Dems Want Unrealized Gains on Taxes in the Budget for the Wealthy?

Meister

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Jan 15, 2009
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Conservative part of the Northwest
Who's next? Once they get their foot in the door, and see that it's not enough, who's next?
How will they reconcile unrealized losses....or will they? This is becoming an authoritarian
government on steroids

• Lawmakers are considering taxing the unrealized capital gains of billionaires as a way to raise money to help pay for President Joe Biden’s broad social and climate spending plans, Treasury Secretary Janet Yellen told CNN’s “State of the Union” on Sunday. Sen. Ron Wyden (D., Ore.), the head of the Senate Finance Committee, is working on the plan, which would put a tax on the unrealized capital gains on liquid assets held by “extremely wealthy individuals, billionaires,” Yellen said. She said it’s not a wealth tax, but would help target “an extraordinarily large part of the incomes of the wealthiest individuals” that isn’t taxed until those assets are sold. Wealth in the form of unrealized investment gains often is also passed along to heirs tax-free, a loophole some lawmakers are also examining. The Washington Post reported the billionaire tax proposal would affect the fortunes of America’s roughly 700 billionaires. Democrats are seeking alternate funding for Biden’s bill after Sen. Kyrsten Sinema (D., Ariz.) said she opposed raising taxes on the largest corporations and wealthy Americans.


As Democrats seek ways to pay for a proposed roughly $2 trillion social spending bill, a new annual tax on the unrealized capital gains of billionaires is likely to be included, House Speaker Nancy Pelosi (D.,-Calif.) told CNN Sunday.
This comes as Democrats have shorn down the size of the proposed spending bill, but have struggled to agree on a way to pay for its costs after Sen. Kyrsten Sinema (D.-Ariz.) voiced opposition to increasing capital gains taxes on individuals and marginal tax rates on corporations.
 
Personally I don't care about the "extremely wealthy billionaires" the majority are the 1st to pander to the woke liberals.
 
Who's next? Once they get their foot in the door, and see that it's not enough, who's next?
How will they reconcile unrealized losses....or will they? This is becoming an authoritarian
government on steroids

• Lawmakers are considering taxing the unrealized capital gains of billionaires as a way to raise money to help pay for President Joe Biden’s broad social and climate spending plans, Treasury Secretary Janet Yellen told CNN’s “State of the Union” on Sunday. Sen. Ron Wyden (D., Ore.), the head of the Senate Finance Committee, is working on the plan, which would put a tax on the unrealized capital gains on liquid assets held by “extremely wealthy individuals, billionaires,” Yellen said. She said it’s not a wealth tax, but would help target “an extraordinarily large part of the incomes of the wealthiest individuals” that isn’t taxed until those assets are sold. Wealth in the form of unrealized investment gains often is also passed along to heirs tax-free, a loophole some lawmakers are also examining. The Washington Post reported the billionaire tax proposal would affect the fortunes of America’s roughly 700 billionaires. Democrats are seeking alternate funding for Biden’s bill after Sen. Kyrsten Sinema (D., Ariz.) said she opposed raising taxes on the largest corporations and wealthy Americans.


As Democrats seek ways to pay for a proposed roughly $2 trillion social spending bill, a new annual tax on the unrealized capital gains of billionaires is likely to be included, House Speaker Nancy Pelosi (D.,-Calif.) told CNN Sunday.
This comes as Democrats have shorn down the size of the proposed spending bill, but have struggled to agree on a way to pay for its costs after Sen. Kyrsten Sinema (D.-Ariz.) voiced opposition to increasing capital gains taxes on individuals and marginal tax rates on corporations.
If you want more out of big money operations and operators, change code to limit amount of deductions, not create a new tax. I can see that the concept is kind of like my property taxes, that have gone up, as the value of my property has gone up, still not sure it is the way to go.
 
Unrealized gains on the "wealthy" means every property owner will owe income taxes everytime their tax assessment goes up.
 
Democrat politicians never have enough money. That's why they're so dangerous to the middle class. The big tax money always has and always will come from the middle class. Middle class people who vote for Democrats are either stupid or crazy.
 

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