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Wow this has to be one of the worst administration's in history and it's already been only 2 days. Literary everything they are doing is fucking over Americans.
Equity markets plummet.
Bond markets get hit as well. With public equity funding collapsed, a massive shift to debt funding and with capitalizations down, rates double. My field (private finance) sees a boom again like 2008.
"Uh, our bank said we gotta shave 20 mil off our primary cuz ratios are all out of whack now. What will you do a 48 month mezz piece at?"
Ten points plus one plus one.
"What! The building is 100 percent leased and we are an A rated medical provider!"
Sucks to be you. Issue more stock.
"In 90 days? A secondary at half what we were trading at six months ago?"
Also, lemme guess? No investment bank is gonna underwrite a 20 mil five year note. Not worth their time. So like I said, its ten plus one plus one. I don't have a gun pointed at my head. You do.
Dems NEVER think in terms of econ growth. Just in terms of the max they can steal now.
I'm starting a list of the dumb, anti-American things this administration does. I want to keep it simple, so I'm only picking the worst events of the day, even though there are likely to be many. Today is a toss-up between this post and sending troops back to Iraq. I think I'll save the Iraq one for when they solidify it more since all it takes is scaring investors to cause damage to the stock market.
Day 1: Killed 10,000 jobs with Keystone XL pipeline cancelation
Day 2: Treasury secretary proposes killing investment (and by proxy the economy) by taxing unrealized capital gains
Doesn’t fall under income tax amendment bcs not income.
Doesn’t arise from a taxable transaction. By definition no transaction has happened.
What it does do is take property without due process of law and without compensation in violation of the 5th and 14th Amendments of the US Constitution (if there are any judges left who will read it).
Also it’s really stupid: anyone willing to take a risk and invest in the capital markets any sound economy relies on? Oh good we’ll penalize you if you do and add to your risk with a negative return to start you off with.
It's not a great idea?! No, it's a fucking batshit bonkers out in the stratosphere idea! But, the only reason I'm laughing is because all those Wall St. shitsuit CEOs couldn't wait to crowd around Zhou Bi-deng and kiss his wrinkly ass, so...fuck 'em.
Otherwise, I'd be in tears right now, because all my 401k investments are going to take a swan dive off the Empire State Building during this dipshit's regime.
It's almost as if this administration is controlled by a foreign nation whose goal is the complete destruction of our economy so both the government and the people are dependent on their cheap and shitty products.
It’s actually kind of fun. Approach it as a game. Sure it could be life and death but that gives the seller all the power so just act like you’re not starving.
J/K
My suggestion: go to a weekend market. Practice haggling. It’s a good skill to have when the future looks as depressing as a Democrat rally.
Also, I went to one in Kentucky and no joke, there was a crew selling Kel Tec shotguns, brand new in the box. Sadly, they were pushing too hard and selling them out the back of an old Caravan. If I’m gonna buy five finger discount weapons, it’s gotta be more than 15% off web price.
If this would also apply to Bitcoin crypto would drop to nothing. Imagine paying tax every time the value goes up on the roller coaster that is Bitcoin. Shit the value could skyrocket and tank in a 24 hour period, you never sell, and owe a fuck load of taxes on profit you never even got.
We would need to know an assessment time basis for this to know what it means. If it's assessed at the end of each year, that would be bad. If it's assessed on every single uptick, every investor would be at least broke and probably in debt in a month.
Can you imagine the crazy volatility that would be induced at/around “assessment” time each year? Insane. You’d be liquidating a portion of your assets to pay the taxes on the unrealized gains on the rest.
Of course unsaid here is that under a tax regime like this there WOULD BE NO unrealized gains, or gains of any kind for that matter. So they’d kill capital investment without benefit. Unless that Is the benefit?
