They also want to increase the capital gains tax. That would be all the beautiful dollars people make after they sell the stocks and get the cash.
By the way, all the money that you used to purchase the stocks in the first place was already taxed as part of your income tax. These people are crooks.
I would sarcastically say, "thank the liberal retards that voted these people in," but no one actually voted for these cheating, lying fucks.
👆 Seconded.
Thirded
Yes, hedge funds and politicians.
So if you have 10 stocks at $10 each they tax you as if you had $100, but if you sell off your stocks all at once you get less than $100 out because the price goes down as you sell them off.
This is not insignificant because everyone's going to be selling their assets come tax time to pay the piper.
Leave it to government to come up with more policies that make absolutely no sense in practice.
Also, where have I heard that one before?
Ummm... maybe Beanie Boy? I can't remember anymore. Doesn't change the fact it's true.
The unrealized gains mechanism cuts both ways though - you would also get offsets for unrealized losses. Ultimately, this breaks any incentive for speculative investment at all, and returns the market pricing to the reality of dividends based on actual profit. Problem is, nobody would ever invest in anything or build small businesses up through public markets, and none of us would ever have access to anything of value except for small businesses built by our own hands.
To be fair I don't think Yellen was actually serious about this. Some commie asked and she gave a polite response. The amount they do want to raise capital gains tax is insane though.
Basically it's a property tax but instead of your house or car it's on your investments.
Your retirement you mean
I think this is the tip/start to begin the removal of private property/possessions. They are moving the world to a subscription based life model(just like big pharma. A cure makes money once, treatments are continuous money) through taxes like "unrealized gains"... If you "own" something, it will be taxed so high or in different ways you'll have to sell.
Don't forget equity in your home. Taxing that too.
Good call putting this out there!
That's the idea of a wealth tax.
Gosh. These people are like herpes. They don't go away and they get worse.
(I have no idea, as I don't have herpes...I can only assume)
That would also be the increase in the value of your home.
If they do this I move my retirement investments.
To what? A mason jar buried in the backyard?
When you hear the word "diversify", do you only hear "the stock market"? There are money market accounts (I'm looking at a credit union, not a big banks), physical assets that hold and increase in value... Talk to an accountant, I am! What you should be gaining from this is that the "rules" are broken here, if you get too far ahead playing by them you will be cut down to size by a bigger fish.
Unless new investment unions crop up that function like the reddit group on smaller everyday things... Now THAT is interesting until it gets infiltrated by leeches.
If none of that is appealing to you, make your financial advisor justify your faith in him. Why didn't you hear from him at this volatile time? What is he doing to protect your investments from more powerful wall street pirates? Have others seen a better rate of return over the last five years?
I'm not a financial advisor, just seeing the writing on the wall.
Good point! Thanks.
The fact that the fucking Treasury Secretary even floated this retarded idea should be enough to make everyone realize how completely fucked we are. RIP your 401(k) and other retirement funds.
This will crash the market in a day and eliminate long term holding of stocks, which is the basis of sound investing.
SO IMPORTANT TO EDUCATE PEOPLE ABOUT THIS!!
THIS!
This is fucking outrageous. You can't simply save your money because inflation eats away at over the course of 30 - 40 years. Can't make more money because they allow countries like China to take advantage of our trade policies and ship jobs overseas while at the same time importing low skilled works by the millions. Now they want to shove any regular person out of the market by taxing unrealized gains. As a small time investor, and when I say small time I'm playing with a couple thousand $, I'd have to pull my money out because I couldn't afford to pay taxes on money I haven't even earned.
Bank run sale on stocks. Just set the date.
It's not liberal... It's anti-human.
So much for using stocks as protection from hyperinflation.
I wouldn't say nobody just not enough voted for them to matter.
This is exactly why the people who lost money on their short strategy are actually WINNING by the GME situation. The money they are losing is giving them a higher return then their portfolio because of the new tax hell we're going to be beaten down with. Only losers are the hedge fund managers and their annual bonuses.
If they can tax my unrealized gains, then I'm writing off all my unrealized losses; which number into figures that are unfathomable; or the exact same amount that offsets everything else, whichever one is funnier.
Anything about carried interest in there?
Then pulling every damn cent out of the stock market is the only play left isnt it?
Ode to a Democrat (in D minor):
Tax, tax, ban, ban, mandate, tax. Ban, ban, tax, tax, mandate, slam. Mandate, mandate, tax, ban, bam!
Tax, tax, ban, ban, mandate, tax.