Good Democrats like Warren Buffet, Jeff Bezos, and Mark Suckerburg are gonna owe quite a chunk of money to the IRS if it passes. A minimum of 20% tax on any unrealized gains on any kind of asset.
It probably won't pass but if it did, does anyone think that when all the money is tallied, it will be a net loss for them?
I don't. Otherwise, they would not have voted for it.
I would rather be in favor of a Billionaire's Beating.
Several billionaires per year are selected from a weighted (by wealth) random draw and beaten with rattan switches on live teevee/youtube. Not to death, but definitely to hospitalization. Hire the guy who whooped that shoplifting American teenager a few years back. Saw the results and was impressed.
We need to implat FEAR back into our rulers, one way or another.
It involves a lot more than just billionaires.
There’s some ‘step up in basis ‘ tax issues involved that can affect lots of folks.
So if your investment goes down in value will the government issue you a check? Didn't think so.
People will find other ways to hide their assets. The honest people will end up paying anyway.
It will never pass[nor was it presented with any thought of passage], just a ruse to distract the masses from the horrible job Joseph is doing.
Bad, bad Billionaires!
Everything is their fault !
Rest assured that there will be plenty of loopholes for the wealthy Democrats. They won't be cutting down their money tree, those who donate big to keep them in power. This is all playing games to dupe the real people.
It will never pass[nor was it presented with any thought of passage], just a ruse to distract the masses from the horrible job Joseph is doing.
Bad, bad Billionaires!
Everything is their fault !
There's a pile of laws on the books that "will never pass".
It will never pass[nor was it presented with any thought of passage], just a ruse to distract the masses from the horrible job Joseph is doing.
Bad, bad Billionaires!
Everything is their fault !
There's a pile of laws on the books that "will never pass".
How many that primarily affect the uber wealthy?
If it passes I assume there will be a clause in it that exempts members of Congress.
$400k is now a billionaire in Biden's clown world, which actually means anyone; even the 48% who don't pay federal taxes. Corporations don't pay taxes, they just pass those on to the end user. This, on top of the 50 to 250% price increases on food, gas, etc. are how the so-called poor are taxed.
I would rather be in favor of a Billionaire's Beating.
Several billionaires per year are selected from a weighted (by wealth) random draw and beaten with rattan switches on live teevee/youtube. Not to death, but definitely to hospitalization. Hire the guy who whooped that shoplifting American teenager a few years back. Saw the results and was impressed.
We need to implat FEAR back into our rulers, one way or another.
Example?:
https://www.youtube.com/watch?v=PuzXdbirgf8
Grain of sand on the beach…….
So, does this mean the “billionaires” will have to dump tons of their stock, every April, in order to come up with the cash to pay the taxes on their otherwise “unrealized gains”???
“Unrealized gains” is about the stupidest thing, ever, in the history of taxes.
Why don’t they just start taxing every person who buys a $200 million lottery ticket for $40 million, as well???
How the hell is the Govt gonna keep-up/refund all the taxes paid, when those gains AREN’T realized??
Yes, and the main problem as I see it, is that there would have to be so many shares of FB, Berkshire Hathaway, Amazon, Tesla, and Microsoft sold to pay the taxes that the market would crash and us poor suckers holding those things in our 401ks would get killed again.
This billionaire/corporate tax is just a ruse and will die.
It will never happen, but a flat tax on all earnings for “everyone” is what I prefer.
If you think this won't gradually seep down to us regular folks, you don't know history. The billionaires will find ways around it, and us regular folks will feel the pain. They know this, and it is done on purpose.
A tax on unrealized capital gains will destroy our free enterprise/capitalism system..... or I should say be the final killing blow
The Dems have a majority in the House and with the VP, a majority in the Senate. If it doesn't pass, it is because the Ds don't want to pass it.
A tax on unrealized capital gains will destroy our free enterprise/capitalism system..... or I should say be the final killing blow
How is this ^^^part written?
Value of stock/fund X on 1/1/XXXX vs. 12/31/XXXX ?
If this passes the rich will sell off what they will be taxed on, correct? What will all that do to the working family's retirement investment? You can bet your last dollar that those in congress will be setting themselves up to not suffer any loss and helping their buddies that keep the cash flowing into their pockets.
