Democrats: Support Tax on Unrealized Gains?
Biden has proposed taxing *unrealized* capital gains. (Currently, unrealized gains are not taxable.) Do you support this specific proposal? This question is for supporters of the US Democratic party.
before increasing taxes they should cut the spend
Yes, that’s why! It’s 1.5% of total spending, but of course you’ll end up living under the bridge only because of military aid to Ukraine, Israel and Taiwan.
I think Microsoft wants to go to war himself instead of people from these countries. Because we’re next if they fall.
TC > 1M? If it’s not auto-adjusted for inflation… it’s tricky because it requires future congresses to actually act.
It's Federal Property tax. That's the biggest unrealized gain. Family farmers easily have $1m in property they don't want to sell. This is a federal property grab, straight and simple.
@mdgp36d except that they already pay the property tax. Or rather they pay rent to the government.
This won't affect anyone on Blind. Why do you guys get so upset when taxes go up for people making over a million dollars a year? This proposal is not going after your Fidelity mutual fund account with $1 million invested for retirement. It's going after people who make millions of year in passive income and pay a lower average tax rate than those of us making 6 figures.
Because it will certainly affect everyone indirectly. If others are taxed, it will affect how they allocate money and how they manage portfolios. Those follow-on changes will affect everyone. People with small incomes can figure this out and anticipate the changes.
Why not just choose a simple solution for the problem then? Instead of inventing a bunch of new bizarre laws that set dangerous precedent, tax all income the same. Simple and fair.
Stop spreading FUD. This won’t affect you - probably ever in your lifetime. Don’t fall for and spread propaganda
If it is enacted, it will affect everyone indirectly.
Absolutely incorrect, I’m probably far older than you so let me impart some wisdom. If this insane policy were to take effect, in time, the government would eventually move the goal posts and continuously include more and more people in the tax. This will 100% affect every single person who works or has assets to tax directly in time, this would be an eventual certainty.
Lol at OP with that billionaire mindset. 😂 People that are potentially affected by that already have citizenship abroad etc.
So you anticipate that this will cause wealthy individuals to move money abroad, yet you don't worry about secondary effects of this.
Wealthy individuals aren’t paying their fair share. They have o. It is absolutely unfair that we mortals pay our fair share. It is absolutely unfair that a Wendy’s worker pays 15-45% of their income in taxes while billionaires pay zero. Some of them will move. Some of them will renounce American citizenship. This has happened in Europe. See Dyson, etc “moving” to SG. Yet you worry about them. In all likelihood you won’t be a billionaire.
Most lowly Americans already pay tax on unrealized gains. I’ve been doing it since before I made six figures. It’s called property tax. Every year It increases on my home, an asset whose gains I don’t realize until I sell. Why is it fine for middle income Americans to pay it, and not the wealthiest among us?
Very reasonable comment 👍
Somehow the government can say your house is now worth X and you're just supposed to pay taxes on that value now.
I don't see anything in this article that mentions taxes on unrealized gains --> https://www.forbes.com/newsletters/andrewleahey/2024/04/24/biden-capital-gains-rate-proposal-446/ Let me know if the article does mention it and I'm just blind and missed it.
It proposes a 25% AMT on income + unrealized capital gains for people with a wealth of over $100 million. And there would be a credit towards realized gains so you aren't getting taxed twice. It's really just like you're paying on the gains earlier.
You have a link to share where I can read more on this? The Forbes article I found makes no mention of 25%.
I’ll support it as long as I can claim all my unborn children in my balls as dependents
😂 , awesome! Unrealized dependents !
And all the Hispanics coming across the border should be declarable dependents.
“1 Million “ …. So most of folks don’t care.
12 years ago, a house sold for 1M in your Seattle area was seen as insanely expensive. Where are we now?
Telling me you are single and young without telling me you are single and young