If they get away with that, they'll be trying to tax the value of senior citizens' HOMES, as if they had just sold them - with the proceeds taxed at the same rate as regular income, so if your house is "worth" $300K you'll owe our Ruling Class around $80,000. Great way to effectively abolish private property, as our globalist rulers are intent on doing. Of course, many Democrat strongholds charge confiscatory property taxes ALREADY, so they're almost there now!
Yellen also mentioned having zero problem with government becoming an active 'shareholder' in companies and enterprises in the USA, and would encourage the practice.
This is called central planning. It's a required step to complete takeover of the economy by the state (call it part of the great reset or just the vanilla off-the-shelf plan on the march towards communism, all the same really)
Taxing unrealized capital gains using a mark to market formula is just a way to extort the ownership of private interests over time into the hands of the government.
Starting a new business? When you get that seed round of capital from investors of $2M and your valuation jumps from $0 to $8M overnight, welcome to your new unrealized capital gains tax of $1,650,000 in year 1 of operation. We know you're a startup and strapped for cash, so uncle sam will gladly take a 20% equity stake in your startup in lieu of cash. We'll be sure to send one of Pelosi's staff members to your next board meeting to help run the company and make decisions, too.
Have a rental property portfolio? Hey well we not only put in a moratorium on evictions due to COVID-19, so you can't get rid of the deadbeat tenants sitting there and renting out your apartments as Airbnb units and paying zero rent to you, but our assessors estimate your property value went up 28% last year because, you know, you own some prime buildings in the best locations and everyone wants to stay there so you owe us $2,100,000 in unrealized capital gains taxes this year. No cash? No worries, we'll take on an ownership stake of 9% of your portfolio (minus any liabilities for property taxes or liability, those are YOUR problem, bud), and now since you are technically part federally funded, you must adhere to these federal housing regulations we just put into place where you have to dedicate 20% of your units to refugee housing.
Oh look, how cute.. a couple that worked their asses off the past 25 years, paid off their mortgage, and are living free and clear in their home with just enough savings to maintain their independence and live out the rest of their lives in peace, maybe even one day handing down the property to their children. How quaint and racist/colonialist/sexist/etc. Well, our assessor used a nice little black box formula to estimate your property went up in value 22% last year so pay us $29,000 this year to keep your house. We don't care that market conditions don't reflect the actual value of the home according to our estimates, you're free to prove to us the house isn't worth as much as we think it is by selling it before December 31st just as all your other neighbors are selling right now because of the plummeting prices thanks to our blanket district-wide appraisal. That's just a temporary market glut and has no bearing on the actual value of your house according to our mark to market ratio.
Because the few investors who run this country will be "exempt" from the law - and everyone else will get fucked.
we all know that's how it's gonna play out; but cool, I love that Biden is handing every single wealth class, every single job sector, and every single person a reason to HATE this administration... and we're not even on day 3.
We all have unrealized gains. There's a reason we don't pay taxes on them, because it's a risk. We already get fucked in tax codes with such a tiny amount we can claim for losses. $3,000?
So the system is already rigged against us. Oh you made money? Pay for every dime earned. Oh you lost money? Sucks, we'll deduct $3,000 from your taxable income.
They may build the taxation into every stock market transaction, and there are millions and millions a second. The markets will empty of capital into the China's treasury
Inflation is a tax on savings. Capital gains is a tax on inflation. Unrealized Capital gains is a tax on inflation that is about to come. And like all taxes, the rich ain't going to pay... money is just going to move off shore.
I wanted to clarify by what I mean when I say capital gains tax is a tax on inflation... capital gains tax is a tax on appreciation compared to when you bought something and when you sold something. Since most appreciation is inflation, it acts as a tax on inflation. Some appreciation is not inflation, but rather market forces relating to supply and demand (the things has less supply or more demand), but for the most part it is a tax on inflation.
I disagree that most gains are due to inflation, but your point stands that the government does tax that portion of your gains that are due to inflation. Also, they're the ones that caused the inflating through the Fed.
