Do you support taxing unrealized gains (Poll)

[Marener]

What about the half of all Americans who pay nothing at all? How about they pitch in instead of just enjoying all the benefits that America offers without paying in a cent, or actually taking money out? There really should be an Alternate Minimum Tax.

Besides, taxing the ultra-wealthy on unrealized gains will cause investments to take a dive, and kill the retirement funds of the middle class.

Americans who pay nothing.

Like Trump?

 

[Independent thinker]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

www.forbes.com

The policies proposed in the FY2025 budget target extremely high-net-worth individuals and entities, attempting to ensure wealth accumulation through investment is looped in to the taxable base—even when those investments are not sold. The general principle behind equitable taxation is that a broad base is to be preferred over higher rates—in other words, increasing tax revenue without imposing additional burdens on middle and lower income brackets, merely reshuffling the deck so higher income earners are taxed under existing rate structures.
Among the proposals is a plan to tax the unrealized gain on a trust, partnership or other non-corporate entity that has not been subject to a recognition event in the previous 90 years—something of a one time tax true-up for complex tax structures that are and have been growing untaxed for generations.

Several countries in Europe tried wealth taxes in various forms and every single country but one dropped them because they did not work and the one remaining country still doing it realizes they don't work either but hasn't stopped them. What the left don't understand is when you tax the wealthy, the wealthy just pass it on to everyone.

 

[Marener]

is the Government going to pay individuals on an investment that loses money? If I buy a stock at 1 dollar and it goes up 1 million% I dont have any of that money, if the Government taxed me on that "unrealized gain" and then the next day it dropped back to 1 dollar is the Government going to refund those taxes?

In other words this is a stupid idea

Business losses are carried forward on future gains.

 

[marvin martian]

Add to that the 6% increase the Marxist dems want on corporate taxes.

So that would be a big no.

All that means is price increases for the middle class, thus a tax by another name so the Marxists can give it to the most undeserving. Fuck them.

ALL of the DemoKKKrats' policies are designed to turn middle class people into poor people, and super rich people into ultra rich people.

 

[Couchpotato]

Business losses are carried forward on future gains.

But the Government will have still taken taxes from money I never earned, and that only applies to a business, not an individual investor (as far as I'm aware anyway) What you are saying is that if I see "unrealized income" it would be taxed, and then if I never realize that income I'm just fucked.

 

[Couchpotato]

Americans who pay nothing.

Like Trump?

Did Trump write the tax code? Or did people like Harris and Biden do that? Remind me who writes the tax code and which of those people were in the body that does that...

 

[Marener]

Did Trump write the tax code? Or did people like Harris and Biden do that? Remind me who writes the tax code and which of those people were in the body that does that...

He wrote some of it. He also abuses the tax code in ways that the IRS doesn’t want to deal with.

You know who doesn’t write the tax code? The 47% of Americans who don’t pay income tax that this other conservative poster was attacking despite doing nothing wrong.

 

[Couchpotato]

He wrote some of it. He also abuses the tax code in ways that the IRS doesn’t want to deal with.

When did Trump write any of the tax code? He's never served in the Senate or House.

You know who doesn’t write the tax code? The 47% of Americans who don’t pay income tax that this other conservative poster was attacking despite doing nothing wrong.

What does that have to do with me or Trump or anyone else for that matter? Maybe we should adopt the tax systems like Denmark and Norway. They are beacons of how it supposed to done right?

 

[Marener]

When did Trump write any of the tax code? He's never served in the Senate or House.

They passed the “Trump tax cut” in 2017.

What does that have to do with me or Trump or anyone else for that matter? Maybe we should adopt the tax systems like Denmark and Norway. They are beacons of how it supposed to done right?

It has to do with the poster I was responding to. In general, conservatives like to attack the working class and retirees who pay no income tax. They are labeled with all kinds of pejoratives. Hell, I’ve even seen plenty of conservatives suggest they shouldn’t even get the right to vote.

 

[bendog]

I hate the idea. It really makes no sense. If I buy a piece of real estate at my current budget that isn't worth that much, then I may not have the money to pay the unrealized gain if for some reason that property skyrockets in value. Yea, I made a good choice. But why should I be penalized for good decisions? It really favors the rich who can afford this kind of tax.

Wouldn't you have to hang onto it for 90 years without touching the income or base for any tax to be levied, and even then, neither of us is close to the income threshold? And I'm eating pretty good these days, even with inflation.

