easyt65
Diamond Member
- Aug 4, 2015
- 90,307
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The year 2021 has seen President Biden and congressional Democrats explore, very publicly and painfully, seemingly every possible way to squeeze more tax money out of the American people. This exploration has taken place though the federal government just enjoyed the biggest revenue haul in two decades, inflation is higher than it’s been in three decades, and Senator Kyrsten Sinema (D., Ariz.) has taken all tax-rate increases off the table.
Desperate for any new tax at this late hour of the “Build Back Better” soap opera of socialism, all hands have come on deck for perhaps the craziest idea yet — an income tax on income that doesn’t actually exist.
This new policy would, for the first time in American history, tax the annual increase in asset values held by “the rich” (those people, over there). It doesn’t matter whether the taxpayer in question sold the asset and realized an actual profit or not — merely the increased gain in value would be enough to trigger annual taxation. If certain versions of the proposal prevailed, it could mean that, if your house went up in value last year, Uncle Sam will want to tax you on the growth in its Zillow Zestimate.
It's sorta like your local property tax - if the value of your property goes up you are taxed on the value of the property.
If your stock value increases you can be taxed instead of being taxed when you cash in that investment. In a recent poll, in a 3 to 1 margin Americans opposed this tax. Then there’s the small matter that a Zillow Tax is unconstitutional. As Joe Bishop-Henchman of the National Taxpayers Union (NTU) has pointed out repeatedly, such a tax violates the standard set out by the Supreme Court in Eisner v. Macomber (1920). In the case, the Court explicitly rejected a tax on the increase in value of a stock which had not actually been sold:
www.nationalreview.com
Desperate for any new tax at this late hour of the “Build Back Better” soap opera of socialism, all hands have come on deck for perhaps the craziest idea yet — an income tax on income that doesn’t actually exist.
This new policy would, for the first time in American history, tax the annual increase in asset values held by “the rich” (those people, over there). It doesn’t matter whether the taxpayer in question sold the asset and realized an actual profit or not — merely the increased gain in value would be enough to trigger annual taxation. If certain versions of the proposal prevailed, it could mean that, if your house went up in value last year, Uncle Sam will want to tax you on the growth in its Zillow Zestimate.
It's sorta like your local property tax - if the value of your property goes up you are taxed on the value of the property.
If your stock value increases you can be taxed instead of being taxed when you cash in that investment. In a recent poll, in a 3 to 1 margin Americans opposed this tax. Then there’s the small matter that a Zillow Tax is unconstitutional. As Joe Bishop-Henchman of the National Taxpayers Union (NTU) has pointed out repeatedly, such a tax violates the standard set out by the Supreme Court in Eisner v. Macomber (1920). In the case, the Court explicitly rejected a tax on the increase in value of a stock which had not actually been sold:
The Zillow Tax | National Review
The latest Biden proposal: an income tax on income that doesn’t actually exist.
www.nationalreview.com
