Power concedes nothing without a demand. Saying we should means you still have no demands. Power will continue to be unaccountable to you fellow taxpayer.
@@cecilelaforce3686printing money and equipping our armed forces. That was the only thing the federal government was supposed to do. Everything else was up to states.
Well thank Democrat Woodrow Wilson for the “Progressive” income tax which is all designed to build the wealth power and control of the corrupt democrat party over the people.
no, but if you have small losses, "Net capital losses in excess of $3,000 can be carried forward indefinitely until the amount is exhausted."@@chrisgentry4427
@@executiveinvestments That makes zero sense. What profit? When you invest and the market goes down and you LOSE real money, because your investment is worth less? The money is still in those investments, so hopefully it comes back over time.
Exactly, and with a tax like this it would mean that the same dollar could get taxed dozens of times. If someone has $1M in stocks, and they don't sell them, but they get taxed on them every year, that means once they finally sell them, the dollars they finally get from that sale has been taxed over and over again.
To: paullake2736 Re Re: "We don't pay taxes, only the little people pay taxes." Leona Helmsley " Little people, aka We the pupils, aka peon pawns. When the IRS sends a letter to the "SUBJECT", it begins, Dear TAXPAYER. Why isn't Dear also in all caps?
@@ChristianGastelum-t6n .....I'm a retired banker and investment guy. Yes I know what I unrealized gains are. It means stock that I've held for years that have increased in price even though I have not sold any shares could be taxed. It's the idea of freaking Democrat duma$$es. It will affect millions of Americans over time, harm the economy, and is very likely unconstitutional.
@@ChristianGastelum-t6nDo you understand what unrealized means? It means that the government is going to tax people on income they haven't even received yet.
They aren't. Property taxes go to the County or State. Not the Federal Government.. Beyond that... No taxes are being used as a government printing press.... That's the effing problem. The printing presses are being used as printing presses. Tax & Spend doesn't = inflation. Print & Spend = Inflation. Scenario A doesn't change the money pool.. Scenario B does.. It floods the market with dollars and dilutes the value. That's what inflation is.
To: notthefbi7932, Property tax IS REALLY an annual RENTAL fee that the real owner can RAISE @ the so called SUPERIOR AUTHORITY'S WHIM & If the RENTER cannot PAY the RENTAL FEE, The RENTER WILL FIND OUT RUDELY WHO THE OWNER IS. The OWNER grants to the RENTER a "THING" called "EQUITABLE INTEREST" IN THE PROPERTY OF THE REAL OWNER. The OWNER is only concerned about the property being maintai8ned by the Renter AND the annual rental fee. Yes U ARE ALLOWED TO SELL THE PROPERTY! The "BUYER" IS THEN THE RENTER & OWES THE ANNUAL RENTAL FEE.
If only there was a short document enumerating the powers of the Federal government that we could consult to see if a wealth tax was legal? The debate isn't the word "realized" as he suggests, because the simple word is "income." If something didn't "come in" then it is not "income." At the moment it "comes in" it is now "income." So yes, we know exactly why "unrealized income" shouldn't be taxed: because it isn't actually income yet. Seriously, if POTUS and Congress want a wealth tax so bad, all they have to do is pass a Constitutional amendment. Until then, you don't need to be a legal scholar to see that it isn't allowable currently. Instead POTUS & Congress would rather repeatedly violate their Constitutional oaths with executive orders and laws that they often admit that they were aware at the moment they created those items that they knew they were likely unconstitutional. Such untrustworthy people should never be re-elected. P.S. This is true of Biden, Trump, Obama, Bush & Clinton, as well as the vast majority of all those who served in Congress during these administrations (lest someone accuse me of critiquing 1 side and being hypocritical of the other). We have RAMPANT violations of our Constitution by those in the highest offices in the land, and we must hold them accountable by voting them out.
There is no need for a wealth tax and they know it. If they stop rigging the tax code to favor the rich and corporations, everyone would be made to pay their fair share, but no lobbyists are eating at the politicians dinner table . They have no intentions of doing anything except talk and that means BOTH parties. They all Suck.
Seems you are making a pretty egregious error. You are trying to use logic and common sense to argue with a liberal. If they can run the power grid and charge their electric cars from unicorn farts, then they can tax money that is only imaginary.