 

[Couchpotato]

They passed the “Trump tax cut” in 2017.

Sure but they passed the bill. Besides the fact that that bill is hardly the reason that the tax code is the way it is. We can agree that someone who spent 40 years in the Senate, 8 as VP and 4 as the President has had far more influence on what the tax code currently is than a 1 term President who didn't really even have the full support of his own party, which only held control of the House and Senate for the first 2 years of his Presidency.

It has to do with the poster I was responding to. In general, conservatives like to attack the working class and retirees who pay no income tax. They are labeled with all kinds of pejoratives. Hell, I’ve even seen plenty of conservatives suggest they shouldn’t even get the right to vote.

It's not an attack. If you dont pay any taxes in the first place how can you complain that someone else isn't paying their fair share of the taxes? That's the point.

 

[Marener]

Sure but they passed the bill. Besides the fact that that bill is hardly the reason that the tax code is the way it is. We can agree that someone who spent 40 years in the Senate, 8 as VP and 4 as the President has had far more influence on what the tax code currently is than a 1 term President who didn't really even have the full support of his own party, which only held control of the House and Senate for the first 2 years of his Presidency.


It's not an attack. If you dont pay any taxes in the first place how can you complain that someone else isn't paying their fair share of the taxes? That's the point.

You definitely missed the point.

Someone who doesn’t pay any taxes on poverty level wages can’t complain about a billionaire not paying taxes? I think they can and they should.

 

[Couchpotato]

You definitely missed the point.

Someone who doesn’t pay any taxes on poverty level wages can’t complain about a billionaire not paying taxes? I think they can and they should.

47% of the US isn't living on poverty level wages, and the people crying that the billionaires aren't paying taxes are the people who control the tax code....

 

[Lisa558]

But the Government will have still taken taxes from money I never earned, and that only applies to a business, not an individual investor (as far as I'm aware anyway) What you are saying is that if I see "unrealized income" it would be taxed, and then if I never realize that income I'm just fucked.

It will never pass. Kamala and Obama are just throwing out what sounds good to their base, and they love nothing more than “we are going to stick it the rich and give you a lot of their money.”

it’s an empty promise designed to buy votes.

 

[Lisa558]

You definitely missed the point.

Someone who doesn’t pay any taxes on poverty level wages can’t complain about a billionaire not paying taxes? I think they can and they should.

What about the people earning $50k and not paying in a cent? Why should they get all sorts of benefits paid for by other people, and then get to vote that the other people should pitch in even more?

 

[Marener]

What about the people earning $50k and not paying in a cent? Why should they get all sorts of benefits paid for by other people, and then get to vote that the other people should pitch in even more?

Is it their fault that they earn $50k and don’t pay taxes?

Nope.

In fact, pretty sure the Trump tax cut you guys love to brag about made it so more people didn’t pay taxes. It’s kind of an asshole move to criticize people because the benefited from the law you made possible.

 

[Lisa558]

He wrote some of it. He also abuses the tax code in ways that the IRS doesn’t want to deal with.

You know who doesn’t write the tax code? The 47% of Americans who don’t pay income tax that this other conservative poster was attacking despite doing nothing wrong.

The 47% of Americans paying nothing for all the benefits they get DO indirectly write the tax code by voting for Dems will will keep taking other people’s money and allowing them to get away with 0 tax bill.

 

[Lisa558]

Is it their fault that they earn $50k and don’t pay taxes?

Nope.

In fact, pretty sure the Trump tax cut you guys love to brag about made it so more people didn’t pay taxes. It’s kind of an asshole move to criticize people because the benefited from the law you made possible.

But that law helped the 80% of people who DO pay taxes. That’s very different than what Kamala (thinks) she’s pushing: MORE taxes on the middle class.

 

[RoshawnMarkwees]

Add to that the 6% increase the Marxist dems want on corporate taxes.

So that would be a big no.

All that means is price increases for the middle class, thus a tax by another name so the Marxists can give it to the most undeserving. Fuck them.

That’s the democrats’ evil version of trickle down theory.

 

[Marener]

But that law helped the 80% of people who DO pay taxes. That’s very different than what Kamala (thinks) she’s pushing: MORE taxes on the middle class.

Trump’s tax cut made it so many more Americans didn’t have to pay taxes.

But you’re attacking them for following the law you support. That’s pretty lame. Don’t be a jerk.