Just more lazy liberal ideas to get a quick fix

And how exactly is the average American who saved supposed to cover these taxes?

I wonder if any of this is driven by the realization that really low margin rates now make it easy to just never sell stocks and instead borrow against them to tap into that liquidity. So you never have to sell, and I think margin interest is tax deductible.

So someone like Zuckerberg could live like a king by borrowing against his Facebook holdings, never selling and incurring a capital gain, and I assume the borrowing isn't taxed as income either.

pfo said:

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That would be a catastrophe! Wealth is created by individuals and corporations. The government consumes and destroys wealth.

Taxing unrealized gains will destroy what remains of wealth in the USA! Once the gov makes everybody poor, foreigners will own all the land, minerals and everything of value here. Because in order to pay taxes on unrealized gains, the assets will have to be sold. The buyers of those assets will be foreigners because Americans have just been robbed by the gov and will have no money to buy anything!

I'm not too worried about this happening. Home owners will hate it and everybody who owns stocks, land, minerals, collectibles and anything with appreciated value will hate it! Especially the libs in Silicon Valley! Those hypocrite's intention is for somebody else to pay the taxes and somebody else to
lose their jobs. When the gov comes after Zuckerberg, the Google boys, Jack Dorsey, George Soro's unreslized stock gains, the **** will hit the fan!

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They are in on it. Don't think they aren't. This will some how not apply to them.

I don't like it but "conservative" Texas already does it with property taxes so it's not like it's an exclusively liberal thing.

Are fed employees retirement linked to stock market like teacher retirement system? Lol, tax your retirement before you get it, then tax it again when you get it, after getting taxed on your salary.

Yes

This administration can't be voted out soon enough, else we are going to be paying all of our investment gains in order to "Bring America Behind" that pays for a bunch of people to not work.

She needs SEVERE punishment!! SEVERE!!

Not Coach Jimbo said:

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Does this mean I can write off unrealized losses?

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Gains are taxable losses are your problem, duh!

- I'm from the govt and I'm here to help

Owlagdad said:

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Are fed employees retirement linked to stock market like teacher retirement system? Lol, tax your retirement before you get it, then tax it again when you get it, after getting taxed on your salary.

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And then tax what is left for your children to inherit.

StandUpforAmerica said:

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....... to finance Biden's "Build Back Better" plans.

Just remember, this plan cost zero dollars.

NEW - U.S. Treasury Secretary Yellen proposes a tax on unrealized capital gains to finance Biden's "Build Back Better" plans.pic.twitter.com/pefi3PhoDe

— Disclose.tv (@disclosetv) October 24, 2021

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They were talking about this BS months ago. How exactly can they pass a law like this? Surely there would be tons of push pack.

Owlagdad said:

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Are fed employees retirement linked to stock market like teacher retirement system? Lol, tax your retirement before you get it, then tax it again when you get it, after getting taxed on your salary.

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Theyll exempt federal employees. The Party never has to live by the rules they impose.

**** that old dumb cow

Hope Wall Street is finally paying attention since they played blind, deaf, and dumb in the months up to November, 2020.

Tax on "unrealized" gains = direct tax that must be apportioned to states. Making this is a constitutional non-starter.

austagg99 said:

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I don't like it but "conservative" Texas already does it with property taxes so it's not like it's an exclusively liberal thing.

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Odds with the exception of real estate busts, real estate property does not fluctuate like the stock market does and is rarely tied into people's retirement.

And has usually been a separate means for you local government to cover their costs.

You own property in a locality, it behooves u to pay for the infrastructure that provides and enhances the value of ur property.

Tell me how the federal government enhances the value of my stock portfolio. If anything they **** it over with excessive regulation and sweetheart deals.

And tell me how I am supposed to claim unrealized losses?

It is the destruction of wealth, pure and simple.

It comes down to the fact that 30% of the country pays all of the taxes.

How many times can you tax a dollar before people say **** it and **** you.

Beerosch said:

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Wouldn't this trigger a market crash? Massive sell off so people can pay their tax.

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At this point i think they want a market crash. It's the only thing they havent screwed up yet

B-1 83 said:

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This would destroy family farms and ranches.

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And a lot of small businesses.

The fact that a US Treasury Secretary would even mention this publicly is stunning. It would crash the economy overnight if it were to be enacted.

If you don't think these people are enemies of America, look no further.

B-1 83 said:

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This would destroy family farms and ranches.

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Explain your reasoning here? I'm sure your right but just trying to understand.

Yellen hitched her wagon to the corrupt senile buffoon clown show and became an overnight failure.

Let me tell you how it will be,
There's one for you, nineteen for me

It would also submarine ALL public and private pension plans. Once the workers find out about that, there'd be politicians in dire danger. They'd be idiotically reckless to even attempt it.

I suspect that the goal is not to actually implement this, but to use it as another tool to demagoque the right and financially literate people as being "against the poor" and "pro wealthy" by making them oppose it.

These are the same people who equate gains in stock market values with income. Who will say something the effect of, "Joe's net worth increased by 5 million dollars and he didn't pay any taxes on that"

These are people who do not understand what investment and capital gains are. The mere term, "unrealized capital gains" is a farce. If it is not realized, it is not a gain, yet.

Waffledynamics said:

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How do you tax that which is not realized? As someone else said, can you write off unrealized losses?

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Makes too much sense

jpb1999 said:

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B-1 83 said:

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This would destroy family farms and ranches.

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Explain your reasoning here? I'm sure your right but just trying to understand.

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Uh…if the land appreciated in value since it was purchased, those would be unrealized gains.

austagg99 said:

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I don't like it but "conservative" Texas already does it with property taxes so it's not like it's an exclusively liberal thing.

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Property taxes are worse as you pay taxed on the full value of what the government believes it's worth, not just the gain since the previous year.