The fact that this is even a question shows how far reaching and corrupt our government has become. There is no end to what the government feels they are entitled.
Just tired of being taxed to death. Taxation was fought once before....do we need to do it again? I find that my voice hasn't been represented by our government for some time now.
This case isn’t about you unless you are super rich. They are simply trying to fix the system so that the super rich can NEVER be taxed on their investments- but they still use the collateral from those investments to do whatever they want. So they have billions of dollars at their disposal and don’t have to pay any taxes on it.
@@deshaunx776 That's not true. in Los Angeles for example they tax small businesses on unrealized gain. Before example they will actually drive around and look into the windows of your business and see if You have any inventory. If you do they will send you a bill on what they estimate that inventory is worth. I'm not kidding this happened to me first-hand.
@deshaunx776 lmao. You really think they only want the wealthy? This will absolutely be used against the populace as a whole to keep people down financially.
@@deshaunx776 This case is about anyone who invests. Say if you bought 10 crypto coins at ten dollars each for $100, well if each ones goes up to twenty dollars and you have $200, you would need to pay taxes at the end of the year (or even by December since you can get penalized by state taxes for not doing so) even if you didn't sell the crypto and you didn't realize any profits and turn it into dollars. Now imagine not much later the crypto crashes and is worthless. You essentially paid taxes for something that became worthless. This is absolute theft.
Tax the tax and tax it again. That's the government in a nutshell. Until politicians start fearing citizens this will never end and it will only get worse.
It would be horrible for the American public if the government started taxing unrealized income. It will remove what ever little incentive Americans have to save for their future.
@Gimil38 people would start waking up if they start taking the time to seek this information out, listen to Klaus Sh and more like him to what they are really planning and it is not good for the average American!
It’s not complicated. The government spends disgustingly too much, spending on things they have no business being involved in and waste even more. So they have to make up new, even imaginary ways of taxing people more. An easier way to solve this would be to restrain and restrict the federal government based on the Constitution.
@@0IIIIIIWe spend more on our military than any other country. We have a higher incarceration rate than any other country. Our roads are falling apart, we have terrible infrastructure. Our government spends more on healthcare than it would if we switched to a single paying system. We funded two wars that we lost. Now we're finding two more wars that we SHOULDN'T BE INVOLVED IN. Is the conflict in Palestine important? Absolutely. But you can't expect Americans to care when rent is sky high and the national minimum wage is still $7.25.
So, let me get this straight. We pay taxes on our income. We pay taxes on same money when we spend it. Real estate taxed to death. And now you want us to pay taxes on Monopoly money? I just can’t. 😡
You pay taxes for social security and they tax that when you take it. Haha😂 You pay into the food stamp fund in case you ever have to use it, they tax that. Taxes taxes taxes
On a smaller scale - look at sales tax. You pay the tax when you purchase something like a car. You trade the car in and the next buyer pays a sales tax. The tax was already paid on first purchase and again and again.
I’m so sick and tired of reading this moronic phrase. I hate taxes just as much as the next person, but this gross oversimplification is just so incredibly stupid.
Since the financial analyst noted that the people purportedly bringing this lawsuit have spent far more money on court cases and appeals than the $15k that they owed in taxes, one wonders if they're really that rich that they can afford to spend all this extra money, or if they have backers with an anti-government agenda and deep pockets who are shepherding the case to the Supreme Court in hopes of achieving a desired end result. I suspect the latter; time for me to do some deeper digging into this story (it's how I'm wired).
@@crispinfornoff206, The churches don't believe in separation of church and state, so why should they be tax exempt? Church pastors and some communities openly tell their parishioners who devote for or who not to vote for and engage in political discussion. Churches also own property, and they depend on police and fire services, and having adequate roads for their parishioners to use to get to church..... And in some cities, churches are major property holders and even slumlords. So yes, no more free rides for churches!
