No matter what I said prior, did not matter. It was Joes Treasury Secretary's statement about taxing unrealized capital gains. Only crazy people actually say things like this, whether or not it happens. He got that. Then I showed him a picture of the health secretary, and he just looked and said.... maybe I should have listened to you (fake chuckle).
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Unrealized capital gains?
Can someone explain this cos it sounds like a tax on what you might earn... which makes no sense cos there is no guarantee of anyone earning anything before they earn it .
You don't need anyone to explain it to you. You nailed it.
Fuck
Usually you only pay taxes on profits when the profit is realized. Say I buy Coke at 1000 dollars, it goes up to 1200 dollars, but I do not sell my stock. I dont have to pay taxes on it until I sell the stock and cash out, at which point, I would pay Capital Gains on the 200 profit. What they are suggesting is that even if I do not sell my stock, I would have to pay taxes on the 200 dollars in gains on the stock.
And then you don't get those taxes back when it drops back to 1000.
That's the scam and is why it's not like that now.
was this like an executive order or is it just a proposal? either way what a dumb fucking idea.
Its a wacky response to a question, point is, a Treasury Secretary should never say something as wacky as that, it would be like a member of joint chiefs saying "we might nuke Russian air bases in Syria, you never know, id be open to it",
Unrealized nuclear strike
ah okay, thanks for the clarification.
Yep.
Basically they’re saying they can tax you on a lottery ticket you bought, but didn’t win. Taxation with no earnings behind it.
Right now the US only imposes this type of tax on citizens and long term PRs leaving the US tax system (exit tax). But to impose this type of tax on the masses is just insanity. But these “people” are insane.
https://www.cnbc.com/2021/01/20/oaktrees-howard-marks-on-unrealized-capital-gains-tax-janet-yellen.html