How to stop investments in everything. A dumbass's guide.

She acts like the "step-up in basis" is a big tax dodge.

Your assets only get a "step-up" after death because the deceased's estate PAID TAX ON THE GAIN (and a lot of the time at a much higher rate than normal).

This is all just an effort for the federal to get their hands on wealthy individuals money now instead of waiting until they die.

First they came for the "billionaires" and I said nothing...

They start down this path, a wealth tax is a very small step away.

Muy said:

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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.

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Property taxes are at least negotiable at the market value level. Income tax is much worse

You have to pay taxes to have a govt. Really taxes are not the problem. The problem is our government has become filled with unaccountable socialists and bureaucrats

The Chicken Ranch said:

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They want to destroy the middle class. They don't want you traveling. They don't want you to own a house or property. They don't want you to own more than one vehicle. They don't want you to have food choices. They don't want you to vacation or have disposable income for leisure. They don't want you to have choices for health care or education.

Wake up! It's a war, and they've declared it. The elitist white liberal is your mortal enemy.

Destroy the middle class, and make everyone poor and dependent on the government that is ruled by the totalitarian elites.

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It's too late - the ones who support this are obviously on board but the rest still comply and find excuses not to fight back.

Not Coach Jimbo said:

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Does this mean I can write off unrealized losses?

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Yes.

And I am a very competent small business and illiquid asset appraiser. I'm looking at also carrying insurance that would allow me to represent you for free in any audit or litigation (for an added annual fee, of course).

I hate Joe Biden, and I hate this idea of a law, but if passed, this law would likely make me pretty wealthy.

Fightin_Aggie said:

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Muy said:

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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.

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Property taxes are at least negotiable at the market value level. Income tax is much worse

You have to pay taxes to have a govt. Really taxes are not the problem. The problem is our government has become filled with unaccountable socialists and bureaucrats

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The real problem is that progressives aren't smart at all, they are lazy and only find ways to steal more of our money rather than understand how to let the economy grow and watch tax revenues increase naturally.

Sea Speed said:

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Muy said:

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

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you would be forced to sell portions of your investments, thereby further reducing future growth. the whole thing would be one big wealth destroying fiasco, by design.

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The problem is they are assuming the volatility of any asset in the market remains constant. I don't even know where to start on trying to implement this scam. You buy ABC at $10 - a week later its $11. So when do you pay taxes on $1? If, by the time you sell the ABC stock it's now $9. Instead of getting a -$1 tally for the year, now it's potentially $0? Do you have to pay estimated taxes first?

Good point above - a whole new insurance product would evolve to cover the 'losses'.

What happened to this country.

This would just be the next step. The US tax code is massive, but didn't start that way. Anticipate 5 years down the road massive exemptions for investments in green or otherwise communist companies/industries. The CCP wants the ability to direct/limit what people actually 'invest' in, as well as limiting their financial security of course.

People will start selling and moving their assets off shore. The Bahamas and Caymans are smiling.

Muy said:

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People will start selling and moving their assets off shore. The Bahamas and Caymans are smiling.

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How are you gonna pull that off in a 401K/Roth/Traditional IRA vs. the IRS? Sure, it's plausible for simple investments, but most people have it substantially in one of those 3.

This is coming up again because the planned corporate tax increase and the individual tax increase on top earners has been scrubbed from the forthcoming human infrastructure bill. Manchin and the other gal got it taken off. Free community college has also been scrubbed.

A wealth tax on the Uber rich is still being planned and this may be that plan I suspect. About the most slippery slope their is though. Once it's in they will just keep lowering the threshold.

Yellin is a traitor and should be treated as such.

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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Let's say you bought a small piece of land in 2015, near Houston. We'll say it was 50 acres, and you paid $1,000/acre for it. That's $50,000.

Now, 2020 rolls around, and land prices become insane. That same 50 acres is now going for $10,000/acre, for a value of $500,000.

You haven't sold the property. You haven't improved the property. It's the same small patch of land you bought 5 years ago to get away from town for a weekend. But now it's worth $450,000.00 more than you paid for it. Which means you've had an "unrealized" gain of $450,000 that you now have to pay taxes on, in addition to the extra property taxes which you no doubt are getting dinged for.

Now let's say that the unrealized gains tax follows the capital gains tax. You'll pay $0.00 on the first 40k. Then 15% on the 40k to 441,500. Then 20% on the last 9k or so. That amounts to around 16,500-17,000 in taxes.

Then there's the assumption that this a one-time tax. What happens if it applies every year? Can the average person afford an additional tax like that?

DrEvazanPhD said:

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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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Let's say you bought a small piece of land in 2015, near Houston. We'll say it was 50 acres, and you paid $1,000/acre for it. That's $50,000.

Now, 2020 rolls around, and land prices become insane. That same 50 acres is now going for $10,000/acre, for a value of $500,000.

You haven't sold the property. You haven't improved the property. It's the same small patch of land you bought 5 years ago to get away from town for a weekend. But now it's worth $450,000.00 more than you paid for it. Which means you've had an "unrealized" gain of $450,000 that you now have to pay taxes on, in addition to the extra property taxes which you no doubt are getting dinged for.

Now let's say that the unrealized gains tax follows the capital gains tax. You'll pay $0.00 on the first 40k. Then 15% on the 40k to 441,500. Then 20% on the last 9k or so. That amounts to around 16,500-17,000 in taxes.