People getting mad about a tax policy that will disproportionately affect the top 1% that dont pay income taxes because their income is essentially zero but they are worth billions through stock holdings. Pretty much every big company ceo gets paid this way. Tax dodgers
@@BigHunt206 Conservative Justices Thomas and Alito both accepted luxury vacations & gifts from the billionaires who stand to gain financially from their decision. Why are you ok with their blatant corruption?
feels silly to have a body of governments even hear a case that involves the government making a decision that really doesn't affect them, only everyone else in america
This is insane how much of our money do they want to waste. 401k will pay taxes every year until its zero. I worked hard start to invest and they want to tax it. Fo!
I bought 100 shares of Gamestop at 2.50 a share, It skyrocketed to 250 per share but Robin Hood blocked the sale of the stock, by suspending trading.. the stock then crashed and I lost about $150.. But I owe taxes on the 25,000 of unrealized capital gains that I could have made had Robin Hood not blocked the sale of the stock..
nah bruh, that aint how it works. its not about theoretical potential for income. if YOU made $25k on gamestop stock, didn't touch the money or stocks but then you called your bank and took out a loan using that as leverage. You clearly own and have something that youve gained from, but since you didn't "actualize or realize" (cash out) then you don't have to pay taxes on it as income. it aint about you or 99% of us, it is about closing a big loophole in tax code that billionaires and giant corps use to dodge paying any taxes.
@@FuzzyS0X thank you for the excellent explanation. The more we know, the less the top 1% can convince us the tax loop helps the other 99%. That is their strategy to keep the middle class paying the majority of the taxes.
Ridiculous to frame this as something only billionaires have to worry about, when the case itself is about a couple paying $15k in taxes on an investment that lost them money.
@@dillonqaphsiel7977, the analyst being interviewed said these cases cost far more than the 15K the couple could have simply paid, so either the couple is very wealthy or they have wealthy backers who are shepherding and underwriting the cost of this case, all the way up to the SCOTUS.
What they need to do is illegalize personal property tax. It sucks having to pay taxes on recreational vehicles, your personal vehicle and even small live stock. It’s crazy in Missouri.
Property taxes are how small towns and local communities pay for things like upkeep on roads, police and fire departments, and education. Are you trying to tell me that in Missouri you wouldn't miss any of those things? Your comment seems to indicate that the educational system in Missouri has already been defunded.
NOT THAT COMPLICATED. The power of Socialism, Communism, never enough of anything, especially your money. They take all of your money then leave you with this.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. Winston Churchill
Well, does nobody think it's strange that Elon Musk says the government cannot tax his shares of Tesla because they are unrealized gains...and at the same time, use those shares to purchase Twitter? How can they be used to buy anything at all, if they are unrealized and don't yet exist? If you can use it to purchase something, then it is an income that can be taxed.
This fiasco happened during the first internet stock boom regarding unrealized gains on options that were later worthless. Many tech workers paid tens of thousands in taxes on their stock options and ended up not seeing a cent in profits. It bankrupted many of them.
@@AntiRapeandPDFile24 it’s equal for everyone across the board. But since you’re a liberal, you probably want everything free . This would be the only FAIR tax across the board.
This is done in Germany - investors who bought shipping closed-end funds weren't making any profit due to decline of goods being shipped and a glut of container ships. Enter the government who came up with a 'tonnage tax', determining how much each investor should have earned. Then they taxed that amount that nobody even earned.
@@firstclasswaffles trust me, your commenting on a TH-cam video, you’re not worth $50,000,000 and won’t be subjected to a wealth tax in your entire life, 😂
@@firstclasswaffles yes, wealth tax proposals do not kick in until you have a net worth of around $50,000,000. Unlike the Uber wealthy, The rest of us already pay our fair share of taxes.
Why doesn't the S.C. change the tax laws that the government put on ordinary taxpayers. For instance, if a tax payer paid to much money in taxes in a year and receive that money back, they have to claim that as income the following year. In otherwords they are having to pay taxes on money they over paid the year before. The government is taking in hundreds of billions of dollars they are not entitled to. I personally would like a retroactive rebate for all those years.
Taxing unrealized gains would force small business owners to sell all or parts of their business. As they grow the business it becomes more valuable but the value is tied up in the equipment, brand, management efficiency, etc., it’s not as simple as “not on hand” like these liars say
For the average Joe, whose worth may be mostly in such an asset, this seems grossly unfair to do prior to selling an asset -- traditionally, taxes on this would be treated as capital gains taxes at time of sale. For the mega rich, they can do things with that "unrealized income" that the average Joe never could. Somehow privilege ought to figure into this, but how? Specialty leverage taxes?
