Taxing Unrealized Gains

[ThisIsMe]

Supreme Court appears wary of repercussions of major case that could upend tax code

The case before the justices Tuesday could have sweeping implications for the U.S. tax system and derail proposals from some Democrats to create a wealth tax.

www.cbsnews.com

Case is being heard today in the Supreme Court.

I think this is a bad idea because, though they say it’s just to tax the rich, inevitably it will make its way to the common person as well. Doing so will remove a lot of the benefit of pre tax deductions.

In regards to taxing the rich, I still feel it’s not a good idea because it would be akin to taxing something that’s not benefiting anyone at the moment. Plus, you’ll end up getting double taxed on it. Once as an unrealized gain, and again when you cash it out.

Also, what about items that can fluctuate in value. If you have an item worth a lot of money today and they tax you on that value, if it decreases in value, do they give you a rebate?

Also, what about things like collectors items that you may never intend to sell? Such as rare comics or baseball cards and such. Is it right that one would be taxed on the value of those things if they never intend on selling them? Same goes with an investment, such as a house, or property, again, you may never want to sell these items, but you’ll be taxed on some estimated value that it could bring you if you were to sell it. It’s just extra money you’ll be paying for no reason.

What about the person who may inherit something, such as land, perhaps that land is very valuable…but maybe they dont have the money to pay the gains taxes they are wanting to assess in it, does that mean they will be forced to sell it?

Also, my question is..why? Why do they feel the need to tax unrealized gains? Is it because they just feel they are entitled to it? Is it because they just need more money?

It further emphasizes the need to cut spending rather than to keep finding ways to take more money from the people.

At the end of the day, this will solve nothing as if they manage to make this happen, all they are going to do is say “hey, we got more money, so that means we can just spend more”, which puts us right back at square one.

Cutting spending is the only answer, taxing unrealized gains (money you don’t have) is a bad idea.

 

[Oddball]

It's a way to tax you out of your home.

 

[Meister]

This isn't going to fly in the Supreme Court.
Capital gains would have to be realized as income to be taxed.
Having a paper gain is nothing tangible.

 

[Edgetho]

This isn't going to fly in the Supreme Court.
Capital gains would have to be realized as income to be taxed.
Having a paper gain is nothing tangible.

Also, what about Pensions, 401Ks, farm and ranch property?

Typical 9th Circus bullshit.

 

[Harpy Eagle]

This isn't going to fly in the Supreme Court.
Capital gains would have to be realized as income to be taxed.
Having a paper gain is nothing tangible.

I would not be too sure of this.

Interesting too that this all came about due to the tax cut bill passed by the GOP

 

[Meister]

I would not be too sure of this.

Interesting too that this all came about due to the tax cut bill passed by the GOP

It's an uphill climb with having a conservative lean in the Court.

 

[Edgetho]

It's an uphill climb with having a conservative lean in the Court.

I think it's being done so SCOTUS can clarify some of the rules. I'm not sure even the 9th Circus is that stupid. Maybe. They could be. They're pretty stupid but that's why we have a SCOTUS

Foreign earnings are a nightmare.

Oh, and what about the BILLIONS invested in Euro-Pac Funds? Think there might be some retaliation by Foreign goobermints if we divest HUNDREDS OF BILLIONS from their Countries?

betcha

 

[kyzr]

It's an uphill climb with having a conservative lean in the Court.

One way this might work is to have a time limit on holding stocks, in a new law, like 5-years.
After 5-years the stock is sold and taxes paid, or a loss taken.
The stock can be repurchased if desired. After paying income tax and/or a transaction tax.

 

[Meister]

One way this might work is to have a time limit on holding stocks, in a new law, like 5-years.
After 5-years the stock is sold and taxes paid, or a loss taken.
The stock can be repurchased if desired. After paying income tax and/or a transaction tax.

Forced sale of a stock.....by the government?
Government controlling our lives even more?
Not sure that would be Constitutional ?

 

[Edgetho]

Forced sale of a stock.....by the government?
Government controlling our lives even more?
Not sure that would be Constitutional ?

And, so.....??

 

[BluesLegend]

Also, what about Pensions, 401Ks, farm and ranch property?

Typical 9th Circus bullshit.

Dem leaders are on record desiring to TAX 401k's now, grab and spend that money long before it's eventually paid later in retirement or estate settlements. Dems desire to TAX knows no bounds.

 

[Jarlaxle]

This would de facto ban retirement savings.

 

[Edgetho]

Dem leaders are on record desiring to TAX 401k's now, grab and spend that money long before it's eventually paid later in retirement or estate settlements. Dems desire to TAX knows no bounds.

dimocrap scum do NOT want to 'tax' our earnings and savings. They want to confiscate it.

They can then give it back to those they believe are deserving.

Believe me when I tell you, dimocrap scum lust for power knows no bounds.

 

[ThisIsMe]

I would not be too sure of this.

Interesting too that this all came about due to the tax cut bill passed by the GOP

This isn’t anything new. The left has been wanting this for years. This is just coming to fruition now because of the Moore vs U.S. case where a couple is being taxed on money they never actually received but reinvested into their company.

 

[ThisIsMe]

One way this might work is to have a time limit on holding stocks, in a new law, like 5-years.
After 5-years the stock is sold and taxes paid, or a loss taken.
The stock can be repurchased if desired. After paying income tax and/or a transaction tax.

Why go through all of that? Just leave it as is, you buy a stock, it will go up and down in value over the years, but, at the point you wish to sell it, you’ll be charged a capital gains tax based on the profit you made from the stock.

 

[Edgetho]

Why go through all of that? Just leave it as is, you buy a stock, it will go up and down in value over the years, but, at the point you wish to sell it, you’ll be charged a capital gains tax based on the profit you made from the stock.

What if you lose your A$$ on a stock? Can you write it off??

 

[ThisIsMe]

What if you lose your A$$ on a stock? Can you write it off??

I think you can, to an extent, but that is going to be a realized loss. My question has always been, if you have those unrealized losses, does the government give you a tax break?

 

[Harpy Eagle]

This isn’t anything new. The left has been wanting this for years. This is just coming to fruition now because of the Moore vs U.S. case where a couple is being taxed on money they never actually received but reinvested into their company.

You blame it on the left but this is the result of the GOP/Trump tax cut/rule change bill.

 

[ThisIsMe]

You blame it on the left but this is the result of the GOP/Trump tax cut/rule change bill.

Sure I blame it on the left. They’ve been wanting a wealth tax, the ability to tax your 401K, and tax unrealized gains for a long time now. It’s just that it’s now being brought into the light by this case. THIS case is still an issue about them trying to tax money that was never received

But still, this is what the left wants, in general.

 

[Harpy Eagle]

Sure I blame it on the left. They’ve been wanting a wealth tax, the ability to tax your 401K, and tax unrealized gains for a long time now. It’s just that it’s now being brought into the light by this case. THIS case is still an issue about them trying to tax money that was never received

Yes, it is about the Govt trying to tax money that was never received, and it is only possible due to the tax bill passed by the GOP and signed by Trump.

But, you cannot blame them as that would bring the ire of your tribe and that just would never do.