Then there's the assumption that this a one-time tax. What happens if it applies every year? Can the average person afford an additional tax like that?

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Well, that's just it. It's been talked about as an annual event; not one-time. It would destroy the markets.

The Chicken Ranch said:

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They want to destroy the middle class. They don't want you traveling. They don't want you to own a house or property. They don't want you to own more than one vehicle. They don't want you to have food choices. They don't want you to vacation or have disposable income for leisure. They don't want you to have choices for health care or education.

Wake up! It's a war, and they've declared it. The elitist white liberal is your mortal enemy.

Destroy the middle class, and make everyone poor and dependent on the government that is ruled by the totalitarian elites.

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This is exactly what they want. They can tax the hell out of the rich, but they can still afford a relatively privileged lifestyle. You start applying similar taxes on the middle class, that starts taking away their ability to make choices in their lives.

CNBC said Elon could have a $30B tax bill

TTUArmy said:

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Everyday, our future as a nation, gets a little more creepy and depressing.

The commies in charge are pure evil.

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Look at it from the other perspective....The future will be bright on the other side three to five years from now.

These tyrannical psychos have gone all-in, just a matter of time before they cross the point of no return. The counter reaction by people with nothing left to lose will be a sight to behold.

Mistaking patience for weakness will be their undoing.


This is a battle between good and evil....choose a side.

People are going to get hurt over this. Violence is coming soon.

Lets take her at her word and it's billionaires who hold "liquid" stocks.

That is a very specific group of people, ie Zuckerberg, Bloomberg, Bezos, Dorsey, etc. None of those people became billionaires by buying stocks. They became billionaire by building companies. All of these companies had billions of dollars in unrealized gains BEFORE they were ever profitably companies. Hell, twitter still isn't a profitable company.

Her plan is force founders and CEOs of companies to sell their shares before the companies become profitable just to cover their tax bills?

My two most prominent lines in the sand are guns and money.

This is something I'd gladly give my life fighting against if necessary.

Whirligigs said:

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Sea Speed said:

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Muy said:

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

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you would be forced to sell portions of your investments, thereby further reducing future growth. the whole thing would be one big wealth destroying fiasco, by design.

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The problem is they are assuming the volatility of any asset in the market remains constant. I don't even know where to start on trying to implement this scam. You buy ABC at $10 - a week later its $11. So when do you pay taxes on $1? If, by the time you sell the ABC stock it's now $9. Instead of getting a -$1 tally for the year, now it's potentially $0? Do you have to pay estimated taxes first?

Good point above - a whole new insurance product would evolve to cover the 'losses'.

What happened to this country.

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Come on Man, (A) the gubmint will be writing checks giving those gains that you paid in back to you when you get dinged for losses like in your example. They are the penultimate in efficiency and tracking.

Or (B) the window licking idiots in charge have yet to think that far ahead since they barely understand the concept of making change and cannot plan for the future other than outright theft.

mazag08 said:

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When you look around and wonder what happened, don't forget to thank the libertarian who sat idly by and claimed this evil was no different than Trump.

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XXXVII said:

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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.

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Congressional members will be exempt. You think any despicable excuse for a human being like Nancy Pelosi, bag of Schiff, Chuckie Schumer or other Democratic Party leadership would not exempt themselves and their family members. And the unethical RINOS will tag along.

The only push back will be from traditional conservatives and their messages will be ignored and censored by legacy and social media.

Dan Scott said:

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CNBC said Elon could have a $30B tax bill

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Yeah and let's say there are 10 more just like him. Heck, make it 20 more.
That's not even $1T with a congress that is writing $3.5T checks like they're a drunken sailor on liberty.

Dammit Bobby, I'm not gonna spend my money like a drunken roughneck on payday.

So we get taxes on unrealized capital gains at a snapshot in time, and then when the stock goes down they still keep our taxes. Seems totally morally ethical.

They claim it's only billionaires who have to pay, to try to get it passed. We all know how this plays out. Over time, the definition of "extremely wealthy" will rapidly approach the middle class.

I don't see any way this can fly unless you get a reciprocating write off from unrealized losses. I think this is a ploy so when they pass something somewhat less ridiculous they can say they compromised.

Incrementalism….. it's a real thing and it cuts into
Our freedom and liberty more and more every day

Dan Scott said:

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CNBC said Elon could have a $30B tax bill

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Yearly. Yearly.

You will need to annually sell a piece of holdings to pay your tax bill. That's going to put your sale in the short term capital gains tax bracket.

Inflate the bubble; tax the bubble. Genius!

Inflate everything you can. That's the only way to possibly pay for all of this fiscal irresponsibility. At the same
Time you reduce the power of your sworn enemy , the successful wealth accumulator.

We should tax theoretical capital gains.

Like what if your portfolio doubled, tripled or quadrupled? I mean with all the awesome things this administration is doing vis-a-vis the economy, there's no telling how awesome things could get! Then you would have all this unrealized capital gains to tax!

Then of course it would do the same thing (theoretically) next year.

Also, if we are going to tax unrealized capital gains, are we going to refund those taxes if the value of the stocks go down in the future?

"Unrealized capital gains"? That's a really interesting mind-**** way to describe what it actually is: outright seizure of your property.

"I wouldn't call that a wealth tax"

Well, what the **** would you call it then?