You just do away with all deductions. Then rich people and corporations can't get out of any taxes. Its very simple. Although, honestly, I dont think any average people should pay any income tax. To pay income tax, you should have to have made 100k or more... same with inheritance. 🤷
If you’re an American who earns money, no matter where, you’re subject to tax. That’s the price of living here. Someone has to pay for all those tanks and airplanes.
If they make a wealth tax in the U.S. I am literally exiting the U.S. economy and my money is going elsewhere. Looks like the poor will simply have to pay for that wealth tax since they will be the new rich.
But, where would you go? If this was 20-30 years ago there might be sanctuary somewhere else. Where is there to go anymore that's not more corrupt or dangerous than the U.S.?
@@astral_anomaly if that ends up being the case they will net a whopping $3.50 off of it per year and it will be a nothing burger. There is a reason the middle class pays more taxes than anyone, think about it.
Im never in favor of any government raising new taxes. What does the government need MORE money for? The equivalent would be me demanding more money from my boss because I bought four cars and now have to pay for them. The government DOES NOT need more money. It needs to CONTROL its spending.
The problem isn’t raising taxes. It is collecting the taxes from the people and corporations that do not pay their part. We need to stop attacking each other over taxes and start asking everyone to do their part. Stop the tax cheats!
@@sambonedallasthey are not getting healthcare. Read a book about foreign policy. Helping other countries that have governments we can work with protects us. It also saves us money by not going to war and sending our own sons and daughter to fight.
@@carylynluv, The biggest problem ordinary people face is that the wealthy already pay so little in taxes and have so many deductions available to them ---- tax policies that they lobbied for ---- that they're now swimming in cash which they can use for political donations to elect politicians favorable to their desire to become even wealthier. Or, to pay for fancy vacations for Supreme Court justices......
If you haven't taken it out as money as income then it isn't income. It's just a number on paper. No value at that point. I'm liking the old days where the people said "no taxation without representation".
nope! this isn't your little chase bank account we are talking about. if you had a bar of gold that you bought for X dollars. you pay your taxes on the sale. then the value of the gold goes up, but you never sell your gold bar for cash. No tax right? correct. BUT if you take a loan and show the bank the bar of gold worth X dollars and they give a loan on based on the value of that gold, now you have clearly "used" that value to your benefit. That loan isn't income. The value gained from the gold isn't income cuz you never "cashed out" your investment. you still have it. So there is the problem. benefiting from the value of assets and your property and making money but dodging ever paying taxes on using it because it "technically the increase in value isn't yours yet." It isn't about the gov tax on your savings account or retirement fund, its about billionares and giant mega corps dodging ever paying taxes cuz "its just value, not actual money in hand yet."
@@FuzzyS0X I'll just keep my gold bars. Pass em down. Or trade for supplies when SHTF. If I took them to the bank for collateral and the collateral value decreases then what do you think the bank will do? Call in the loan? Or you think the bank will loan at 100% value the day of the loan? If this passes muster it will help further crash the entire business operation structures. It's like buying property. You pay taxes at closing. But every year a tax appraiser comes around. Until you die or go homeless you will pay tax on a higher value each year. Nothing is right when it comes to big govmint needing to feed the war machine.
The last thing you want to do is give the government more money. Soon enough, they will have it all, and if you think the corporations are corrupt, well, you haven't seen anything yet. They won't ask anymore. They will just take and bully us because everyone will be so poor that they won't be able to confront even local governments. Everything will be controlled and doled out like we are welfare recipients. Forget about the 1st and 2nd Amendments. They will just force us to comply because we will be powerless to fight it. The bribes and payouts to politicians to vote certain bills through will flow. This is scary.
Taxing unrealized income is ridiculous on its face. Anyone who ever dabbled in crypto knows the volatility of things from day to day. Cashing out is the time to be taxed, that’s when it’s real.
Ridiculous to tax on unrealized gains, consider if Hunter Biden sold 1 of his painting for half of a million dollars, shall we tax all his unsold artwork for that much each piece?
