incredibly dumb. It does nothing to solve our debt problem, it is a bad precedent because it allows for the tax to eventually be assessed on the less wealth, and logic should dictate a capital loss could be taken on unrealized losses. Honest question: If my investments decrease in value the following year, then the government owes that back to me? If the stock market crashes just before year-end, the government owes all the stockholders tax refunds on this? Think they could actually pay it?
It starts with the “billionaires” and eventually trickles down to the hard working middle class folks who are already overtaxed.
Step 1: pump asset prices by debasing currency
Step 2: tax the price pump you caused
Step 3: repeat Step 4: infinite money?
How to afford to pay for unrealized gains. because if you liquidate to pay the tax then u pay on the liquidation. so did you even make any money after the investment,
The goal is to wrest publicly traded companies from their controlling stakeholders. Mark, Jeff, and Elon don’t have the cash to pay for gains on FB, Amazon, Tesla–forced to put shares on market (disaster for market) or give to the government. Ok fine, how about this? If it can’t be taxed, then you shouldn’t be able to borrow against it. Are you ok with that?
Agree 100%. But don’t overlook the fact that printing cash is also stealing from our futures…as well as that of future generations. The disease is over-spending on things we can’t afford.
All we are discussing is the side effects of poor treatments, People don’t understand because the school system doesn’t teach principles of investing or anything close.
They want us to spend, spend, spend, borrow and spend some more. Creating and keeping wealth is anti-Government evil. Or something Delirium. You can never fairly or accurately tax perceived future value of anything at some totally
random moment in time.
Build back better comes from the world economic forum which tries to push socialism into capitalism. This is not just funding them. This is how they want to do it. “you will own nothing and you will be happy” they said in presentation material. People couldn’t possibly understand how immoral it is, but mainly because morality has nothing to do with it, not because it is actually immoral.
They know that, too. They’re relying on the fact that their voters don’t know and don’t own any assets. Cut government spending! Start with ineffective programs, elected members and their staffs— not police and firefighters. #TaxationIsTheft
“You will own nothing, and you will be happy”? | The Great Reset.
What happens if I have realized losses? I get those back right?
Damn straight. Given where the economy is headed, approving this would immediately mean that anyone with any kind of investments is getting a check. Assume an asset will be liquidated at some point. total tax would be near the same, but you may not have it in years 1-N. you will need to actually liquidate some assets in intervening years to cover (in some years a write off). As with all these ideas it dorks with the market. This is unconstitutional.
Per 16th amendment “Congress shall have power to lay and collect taxes on incomes”
Unrealized gains by definition are NOT income.
And who is going to decide when it gets taxed.. when my stock has gained or lost? A further issue is that doing this would increase selling/dumping on the market to cover tax liabilities. That in turn could reverse the gains. Consistent sell pressure is not good for markets. Some of these assets are highly illiquid. (art?) It also sets precedent for going after the value of Boomers’ IRAs, 401(k)s, 403(b)s, 457(b)s, GIAs, TSPs & pensions before they’re realized.
DEFINITIVE NARRATIVE What they’re after Is ownership of Language that desecrate the ORIGINS of Quantitative Value which is the VIRTUE & TIME sequence of Qualitative Sustenance ONLY to OWN its PURPOSED ENGINE of EXISTENCE.
A GENETIC PHYSICS LINGUISTIC DYNAMIC Interdisciplinary.
With this thinking She is not qualified for any job.
My portfolio goes up $50,000 on paper this year and I pay taxes on $50,000. If the portfolio goes down $50,000 the following year am I going to get a refund? This is another tactic to dissolve people of their wealth so they will “own nothing and be happy” Sort of like paying property taxes on your house then. Seems unrealized capital gains and losses would create an accounting nightmare of refunds, taxes and tax write-offs before anything is even sold.
What a potential mess.
Private retirement accounts are based on unrealized gains.
So what prevents this from taxing 401/403/IRA’s as well?
That’s because anyone who has achieved success is a bad person and
doesn’t deserve what they have earned. That’s where we are … March on Washington in majority numbers and close the IRS for good and give them 5% to pay for everything this will stop the problem for good. No worries. I’m sure we can take “unrealized losses “as well.
They won’t be happy until everyone is poor.Isn’t that how it’s done with real estate taxes? Based on appraisal value. If you’re paying for unrealized gains each year, how do you offset losses? The only reason it pays to hold onto something for years is that you don’t pay taxes until gains are realized.
How to Use Tax-Loss Harvesting to Improve Your Returns (investopedia.com)
They want total control! They don’t need our tax dollars when they can print whatever amount they want..it’s nothing more than control! And newborn babies should start paying income tax because eventually they will get jobs…I bet that they will soon say that there should be no private property. We had that already in CEE years ago. If the asset goes down in value does the government refund the tax they took? And if the market crashes, who’s left holding the empty bag? So the government will also promise to pay you when your investments go south? Right? Hello? Hello?
Immoral? Of course. Unprecedented? No. This happens currently.
This is not much different than property tax. Also a theft on an unrealized gain. Yellen also says inflation is under control even though they change their assessment of it almost constantly. I’m sure she’ll do a super terrific job with this spending bill though. Why don’t simplify the tax code like saying: if you make $100 you get taxed 10%, no loopholes no nothing….Guys here saying that it’s targeting billionaires should think again. Remember that the espionage act was meant to target foreign spies but is now being used on innocent citizens.
