Taxing UNREALIZED capital gains

[rmt]

I guess taxing UNREALIZED capital gains is one of the ways Kamala plans to pay for her economic policy.

Please realize that tax that the government "CLAIMS" to be only on the wealthy will eventually work it's way down to YOU. I'm sure that's what they said about federal income tax and taxing Social Security.

So, be prepared - this IDEA leads to - if your house appreciates/goes up in value (but you DON'T sell) - you will be taxed yearly on that appreciation.

What I want to know is - if my stocks go down in a particular year, is the government going to give me BACK money on that depreciation/money I lost (even though I didn't sell)? You can bet your bottom dollar, it won't. LOL.

[highwhey]

Reality check: This only would impact a small subset of America's wealthiest people, and most tech founders and investors would be spared.

What to know: Harris didn't release a new tax plan. Instead, her campaign said it agrees with a series of items in President Biden's last budget proposal, the most relevant of which were nonstarters in Congress and didn't become law.

This includes the new tax on unrealized capital gains.
It applies only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains). Payments can be spread out over subsequent years.
Within that $100 million club, you'd only pay taxes on unrealized capital gains if at least 80% of your wealth is in tradeable assets (i.e., not shares of private startups or real estate). One caveat for this illiquid group is that there would be a deferred tax of up to 10% on unrealized capital gains upon exit.


https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

idk dawg, i don't think anyone here is sniffing that tax bracket. even if all 4 of us ISHers combined our aggregate incomes, we wouldn't be anywhere close to that.

[Patrick Chewing]

https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

idk dawg, i don't think anyone here is sniffing that tax bracket. even if all 4 of us ISHers combined our aggregate incomes, we wouldn't be anywhere close to that.

You definitely need to be taxed as 4 people due to your sheer size and weight. You eat more, you should be taxed more.

[highwhey]

You definitely need to be taxed as 4 people due to your sheer size and weight. You eat more, you should be taxed more.

damn, you ok big guy? why so hostile on a friday? did the local food buffet deny you entry again?

[Patrick Chewing]

damn, you ok big guy? why so hostile on a friday? did the local food buffet deny you entry again?

They closed shortly after your visit. Something about a man who was the size of 4 men ate everything including the little old lady janitor who was just minding her own business.

[Off the Court]

Only people with $100 Million net worth.

Damn, well that is definitely paksat. Have you guys seen his used Mercedes? He's super rich.

Although, egg prices got to him, so maybe that dropped him below the $100M mark. He might be happy to find out that eggs saved him from being taxed.

[j3lademaster]

I guess taxing UNREALIZED capital gains is one of the ways Kamala plans to pay for her economic policy.

Please realize that tax that the government "CLAIMS" to be only on the wealthy will eventually work it's way down to YOU. I'm sure that's what they said about federal income tax and taxing Social Security.

So, be prepared - this IDEA leads to - if your house appreciates/goes up in value (but you DON'T sell) - you will be taxed yearly on that appreciation.

What I want to know is - if my stocks go down in a particular year, is the government going to give me BACK money on that depreciation/money I lost (even though I didn't sell)? You can bet your bottom dollar, it won't. LOL.Lol, we already do that. It's called property taxes.

[j3lademaster]

Takes away some of the incentives for buybacks, which is what's really destroying the economy. Our entire market is like 2x what it's really worth because we keep artificially pumping it up which forces us to either print more money to keep up or let the bubble crash us into a major recession if not depression.

[highwhey]

Takes away some of the incentives for buybacks, which is what's really destroying the economy. Our entire market is like 2x what it's really worth because we keep artificially pumping it up which forces us to either print more money to keep up or let the bubble crash us into a major recession if not depression.

and this country would not survive a depression. everyone is at each other's throats over things that mostly don't matter, introduce extreme poverty for the majority and you'll see all-out rioting and looting everywhere.