We need to go back to the gold standard, giving control of your currency to 2 appointees, 5 governors, 7 unelected leaders, president of New York fed, and 4 leaders from rotating local feds from various cities.
The Fed is designed in such a way that it is completely unaccountable to anyone and rife with corruption. It is completely obfuscated on who controls what and whom.
Who would trade when they could tax you on a stock upswing, then the stock tanks and you're left holding the bag. Nobody will risk this. Stock market ended!
Also, home mortgages and loans are bundled and traded. Banks would start calling in house loans, car loans, you name it to try to stay solvent with all that tax on trades
Now that they're in charge they're going to steal as much money as possible. You thought Bernie stealing from his supporters to build a new mansion was bad? They're about to steal from the entire country. They'll make millions before getting kicked out.
Remember:
Communists are just Bandits given power.
I wouldn't even be surprised if Biden starts taking things from the White House.
Considering Wall Street owns the Dems, this doesn't seem like a plan that will ever be implemented. Yet it sounds good to stupid libs who vote for these assholes.
Yea I highly doubt this will happen. Likely just throwing chum to the ultra libs. Problem for them is the ultra libs already got red pulled by them still refusing to even hold a vote on Medicare for all when they control everything. Ultra libs are already red pilling.
Im taking that advice, i was already feeling as though i should get out now while i can. Even if the usurpers dont enact the unrecognized capital gains tax theyre going to tank the economy regardless.
Crypto is the next thing, but then its not safe to stay in the dollar anymore either now that theyre just going to turn the printers on full blast and drive this whole damned thing right into the ground.
The saddest part is reading so many comments of people who seem surprised, and think such a move is 'stupid because it would smash the markets.'
No, it's not stupid. It achieves exactly what this fraudulent administration intends, and why are you surprised?
They are Communists, working to destroy America and Western civilization in general. Destruction and chaos is their primary intent. Morals, common sense, economic rationality have nothing to do with it.
Now is day two. You can expect a constant stream of these kind of actions from the Biden Admin. This is what Commies do once they are in power, and keep doing it till all private property and wealth is destroyed. Usually along with mass death and genocide.
You should have known this from months ago. Years even. Now you act f*cking surprised?
Just like property taxes. It’s one thing to tax the gains at sale. It’s just plain wrong to tax just for owning the asset. If the value drops before I sell, do I get my taxes back?
But what about paying for schools you say?
You can live in literal Bel Air, CA and pay more in annual property taxes than most people will earn in their lifetime, and have a garbage LAUSD public school.
They have this in New Zealand. I'm based in Oz so now sure how it'd pan out here or in the US. But I would have thought this would tank the markets due to adding another layer of uncertainty for investors - why would you invest in anything?
they say "wealthy" investors? what's their definition of "wealthy"? the guy w a wife, kids, grandkids who has built up a retirement kitty of 400K over a lifetime of work and investment? fuck Democrats
Half of America has a 401k and most Americans have little cash savings. WTF is her plan? Is she going to require Americans cash out their 401k's early to pay the tax man? In what fucking world do these people think this sounds like sound fiscal policy which strengthens a nation?
Wow this has to be one of the worst administration's in history and it's already been only 2 days. Literary everything they are doing is fucking over Americans.
it almost like he proposedly trying to kill the stock market............
If this gets any traction, the market will tank to levels never before seen. The sell-off of the century
no joke, im think about pulling my 401k out. it better off under my mattress.
Silver, bullets, food, seeds
Who is John Galt?
lol still have my two block of sliver...........
Wait until the hyper inflation hits
Fuck, those Gold shills may have a point.
Cayman Account in another currency
It's better in bullets and crypto. I'm cashing out my 401k tomorrow.
Equity markets plummet. Bond markets get hit as well. With public equity funding collapsed, a massive shift to debt funding and with capitalizations down, rates double. My field (private finance) sees a boom again like 2008.
"Uh, our bank said we gotta shave 20 mil off our primary cuz ratios are all out of whack now. What will you do a 48 month mezz piece at?"