One step closer to taking the money of every citizen just because they want it.
Next they will tax infants and children over their potential earned income. Does it have some potential pitfalls? Yes. Immoral? Uhh .. no. After all, the value of these assets is real enough to take out loans against them… If they do this, do you get previously paid taxes back in case of a loss? I thought dinosaurs were extinct. Why so many inept retreads in this admin? Their ideas never worked and never will work. Immoral sure bro immoral ha right taxes are immoral but let’s let people starve in the streets as long as we don’t raise taxes moral sure you know what that means
Taxing money that doesn’t exist to pay for
the Build Back Better plan that will cost Zero dollars..
Yea, that makes sense. It will also force people to sell investments in order
to pay taxes. What will that do to markets? How did they even make it out of grade school….
What happens if that investment goes down? Are additional returns made?
Is the treasury proposing that unrealized losses offset tax liabilities as well?
I’m fine with this as long as a person can claim 100% of realized losses against earned income. Seems like a fair tradeoff to me. Even now the taxation of stocks is slanted. If you sell and make a profit you’re required to pay all taxes on that profit that year. If you take a loss there is a limit that you may claim in each year and the remainder of the loss is carried over subsequent years. Are they going to plan for a tax credit if there are unrealized losses? If that happens, people start selling, everything going down, your wealth is vaporized. Middle class became poor again. But isn’t that the same as a property tax? It’s a wealth and success penalty. Who is John Gault?
“Oh, you own some hens? Then let me go ahead and tax the eggs they might lay.” That’s how you get to a zero cost. Tax something that isn’t real. Very interested to hear your thoughts on this one. Since you agree with them on mostly everything. Ugh we get it, it’s damn near impossible to implement. But it’s unnecessary melodramatic whining like this that makes me always back the contrarian position. Inflation does that and no one complains, unfortunately this will go the same way. People just obey…wasn’t there a document signed over a taxation disagreement?
Oh yeah…The Declaration of Independence…
Unfortunately we already do this with property taxes that are paid annually.
It’s not a wealth tax; it’s a tax on wealth. Sheesh.
If the government gets paid on unrealized earnings
then can i get paid early on my unrealized earnings of my job?
Can’t believe that this kind of people are in charge of the treasury!
Very well put. A terrible idea. Big bloated government, spending more and more and needing to be fed by hard working taxpayers. Happy not to live in the US & A. Billionaires will never pay tax; they have an army of smart people working out how to avoid it! They want to tax your POTENTIAL income. Now, are they going to credit you if your investments tank and you have unrealized losses?
First billionaires, then everyone’s 401K’s.
I thought Biden’s Build Better plan was already paid for?!! Simple solution, don’t spend so much of our money! Probably too late for that logic. To pay for something that they said is free. Isn’t costing us anything. They going to tax pensions before you collect them too?
The overreach continues… Not sure she really thought that one through.
The working poor will pay for the greed of the government.
This is an elegant way to destroy American capitalism and perhaps the country itself. They have lost their minds. This will literally place a tax higher than value. Either the Country is so bankrupt that they are going to destroy wealth entirely or they are completely in the hands of the Communists. I am putting forward a vote of no confidence. @Forbes @USTreasury
The taxpayers this would impact already have an unlimited future.
I don’t care, you can’t make me, tax the fuck out of them because it’s just as impossible to tax them into the poorhouse as it would be for them to spend themselves into it. Exactly, there should be a tax on stock market speculation so that rich hoarders can’t steal the rest of our futures. There are a lot of taxes on greed (income, estate, property or wealth tax here in Spain which btw is a complete disaster). Yellen went from a Teaching job to Govt job, absolute Zero real world (trading or running a business) experience.
Such people cannot calculate the chain reaction that their nutty ideas set off.
Like the land bought by my grandpa in the 1930s for $35 an acre is now worth $10K per acre…we lose family farms overnight. I worked and saved for 30 years and invested my savings. I held on assets longer than I wanted to so as to defer taxes until retirement and now they want to change the rules?
We need at least 50 years notice!
I understand the principle is not well-sound. Unrealized gains should not be tax. But after taxes the super rich and corporations pay essentially zero taxes. They have to be taxed. GOPers need to propose a policy not on lowering taxes or cutting entitles. Show me one.
Do the uber wealthy pay zero taxes, though? In general, people’s tax filings are private.
We see selectively leaked tidbits of information, which are intended to tilt the political conversation. I’m sympathetic to your point, but I haven’t seen enough information to be persuaded.
So really making up numbers that aren’t actually set yet then tax the pretend numbers that are only there in theory! Like my home equity is really only set if and when I sell my house, until this is just a magic number that’s guessed and assumed.
Agree. That’s how real property tax works. Extreme communist position… her thirst for power eclipses all her economic education… That’s how you spend 3.5T and it’s actually a 0 cost. Yesterday’s history, tomorrow’s a mystery, today is God’s gift, that’s why it’s called the present. #StrongerTogether #Brainwashed
#WakeUpAmerica #SaveAmerica #BidensAmerica #Hog4life #America
God’s word never comes back void!
Amen!
“So shall my word be that goeth forth out of my mouth: it shall not return unto me void, but it shall accomplish that which I please, and it shall prosper in the thing whereto I sent it.” Isaiah 55:11 KJV Tom MacDonald – “Brainwashed”