Biden Admin Floats Taxing Unrealized Capital Gains

[LIBrty4all 3,749]

Now the Brandon administration wants to tax money you haven't even made yet.  No, this isn't the Babylon Bee.

 

Quote

While currently people only have to pay taxes on the price appreciation of an asset when its sold, the Biden administration wants those on the top to have to pay tax on their unrealized gains too.

 

It cannot be emphasized enough that this is a tax on something that someone technically doesn’t have yet. If such a tax were implemented affecting everyone, it means that someone who purchased a $200,000 house that went up in value to $250,000 in a year therefore “earned” $50k and would have to pay tax on that as if it were cash income.

 

 

https://bongino.com/biden-admin-floats-taxing-unrealized-capital-gains/

[Dashinka 24,489]

40 minutes ago, LIBrty4all said:

Now the Brandon administration wants to tax money you haven't even made yet.  No, this isn't the Babylon Bee.

 

 

 

https://bongino.com/biden-admin-floats-taxing-unrealized-capital-gains/

[Nature Boy 2.0 8,370]

So one could possibly have to liquidate assets to pay taxes. That smells like socialism 

[Dashinka 24,489]

2 minutes ago, Nature Boy 2.0 said:

So one could possibly have to liquidate assets to pay taxes. That smells like socialism 

But I keep hearing that the folks here in the MDL are capitalist.

[Dashinka 24,489]

Now if they tax future gains one year and the value drops the next year, will the IRS give a refund?

[jg121783 3,915]

This is designed to take home ownership away from the middle class. Gotta love how they say it is for "those on the top". A rich person would be able to afford to pay the taxes on a property value increase (not that anyone should have to) where a middle class person might be forced to sell their home to pay the tax. Happens a lot with the inheritance tax where a small farm is inherited then has to be sold to pay the tax.

[LIBrty4all 3,749]

Own a rental property that has appreciated?  Gonna get a tax bill.  Home has appreciated?  Ditto the tax bill.  Has your 401k increased in value? Guess what?  You owe.  And if your employer has put much in, that taxable appreciation will be even higher.

 

Tax the rich?   LMAO...

[TBoneTX 45,267]

"Don't put a tax on the beautiful girls, or I won't get any lovin' at all."

(real song)

[Nature Boy 2.0 8,370]

2 hours ago, TBoneTX said:

"Don't put a tax on the beautiful girls, or I won't get any lovin' at all."

(real song)

Link?

[Dashinka 24,489]

10 hours ago, LIBrty4all said:

Own a rental property that has appreciated?  Gonna get a tax bill.  Home has appreciated?  Ditto the tax bill.  Has your 401k increased in value? Guess what?  You owe.  And if your employer has put much in, that taxable appreciation will be even higher.

 

Tax the rich?   LMAO...

That is the thing particularly with investments.  If they tax unrealized gains, it will drive some level of selling driving down the value of any held investment.  Overall, this is just theatre to allow the regressive Dems say they are going after the rich (I used to have some level of respect for Yellin, not anymore), say they will pay for Old Joe's regressive socialist wish lists, and in the end, the revenues projected will not materialize, or the courts will strike this down, but the spending will remain which is probably why the regressive Left is fine with it.

[LIBrty4all 3,749]

If Biden would just pay his $500,000 in back taxes, it might help.  

[Dashinka 24,489]

By some estimates this will only raise about $25 billion dollars in government confiscation a year.  I don't think that Biden math equals zero based on the expected regressive Democrat planned spending.  Of course this assumes everything stays static, which recent wealth tax experiments in Europe show will not be the case.  I don't think they plan to limit this to just the ultra-rich as we see in the corporation alternative minimum tax that will certainly be passed on to the consumers, not to mention how the original income tax, and now the AMT have been pushed to lower and lower levels on the economic scale.  So much regressive theatre, but if it happens we, the US are doomed (I know, many will call this hyperbole, but the direction we are heading is inevitable).

 

Instead, to win over Sinema and others, the White House has been floating a new idea of taxing the assets of billionaires and another that would require corporations to pay a 15% minimum tax, regardless of if they show any profits. Those both appear to be gaining traction with another pivotal Democrat, Sen. Joe Manchin, D-W.Va.,who told reporters he supported new ways to ensure the wealthy to pay their “fair share.”

 

https://www.nbcmiami.com/news/politics/billionaire-tax-hits-critics-biden-pushes-for-budget-deal/2591923/

[Dashinka 24,489]

Janet Yellen Proposes Tax On Coins You Acquire In Mario

 

 

WASHINGTON, D.C.—Treasury Secretary Janet Yellen has formulated a brilliant new plan to pay for Joe Biden's "Build Back Better" plan, which still needs to be paid for even though Biden said the cost was $0. To accomplish this, she has proposed taxing all coins acquired by U.S. citizens whenever they play a Mario game.

 

"Every time your little Mario or Luigi character on the screen collects a coin, that's an unrealized gain," said Yellen. "Why are we allowing all those coins—not to mention all those power stars and power moons—to just sit in Mario's pocket untaxed?"

 

https://babylonbee.com/news/janet-yellen-proposes-tax-on-coins-you-acquire-in-mario

[TBoneTX 45,267]

8 hours ago, Nature Boy 2.0 said:

Link?

Not exactly the lyrics that I knew, but:

DON'T PUT A TAX ON THE BEAUTIFUL GIRLS (Milton Ager / Jack Yellen) - Lyrics - International Lyrics Playground