What is this commie shit? They're going to punish you for owning shit. I get it now. "You'll own nothing and be happy." Because they can't tax nothing!
Why... Fucking WHY. Why is it always "tax more" with the left? Why don't they ever look at where spending can be cut? Stupid fucking idiots. Absolute morons. These smooth brain motherfuckers get elected by other smooth brain fucks that don't own shit. Those of us that DO own shit are getting shafted.
So are they going to PAY ME when the value of my car goes down? Fuck no.
As someone who works in finance I think taxing unrealized gains would be incredibly fucking stupid. If everyone had to sell their positions in the markets annually to pay taxes markets would go down. If your wealth is tied to the value of your home hopefully you have enough cash on hand to pay taxes. Would it apply to art? Want to pay taxes annually just to keep your art collection?
Aside from the automatic stuff like single employer pensions and 401ks, in which case the value of stocks plummets and those with the liquid capital own even more.
What happens with Real Estate Holdings? That's gonna fuck up the expensive cities like LA and NY where a little 1950s bungalow might have been bought by granny in 1960 for $50K or less and be worth close to a million now. Are people with investment properties supposed to have them appraised yearly?
Our county, here in Maryland, for my real property (lot with house) does an individual re-appraisal every three years, but raises the tax rate for the in-between years by the official inflation numbers. Hope that makes sense. The result is we are taxed on current-ish market value, and not what we actually paid. This came in handy during the 2007 and on housing price disaster. I don't hear a lot of people discussing this anymore. Lots of people are still 'upside down' in their homes. And then along came 2020....
Unless there is some kind of loophole so big that you could drive a train through it for their Wall Street buddies, there is no way this is anything more than puffery.
https://www.brookings.edu/blog/up-front/2020/01/14/how-could-changing-capital-gains-taxes-raise-more-revenue/
What is this commie shit? They're going to punish you for owning shit. I get it now. "You'll own nothing and be happy." Because they can't tax nothing!
Why... Fucking WHY. Why is it always "tax more" with the left? Why don't they ever look at where spending can be cut? Stupid fucking idiots. Absolute morons. These smooth brain motherfuckers get elected by other smooth brain fucks that don't own shit. Those of us that DO own shit are getting shafted.
So are they going to PAY ME when the value of my car goes down? Fuck no.
Use unrealized capital losses when you file your taxes to get around this nonsense. It is easy:
Buy lottery ticket.
Don't win.
Claim jackpot amount as unrealized capital losses and apply it as a tax credit. $500M or so should last your lifetime.
Never pay taxes again.
As someone who works in finance I think taxing unrealized gains would be incredibly fucking stupid. If everyone had to sell their positions in the markets annually to pay taxes markets would go down. If your wealth is tied to the value of your home hopefully you have enough cash on hand to pay taxes. Would it apply to art? Want to pay taxes annually just to keep your art collection?
It's not possible to truly own property in the US, the best you can do is rent from the State.
This is just an attempt to raise the rents.
Sounds like an old fashion gold confiscation.
The effect will be making people stop investing
Aside from the automatic stuff like single employer pensions and 401ks, in which case the value of stocks plummets and those with the liquid capital own even more.
Unrealized capital gains is the "theoretical" value of a property? Theoretically, my property is valued at zero, so...
I don't get it. Why would anyone invest? If the value increases and they cash out, they get taxed on their gains. So how do you tax unrealized gains?
What happens with Real Estate Holdings? That's gonna fuck up the expensive cities like LA and NY where a little 1950s bungalow might have been bought by granny in 1960 for $50K or less and be worth close to a million now. Are people with investment properties supposed to have them appraised yearly?
The cities will appraise them as often as is necessary to get the full value of taxes.
The govt will just decide how much you're supposed to pay and then demand it they don't give a crap about legitimacy anymore
What's that? i never heard of it.
There is a difference between stupid and evil.
Taking people's money after they earn it is bad enough, now they want to steal it before you even have it.
Our county, here in Maryland, for my real property (lot with house) does an individual re-appraisal every three years, but raises the tax rate for the in-between years by the official inflation numbers. Hope that makes sense. The result is we are taxed on current-ish market value, and not what we actually paid. This came in handy during the 2007 and on housing price disaster. I don't hear a lot of people discussing this anymore. Lots of people are still 'upside down' in their homes. And then along came 2020....
I feeling we will be claiming some unrealized capital losses
Unless there is some kind of loophole so big that you could drive a train through it for their Wall Street buddies, there is no way this is anything more than puffery.