Ten points plus one plus one.
"What! The building is 100 percent leased and we are an A rated medical provider!"
Sucks to be you. Issue more stock.
"In 90 days? A secondary at half what we were trading at six months ago?"
Also, lemme guess? No investment bank is gonna underwrite a 20 mil five year note. Not worth their time. So like I said, its ten plus one plus one. I don't have a gun pointed at my head. You do.
Dems NEVER think in terms of econ growth. Just in terms of the max they can steal now.
Steal and salt(Destroy beyond all possible means of recovering)
Can you ELI5?
Holy shit this is depressing lol.
Can we just do the January 6th protest again, for real this time?
And then his cronies will but super low just in time for him to reverse it.
And then they're going to give it back to us when the stocks lose theoretical money, right?
lol look at bill gate right now........owning huge farm land......
Unrealized Losses. Lol!
Let's make sure to spread the word when he inevitably fucks up the economy. Blame Biden for everything like they did to Trump, this is a war.
This might be one of the worst proposals in history. Imagine getting unrealized gains taxed. That's just scary
It’s called phantom taxes. You have a tax on earnings that don’t exist. Imagine having to pay 20% cash tax without the actual cash in hand.
Wealth redistribution. Somehow the elite will avoid it. Middle class will be impoverished.
It's worse than that. You're supposed to have a few million in your account to retire on.
If you have >400k in your IRA, you get hit with the wealth cap gains taxes.
So fucking stupid. Taxed for unrealized gains, then taxed again for realized gains.
I'm starting a list of the dumb, anti-American things this administration does. I want to keep it simple, so I'm only picking the worst events of the day, even though there are likely to be many. Today is a toss-up between this post and sending troops back to Iraq. I think I'll save the Iraq one for when they solidify it more since all it takes is scaring investors to cause damage to the stock market.
Day 1: Killed 10,000 jobs with Keystone XL pipeline cancelation
Day 2: Treasury secretary proposes killing investment (and by proxy the economy) by taxing unrealized capital gains
Now that Soros got Trump fraudulently removed he can get The Great Reset under way in in FULL FORCE.
They now got 9 years to completely destroy the US military, the government and the economy of the country and all the people.
Someone tell the bitch it’s unconstitutional.
Doesn’t fall under income tax amendment bcs not income. Doesn’t arise from a taxable transaction. By definition no transaction has happened.
What it does do is take property without due process of law and without compensation in violation of the 5th and 14th Amendments of the US Constitution (if there are any judges left who will read it).
Also it’s really stupid: anyone willing to take a risk and invest in the capital markets any sound economy relies on? Oh good we’ll penalize you if you do and add to your risk with a negative return to start you off with.
What constitution? We are as much a republic now as Rome was under Augustus.
Now they can do what they want. I suggest they make it 30 year retrospective, applied only to politicians
Gotta use that Lawfare
Bear in mind that this entire administration is illegitimate, and literally everything they impose on us is a crime. That’s how fucked we are.
It's not a great idea?! No, it's a fucking batshit bonkers out in the stratosphere idea! But, the only reason I'm laughing is because all those Wall St. shitsuit CEOs couldn't wait to crowd around Zhou Bi-deng and kiss his wrinkly ass, so...fuck 'em.
Otherwise, I'd be in tears right now, because all my 401k investments are going to take a swan dive off the Empire State Building during this dipshit's regime.
Wanna crash the stock market? That's how you crash the stock market.
They do. They want to crash everything. A great reset.
... you'll own nothing, and enjoy it.
Die in a fire WEC 😄
Fucking illegal.
This is why we need to ban career politicians
Eat shit CEO's.
Bye Bye 401K
Farewell Stock Market.
It's almost as if this administration is controlled by a foreign nation whose goal is the complete destruction of our economy so both the government and the people are dependent on their cheap and shitty products.
is that why bitcoin tanking?