@@patron40silver, A former president has been doing that sort of thing routinely, and using property he owns as collateral to get more loans. His properties are like the goose that lays the golden eggs, especially when he can tell the banks that his geese lay 50 golden eggs a month while simultaneously telling the IRS that they only lay 10 golden eggs per month.
You have to also tax on all of the materials that they use to create art like your paints and brushes. that's what they're doing in California. They will literally tax you on inventory you have purchased but have yet to sell. They will actually send you a tax invoice based on their assumptions. it is the most insane thing you've ever seen
@@patron40silver , I addressed my comment to you and not some of the others here because you're making a rational, sensible argument, while others engage in strawman arguments or engage in lazy, shallow "taxation is theft!" outbursts. BTW, I just read a half-dozen articles about this case, and its quite different from how it's being portrayed here ---- the couple in the lawsuit own a controlling interest in a farm equipment company * in India * and are unhappy with a provision in the trump/Republican tax-code rewrite of 2017 that was designed to bring back US dollars that had been put into offshore investments in order to shield them from taxation; legislation partly written by then speaker of the House, Republican Paul Ryan and his staff tax adviser! who were extensively quoted in several articles (they think this lawsuit is misguided). This suit seems to have been backed by multi-millionaires/billionaires and business groups such as the Chamber of Commerce in hopes of scuttling future attempts to enact a wealth tax on the uber rich. Suggest you read today's NPR and Guardian articles, and maybe some others, for a clearer picture.
The 16th Amendment gave Congress the legal standing to take more money from the citizenry. That was the first mistake. Second, that seems to indicate that there must be income to tax. If you invest, but don’t make income from it, how does that work?
This seems like an insidious way to tax you twice. If you have unrealized gains from say stock options in a company and are then expected to pay tax on the unrealized gains, I'd imagine most people who don't have the cash available would have to sell some of said assets to pay the tax. This would then trigger you realizing gains on the amount taken out and paying taxes on that amount as well. This sounds a bit crazy. Would regular people with 401k/retirement plans be included in this? would it trigger after a certain amount?
A typical 401k/retirement plan would fall short of the wealth threshold. This is because a 401k/retirement plan is an employee retirement plan and contributions are capped per deferment taxation, making it virtually impossible to have a millionaire 401k/retirement plan, as an 401k/retirement plan employee and a 401k/retirement plan isn't a Roth IRA
So going back to the 1950's here..... the economy was the most prosperous it had ever been, especially for the middle class of america, the average person. The tax rate for the top 1% was 91% at the time. As you move forward in time you can actually draw a direct correlation line from the taxes for rich people being lowered and the literal death of the middle class and the growth of poverty, and the gradual decline of our economic prosperity. Higher taxes for the rich is not only fair, but actually benefits the economy and everyone in it as a whole.
Should be not problem paying fair taxes, but the irresponsability of the U.S. Governments keep charging and charging more, they do not know how to balance the books. The Services provide by the Government are terrible and in general are not worth so much in Taxes.
Why are we talking about paying taxes on assets that aren’t money yet? Also, how would you tax unrealized gains? The market value of a stock at 11:59:59 on December 31?
We shouldn't have to pay any taxes until these politicians start using our money for what it's meant for.
Power concedes nothing without a demand. Saying we should means you still have no demands. Power will continue to be unaccountable to you fellow taxpayer.
Give them the taxes in lead
Describe a list of what our taxes "are meant for"?
@@cecilelaforce3686printing money and equipping our armed forces. That was the only thing the federal government was supposed to do. Everything else was up to states.
Well thank Democrat Woodrow Wilson for the “Progressive” income tax which is all designed to build the wealth power and control of the corrupt democrat party over the people.
If unrealized gains are taxed then unrealized losses should also be used.
Beyond a doubt. Funny how they already tax you for gains, but if you have massive losses, you can't carry those over year to year.
no, but if you have small losses, "Net capital losses in excess of $3,000 can be carried forward indefinitely until the amount is exhausted."@@chrisgentry4427
@@chrisgentry4427 huh? You certainly can claim a loss. Who fault is it that you didnt cash out and take ur profit? Sorry but that is income.