[SouBeachTalents]

Sending my thoughts and PRAYERS to OP, hope he makes out ok getting taxed extra on his 9 figure income :(

[j3lademaster]

and this country would not survive a depression. everyone is at each other's throats over things that mostly don't matter, introduce extreme poverty for the majority and you'll see all-out rioting and looting everywhere.
Then we print a few trillion every so often and inject that into the market to give the stocks actual value to back it, screwing over everyone who isn’t majorly invested in it. Only 62% of Americans own stocks at all, the amount owning more than $20k in the market I’d wager is minuscule. We basically play chicken with inflation and hope for the best, because no one wants to regulate corporations.

[j3lademaster]

Sending my thoughts and PRAYERS to OP, hope he makes out ok getting taxed extra on his 9 figure income :(nah, there are tons of loopholes around it. No centimillionaire is going to get taxed more than they already are unless they want to be.

[BigKobeFan]

Nancy pelosis not going to like this

[AirBonner]

You will own nothing and be happy

[rmt]

Lol, we already do that. It's called property taxes.

That is local/county tax - not federal tax.

[rmt]

Sending my thoughts and PRAYERS to OP, hope he makes out ok getting taxed extra on his 9 figure income :(

That'd be a "she", and I never claimed to have a 9 figure income.

[rmt]

Because it intially applies only to the rich and some want to SOCK it to them, you would support this IDEA? UNREALIZED (for private companies, real estate) means we don't know the true value of asset (selling price) and (currently) you sell and pay tax out of the gain. With this idea, you have not sold and have to come up with the cash (from somewhere else) to pay this every year.

And what about the reverse - do we get BACK money when assets depreciate (and we haven't sold)?

How trusting some of you are - when this IDEA is in place and the government goes looking for more revenue, it will eventually work its way down to YOU - like all other taxes - some are so naive. This idea will eventually spread to affect (get rid of) "step up" value (unrealized gain) in your house/stocks when you die and leave anything to your kids (and they'll be stuck with some huge tax bill). The government's insatiable appetite for spending and this debt will accelerate that.

[RRR3]

That'd be a "she", and I never claimed to have a 9 figure income.
Shut up Vhagar

[MMM]

Why would anyone trust the government in their use of tax dollars? I wouldn't want any new tax to go into general revenue and instead put it to use for a specific measure and track the result. There is too much corruption baked into the system and makes the system much less efficient.

[8Ball]

This tax directly targets me.

[SATAN]

Shut up Vhagar

It's the dude with the hippopotamus avatar.

[AKA_AAP]

Only people with $100 Million net worth.

Damn, well that is definitely paksat. Have you guys seen his used Mercedes? He's super rich.

Although, egg prices got to him, so maybe that dropped him below the $100M mark. He might be happy to find out that eggs saved him from being taxed.

LowIQofftheCourt showing off his Low IQ once again. :lol

He pays for eggs with after tax income. Buying eggs does not lower his GI or AGI. :facepalm

[RRR3]

It's the dude with the hippopotamus avatar.
No it's definitely not, I think it legit is some old lady.

[AKA_AAP]

You will own nothing and be happy

But FascistRRR3, CopyPasteLegend32, RacistJasper, LowIQofftheCourt, AlwaysWrongbladefd, ObeseAxe all own nothing, and believe "existence is pain".

[j3lademaster]

But FascistRRR3, CopyPasteLegend32, RacistJasper, LowIQofftheCourt, AlwaysWrongbladefd, ObeseAxe all own nothing, and believe "existence is pain".

Why fascistRRR3? He's repeatedly said and has consistent opinions that align with an anarchist, which is the literal opposite of a fascist. I'm not trying to defend him or anything, moreso trying to help you find an insult that actually makes sense. Like, if you think anarchy would never work because you're cynical of human greed and laziness and you find the idea callow, then you can call him that- unsophisticatedrrr3... something like that. It's not the best, we'll work on it, but at least it somewhat makes sense.