Likely. Also she’s said she wants to “curtail” crypto because it’s used in “illegal” activities. Dumb bitch.
Fuck it almost like there try to cut any mean to make money.........
Time to go back to barter and trade?
man that suck.......
It’s actually kind of fun. Approach it as a game. Sure it could be life and death but that gives the seller all the power so just act like you’re not starving.
J/K
My suggestion: go to a weekend market. Practice haggling. It’s a good skill to have when the future looks as depressing as a Democrat rally.
Also, I went to one in Kentucky and no joke, there was a crew selling Kel Tec shotguns, brand new in the box. Sadly, they were pushing too hard and selling them out the back of an old Caravan. If I’m gonna buy five finger discount weapons, it’s gotta be more than 15% off web price.
If this would also apply to Bitcoin crypto would drop to nothing. Imagine paying tax every time the value goes up on the roller coaster that is Bitcoin. Shit the value could skyrocket and tank in a 24 hour period, you never sell, and owe a fuck load of taxes on profit you never even got.
We would need to know an assessment time basis for this to know what it means. If it's assessed at the end of each year, that would be bad. If it's assessed on every single uptick, every investor would be at least broke and probably in debt in a month.
Can you imagine the crazy volatility that would be induced at/around “assessment” time each year? Insane. You’d be liquidating a portion of your assets to pay the taxes on the unrealized gains on the rest.
Of course unsaid here is that under a tax regime like this there WOULD BE NO unrealized gains, or gains of any kind for that matter. So they’d kill capital investment without benefit. Unless that Is the benefit?
If they get away with that, they'll be trying to tax the value of senior citizens' HOMES, as if they had just sold them - with the proceeds taxed at the same rate as regular income, so if your house is "worth" $300K you'll owe our Ruling Class around $80,000. Great way to effectively abolish private property, as our globalist rulers are intent on doing. Of course, many Democrat strongholds charge confiscatory property taxes ALREADY, so they're almost there now!
Yep that's a good point. They hate private property, and anyone who has it
Yellen also mentioned having zero problem with government becoming an active 'shareholder' in companies and enterprises in the USA, and would encourage the practice.
This is called central planning. It's a required step to complete takeover of the economy by the state (call it part of the great reset or just the vanilla off-the-shelf plan on the march towards communism, all the same really)
Taxing unrealized capital gains using a mark to market formula is just a way to extort the ownership of private interests over time into the hands of the government.
Starting a new business? When you get that seed round of capital from investors of $2M and your valuation jumps from $0 to $8M overnight, welcome to your new unrealized capital gains tax of $1,650,000 in year 1 of operation. We know you're a startup and strapped for cash, so uncle sam will gladly take a 20% equity stake in your startup in lieu of cash. We'll be sure to send one of Pelosi's staff members to your next board meeting to help run the company and make decisions, too.
Have a rental property portfolio? Hey well we not only put in a moratorium on evictions due to COVID-19, so you can't get rid of the deadbeat tenants sitting there and renting out your apartments as Airbnb units and paying zero rent to you, but our assessors estimate your property value went up 28% last year because, you know, you own some prime buildings in the best locations and everyone wants to stay there so you owe us $2,100,000 in unrealized capital gains taxes this year. No cash? No worries, we'll take on an ownership stake of 9% of your portfolio (minus any liabilities for property taxes or liability, those are YOUR problem, bud), and now since you are technically part federally funded, you must adhere to these federal housing regulations we just put into place where you have to dedicate 20% of your units to refugee housing.
Oh look, how cute.. a couple that worked their asses off the past 25 years, paid off their mortgage, and are living free and clear in their home with just enough savings to maintain their independence and live out the rest of their lives in peace, maybe even one day handing down the property to their children. How quaint and racist/colonialist/sexist/etc. Well, our assessor used a nice little black box formula to estimate your property went up in value 22% last year so pay us $29,000 this year to keep your house. We don't care that market conditions don't reflect the actual value of the home according to our estimates, you're free to prove to us the house isn't worth as much as we think it is by selling it before December 31st just as all your other neighbors are selling right now because of the plummeting prices thanks to our blanket district-wide appraisal. That's just a temporary market glut and has no bearing on the actual value of your house according to our mark to market ratio.