Again with the "if you make less than $400k, you're taxes won't go up one dime" scam. Even if on the surface it's technically correct, raising corporate taxes just gets passed on the those very people they claim to protect in the form of higher prices on all goods and services. Whether they admit it or not, all tax hikes are paid for in one way or another by all people. Therein lies the deception which the Left has mastered.
They gonna fuuuck the working man somehow. This cshit coming out of their mouths is all lip service to the ignorant democunts that vote for them.
A tax on unrealized capital gains will destroy our free enterprise/capitalism system..... or I should say be the final killing blow
It would actually bankrupt a lot of people. In many circumstances, the difference between paper gains and liquid assets is so huge that people wouldn't be able to pay the taxes. And the next year, the exact opposite might be the case. So here's a rhetorical question for everyone...if a person has massive unrealized losses, is the government going to cut them a check of a fortune in the form of a tax credit on the unrealized losses??? You know the answer already.
Rest assured that there will be plenty of loopholes for the wealthy Democrats. They won't be cutting down their money tree, those who donate big to keep them in power. This is all playing games to dupe the real people.
Ask yourself why so many billionaires vote and support democrats and why they do it? They do it because when democrats are in power the ultra wealthy can count on them to govern in ways that financially benefit billionaires. Every "tax the rich" scheme in history has contained loopholes that have ultimately benefitted rich democratic donors and soaked the middle/upper middle class. This will be no different, the law will be written so that Jeff Bezos and Bill Gates can make a couple of minor adjustments to their portfolio and go about their merry way. Meanwhile the small investor with a few million dollars in his stock portfolio will lose half his wealth.
It's like claiming they'll create a flood to drown giraffes - without mentioning that everything shorter than giraffes...
Those are the folks that have the drive to dream big, invent things, build factories, and create jobs for us poor folks. Tax them out of existence and then we'll have income equality with everyone in the dumps.
I'm most inclined to support a flat tax across the board. I.e. What was your income? Multiply that by 0.05 and send us a check.
Am I envious of the Rockefellers, Melons, or Hiltons? You bet, but someone in those families busted their ass to acquire their assets and probably employed and pulled a few of us along while doing so. Lots of them also went broke several times before coming up with a successful idea.
Do, if you start a company, go public, enjoy great gains from the IPO, do you sell to pay taxes and violate SEC holding regulations?
Tax expenses will be passed along to the consumer......like always.
This is how politicians appeal to low IQ voters, while increasing tax on everybody..........but on paper it's only 'the wealthy paying their share'.
Like a thought crime they are going to tax people for profits they might make in the future. Are they going to be taxing businesses if they leave any working capital in the business too? Seems that would be the case with many sole proprietorship.
Bb
If people had to cut a check for taxes instead of the automatic deductions, they'd be more involved with how badly it is spent. They'd also be looking for cheaper alternatives to lower their bill too.
Holy Sh it you guys aren’t paying Attention..
This will be on of the Derby Donkey named Mitch finest pieces of Work ..
5000 pages of Rich People Loopholes not to mention all the Subversive NGO Funding..
The Rich write the Tax Law never forget that..
As the Hot Tub Philosopher from SC once said:
“ You ain’t seen Nothing Yet””
If people had to cut a check for taxes instead of the automatic deductions, they'd be more involved with how badly it is spent. They'd also be looking for cheaper alternatives to lower their bill too.
57% of all Americans paid no federal income tax for 2021. Federal VAT and similar consumption based taxes seem like the lessor of tax evils to me but I can't support one because they'd just add it in addition to everything else. The taxes I hate the most are on my home and land. Always just renting from the king. Many on fixed income are having a hard time with property taxes doubling over just a few years. My property tax is more than my first mortgage was in 2006. The government is entirely too big in every way.
Bb
This will affect everyone. They can't bleed the billionaires for enough money to do what they want to do. Unrealized capital gains is a gateway drug for the globalists. It will affect everyone eventually, everyone except the billionaires.
It's just political theater. They know it won't pass.
They will use others, billionaires, money until it is gone. Then....come for what little we have. MTG