Exactly. I believe God put her on this planet to test me. Every policy and decision she brings forward is the dumbest idea I've ever heard. But she keeps coming back. Which means I keep hearing dumber and dumber shit every day.
She just needs to take her millions in Wall Street speaking fees and retire far away from where she can impact economic policy.
Hell I'd even swing by, buy her a coffee and chat about her garden or cross stitching work and genuinely try to help her enjoy retirement. Anything but encouraging her back into a place where she impacts the economy.
Haha everytime I end up in a "disallowed wash sale" situation due to poorly setup trades I burn with rage. E.g., if I pull cash at a loss from a Mutual Fund or ETF that I auto-invest in to cover major emergency expense, and next paycheck start to rebuild that holding via automatic purchases, I can't claim the realized loss.
Under this would have been paying for any unrealized gain annually while holding it to add insult to injury.
Just found this article too: https://cryptonews.com/news/idea-of-taxing-unrealized-gains-resurfaces-as-money-printing-8973.htm
There are articles from when a law maker from Oregon tried to push a version of the policy (tamed down from what the leftist think tanks want to do which only partially exclude principal residences). Many praise the policy for finding a way to tax the rich, but a few see through it like this one: https://www.cnbc.com/2019/04/03/top-democrats-proposed-capital-gains-tax-would-be-devastating-for-markets.html Sadly this isn't something that can be quickly and concisely explained but will have horrific consequences for all Americans.
Better article with more details
"Mark-to-market" taxes you annually for money you could potentially make if you were to sell your real estate, stocks, bitcoin or gold that you own.
If you don't actually sell, or don't actually make that much or even enough to cover the tax when you do sell, they keep the tax monies anyway.
How in the world can we meme this to explain to normies. You can literally owe more in taxes than you have in cash or make in a year (my situation under this policy). This will force me out of my home in the most literal sense.
I'm sitting on $1.1M in unrealized gains on my house in the middle of a Democrat shithole. With my luck I'll be looking at paying literally more than a make in a year in tax next year likely before values tank entirely and I'll never be able to pay it back.
Single family residence can only exempt $500,000 in gains and 1031 exchanges since 2017 don't apply to personal property.
I might just have to sell, take the gains and pain now, move to Texas and buy something that's already expensive.
Source of claim, look for "mark-to-market" It's disgusting to read the leftist think tanks praising this policy as if it's good for the little guy and helps collect taxes from the rich people somehow hiding their money. Here's a hint: you don't always have the money to pay the tax until you sell. Which is why the policies are what they are today.
Yellen wants to investigate mark to market "solutions" that will tax people out of their real estate holdings, precious metals, and stocks before they actually want to sell. In Trump's economy with soaring real estate prices, families are sitting on huge gains in their homes. Under Yellen's policies they will start paying taxes on value increases annually before they even sell.
Taxation is theft.
Mine are now: Trump won, Biden's a fraud, and MAGA.
Previously you may have said:
- He is a constant you can count on.
- You know him.
- His voters are the best.
Now you will be forced to say:
- Trump won is one constant you can count on.
- You know Biden's a fraud
- MAGA voters are the best.
Everyone needs to stop watching porn and feeding money into the system that is ultimately used to desensitize and brainwash your children while sedating you as your country is stolen.
Go and take a MAGA bride, go to pound town as the sun goes down and make MAGA babies.
They will take 20-37% of the positive change in value. The initial hit will be huge because it represents many years of value change (I've lived in this house since height of the recession and bought it after the previous owner was foreclosed on).
But yes there are many scenarios where with this policy (if you don't sell) the asset will be worth less than taxes either paid or owed.
With my house I paid $400k and it is worth $1.5M now thanks to Trump's economy. The change in value less $500,000 for married filing jointly would be the amount taxed at capital gains rate upon sale. But if this policy goes through it will be taxed at the same rate even if I don't sell ($120,000-222,000).
It will cause a lot of selling activity which will devalue assets right after they were taxed at a higher market value.
But hey the government did give us $600 one time, so that should cover part of it.