IT'S ALL COMING -- AND FASTER THAN ANYONE THINKS.
Let's copy her statement and tell everyone that they better get ready for those bread lines.
Dems are about to find it the hard way.
They only want institutions to invest.
Institutions won't invest under those circumstances
Loooool. Wall Street going to have massive regerts.
Not retarded, just greedy af and think they can get away with it.
Hot Take; They WILL get away with it.
Because the few investors who run this country will be "exempt" from the law - and everyone else will get fucked.
we all know that's how it's gonna play out; but cool, I love that Biden is handing every single wealth class, every single job sector, and every single person a reason to HATE this administration... and we're not even on day 3.
I have unrealized gains,
I'll be damned if I send one red cent to these pedo fucks.
We all have unrealized gains. There's a reason we don't pay taxes on them, because it's a risk. We already get fucked in tax codes with such a tiny amount we can claim for losses. $3,000?
So the system is already rigged against us. Oh you made money? Pay for every dime earned. Oh you lost money? Sucks, we'll deduct $3,000 from your taxable income.
They may build the taxation into every stock market transaction, and there are millions and millions a second. The markets will empty of capital into
theChina's treasuryInflation is a tax on savings. Capital gains is a tax on inflation. Unrealized Capital gains is a tax on inflation that is about to come. And like all taxes, the rich ain't going to pay... money is just going to move off shore.
I wanted to clarify by what I mean when I say capital gains tax is a tax on inflation... capital gains tax is a tax on appreciation compared to when you bought something and when you sold something. Since most appreciation is inflation, it acts as a tax on inflation. Some appreciation is not inflation, but rather market forces relating to supply and demand (the things has less supply or more demand), but for the most part it is a tax on inflation.
I disagree that most gains are due to inflation, but your point stands that the government does tax that portion of your gains that are due to inflation. Also, they're the ones that caused the inflating through the Fed.
We need to go back to the gold standard, giving control of your currency to 2 appointees, 5 governors, 7 unelected leaders, president of New York fed, and 4 leaders from rotating local feds from various cities.
The Fed is designed in such a way that it is completely unaccountable to anyone and rife with corruption. It is completely obfuscated on who controls what and whom.
We were warned they were going to raid pensions.
Who would trade when they could tax you on a stock upswing, then the stock tanks and you're left holding the bag. Nobody will risk this. Stock market ended!
Right. This wouldn’t tank the market this would end the market.
Also, home mortgages and loans are bundled and traded. Banks would start calling in house loans, car loans, you name it to try to stay solvent with all that tax on trades
Liberals love calling for paying fair share until it’s them who gets to pay it.
Now that they're in charge they're going to steal as much money as possible. You thought Bernie stealing from his supporters to build a new mansion was bad? They're about to steal from the entire country. They'll make millions before getting kicked out.
Remember: Communists are just Bandits given power.
I wouldn't even be surprised if Biden starts taking things from the White House.
Considering Wall Street owns the Dems, this doesn't seem like a plan that will ever be implemented. Yet it sounds good to stupid libs who vote for these assholes.
Yea I highly doubt this will happen. Likely just throwing chum to the ultra libs. Problem for them is the ultra libs already got red pulled by them still refusing to even hold a vote on Medicare for all when they control everything. Ultra libs are already red pilling.
So what youre saying is i should dump all my stock now before the retarded taxes and economic crash.
Sort of. Cash will be worthless too. Buy ammo and cans of beans, I guess?
Just bought a freeze dry machine. Gotta work on my stock piles.
