Taxing Unrealized Capital Gains

[Ann]

How?

[Crap Throwing Clavin]

3 minutes ago, Ann said:

How?

 

It also means if you buy a house for $200k, and it's later assessed at $400k, you owe taxes on the $200k profit.

 

It's an obscenely stupid idea.

[GG1]

Cue the excuses that it will only apply to "billionaires." 

[snafu]

Do people pay the same tax on the same unrealized gain every year?

Makes no sense.

 

[GG1]

Memories are very short for the idiot class, who doesn't recognize that all financial panics are driven by paper depreciation of assets that suddenly become illiquid.

[Just Joshin]

14 hours ago, snafu said:

Do people pay the same tax on the same unrealized gain every year?

Makes no sense.

 

There is no practical way to keep the records.  It will be a nightmare and create chaos before it is over turned.

[Taro T]

On 10/26/2021 at 6:36 PM, Ann said:

How?

 

Janet Yellen proposing something that will seriously screw over middle class people?  That would NEVER happen.  She's so darn reasonable & profound.  

[devnull]

Lemme get this straight.  If you buy 1000 in stock and it goes up to 1500, you owe taxes on 500

Do you owe taxes on 500 every year?

If the stock drops to 500, do you get a 500 tax credit?

[Koko]

2 hours ago, devnull said:

If the stock drops to 500, do you get a 500 tax credit?

 

No, after a drop, you still pay taxes on what you should have made, had the obstructionist fascist GOP not willfully tanked the stock.

[The_Dude]

It’s actually a great idea. If your goal is to destroy the economy I cannot think of a more efficient way than convincing people not to invest in the economy. Brilliant move. 

[KD in CA]

[Nanker]

It’s in the hands of The Supremes

 

Is there no end to the government’s greed?

[snafu]

4 hours ago, Nanker said:

It’s in the hands of The Supremes

 

Is there no end to the government’s greed?

 

Article 1 says that Congress can lay and collect taxes.

The 16th amendment didn’t delete Article 1.  It only adds the ability to tax “income” to the power granted to the Gov’t in Article 1.

 

If the taxpayer is arguing that unrealized gains is not income and can’t be taxed, then that shouldn’t preclude the Gov’t from exercising its power in Article 1, Section 8.

 

Maybe the Repatriation Tax is implemented improperly, but it looks like the power to impose that Tax is Constitutional.

 

…unfortunately, obviously.

 

 

 

[Nanker]

14 minutes ago, snafu said:

 

Article 1 says that Congress can lay and collect taxes.

The 16th amendment didn’t delete Article 1.  It only adds the ability to tax “income” to the power granted to the Gov’t in Article 1.

 

If the taxpayer is arguing that unrealized gains is not income and can’t be taxed, then that shouldn’t preclude the Gov’t from exercising its power in Article 1, Section 8.

 

Maybe the Repatriation Tax is implemented improperly, but it looks like the power to impose that Tax is Constitutional.

 

…unfortunately, obviously.

 

 

 

We’re so screwed. We will own nothing. 

[snafu]

21 minutes ago, Nanker said:

We’re so screwed. We will own nothing. 

yeah.

and it will be an ugly road to that destination.

 

[Foxx]

1 hour ago, snafu said:

 

Article 1 says that Congress can lay and collect taxes.

The 16th amendment didn’t delete Article 1.  It only adds the ability to tax “income” to the power granted to the Gov’t in Article 1.

 

If the taxpayer is arguing that unrealized gains is not income and can’t be taxed, then that shouldn’t preclude the Gov’t from exercising its power in Article 1, Section 8.

 

Maybe the Repatriation Tax is implemented improperly, but it looks like the power to impose that Tax is Constitutional.

 

…unfortunately, obviously.

 

 

 

Is an unrealized gain, income?

[Ann]

Just now, Foxx said:

Is an unrealized gain, income?

 

Nope

[Nanker]

52 minutes ago, Ann said:

 

Nope

But as @Snafu said earlier Congress has the Constitutional authority to tax under Article 1. Period. 
 

Taxing unrealized capital gains is a cynical, craven form of avarice and naked greed. It’s a clear step toward communism.