Let me know how that goes. I’ve been interested in one but never had the money. Right now I have money but would appreciate a hands on reference.
I already got out entirely. I'm not the only one. Remember James Woods sold it all, too. All but his Apple stock. He might sell that now
Im taking that advice, i was already feeling as though i should get out now while i can. Even if the usurpers dont enact the unrecognized capital gains tax theyre going to tank the economy regardless.
Crypto is the next thing, but then its not safe to stay in the dollar anymore either now that theyre just going to turn the printers on full blast and drive this whole damned thing right into the ground.
Crypto is interesting but the fact I need tech to access it worries me. That access can be removed. Physical items seem safer to me anyway.
So does the government give you money back if you're in a loss position, but haven't sold? I'm sure the answer to that is no.
Of course not.
That will crush stocks until they’re all owned by non Americans.
Crash the (remnant) US economy - parlay funds into New Republic of Texas investments.
Looks like Wallstreet is gonna get what they fuckin paid for.
How does that even work? Genuine question, how do you tax the theoretical and unrealized?
Global cooling/warming/climate change has proven that people can be forced to pay.
So they want to just print money out of thin air, and then tax you for money that technically doesnt exist yet....
This is the most retarded of all off Pedo Joe's retarded plans. Great for China though. Shocker.
She said treasury would consider it. Treasury can’t tax us, only Congress you fat bitch.
Maybe crashing stock market is the goal so FED can buy stuff cheap and this way they'll nationalize most of the economy?
Looks like that money will got back to the Cayman island where it belongs.
Say bye bye to the stock market. Hello depression.
Obama all over again.
The saddest part is reading so many comments of people who seem surprised, and think such a move is 'stupid because it would smash the markets.'
No, it's not stupid. It achieves exactly what this fraudulent administration intends, and why are you surprised?
They are Communists, working to destroy America and Western civilization in general. Destruction and chaos is their primary intent. Morals, common sense, economic rationality have nothing to do with it.
Now is day two. You can expect a constant stream of these kind of actions from the Biden Admin. This is what Commies do once they are in power, and keep doing it till all private property and wealth is destroyed. Usually along with mass death and genocide.
You should have known this from months ago. Years even. Now you act f*cking surprised?
Just like property taxes. It’s one thing to tax the gains at sale. It’s just plain wrong to tax just for owning the asset. If the value drops before I sell, do I get my taxes back?
But what about paying for schools you say? You can live in literal Bel Air, CA and pay more in annual property taxes than most people will earn in their lifetime, and have a garbage LAUSD public school.
Let them do it. More redpills the better
Watch the stock market get sucked dry as everyone moves to property and assets.
Then Dems will wonder why noone has money for research any more
How the fuck do they plan on enforcing this?!!? That would be like making a law that you can only eat one scoop of ice cream at home per night!
They have this in New Zealand. I'm based in Oz so now sure how it'd pan out here or in the US. But I would have thought this would tank the markets due to adding another layer of uncertainty for investors - why would you invest in anything?
If my stonks decrease in value will Joe pay me before I sell them?
If this happens, I'm out. Good thing I'm not a citizen, I can just GTFO.
Next steps on road to communism:
Can we deduct unrealized losses?
Obviously, they won't let people deduct unrealized losses, right?
Unrealized gains? That makes no sense, for tons of reasons. Does the government give the money back when the positions become losses?
Can’t have theoretical higher gains or actual realized gains in a shit economy. They would still lose. What a joke.
This will crash the markets.
they say "wealthy" investors? what's their definition of "wealthy"? the guy w a wife, kids, grandkids who has built up a retirement kitty of 400K over a lifetime of work and investment? fuck Democrats
Half of America has a 401k and most Americans have little cash savings. WTF is her plan? Is she going to require Americans cash out their 401k's early to pay the tax man? In what fucking world do these people think this sounds like sound fiscal policy which strengthens a nation?
Tax me on money I haven't earned yet? Pay me the money first.