@executiveinvestments if I don't cash out then I didn't make anything. Why should I have to pay taxes on money I don't have?
@@executiveinvestments That makes zero sense. What profit? When you invest and the market goes down and you LOSE real money, because your investment is worth less? The money is still in those investments, so hopefully it comes back over time.
The worst part is realizing that every dollar made in income is taxed at least 3 times. Depending on how you use it.
I was trying to think of a way to say that exact same thing so thank you
This is completely wrong, there is no way three times is enough! 🤣
(I now see the at least)
But that dollar is taxed over and over and over, and so on.
Don’t forget the death taxes.
Exactly, and with a tax like this it would mean that the same dollar could get taxed dozens of times.
If someone has $1M in stocks, and they don't sell them, but they get taxed on them every year, that means once they finally sell them, the dollars they finally get from that sale has been taxed over and over again.
"We don't pay taxes, only the little people pay taxes." Leona Helmsley
In reality the top 1% of earners alone pay over one-third of income taxes. Mrs. Helmsley actually went to jail for cheating on taxes.
That makes no sense
@@Mr_Sandman-s3qtaxes are voluntary
@@SanDiegoBallistics they are extortion.
To: paullake2736
Re
Re: "We don't pay taxes, only the little people pay taxes." Leona Helmsley "
Little people, aka We the pupils, aka peon pawns. When the IRS sends a letter to the "SUBJECT", it begins, Dear TAXPAYER. Why isn't Dear also in all caps?
When are they going to pass a law that says other countries have to tax their citizens then send their money to Americans?
wut?
@@mikykanazawa7308they are poking fun at the fact we Americans get taxed then our money gets sent off in millions and billions to other countries
Exactly
That would never happen.Until we stop paying, we can finally stop giving our money to other countries.
Taxing unrealized income is absolutely ludicrous.
They do it to crypto already.
Do you understand what unrealized income means. It could be wealth that stays in the billionaire’s business and or corporations
@@ChristianGastelum-t6n .....I'm a retired banker and investment guy. Yes I know what I unrealized gains are. It means stock that I've held for years that have increased in price even though I have not sold any shares could be taxed. It's the idea of freaking Democrat duma$$es. It will affect millions of Americans over time, harm the economy, and is very likely unconstitutional.
@@ChristianGastelum-t6nDo you understand what unrealized means? It means that the government is going to tax people on income they haven't even received yet.
@@ChristianGastelum-t6nNo, they don’t understand lol.
Property taxes need to quit being used as government printing press 😡
They aren't. Property taxes go to the County or State. Not the Federal Government..
Beyond that... No taxes are being used as a government printing press.... That's the effing problem. The printing presses are being used as printing presses. Tax & Spend doesn't = inflation.
Print & Spend = Inflation.
Scenario A doesn't change the money pool.. Scenario B does.. It floods the market with dollars and dilutes the value. That's what inflation is.
To: notthefbi7932,
Property tax IS REALLY an annual RENTAL fee that the real owner can RAISE @ the so called SUPERIOR AUTHORITY'S WHIM & If the RENTER cannot PAY the RENTAL FEE, The RENTER WILL FIND OUT RUDELY WHO THE OWNER IS. The OWNER grants to the RENTER a "THING" called "EQUITABLE INTEREST" IN THE PROPERTY OF THE REAL OWNER. The OWNER is only concerned about the property being maintai8ned by the Renter AND the annual rental fee. Yes U ARE ALLOWED TO SELL THE PROPERTY! The "BUYER" IS THEN THE RENTER & OWES THE ANNUAL RENTAL FEE.
@@FrankNStein-pf9rrproperty tax is a wealth tax.
The gift tax is even worse ! The giver pays tax on the money the receiver gets ! WTF ?
@@Whatsa-jaguar-now
Dear TAXPAYER!!
Taxes R (adjective) > TAXING!! Having a name for any TAX does not make it non taxing.
This is disgusting. I really hope scotus tells the govt in no uncertain terms to pound sand. #TaxedEnoughAlready
If only there was a short document enumerating the powers of the Federal government that we could consult to see if a wealth tax was legal?
The debate isn't the word "realized" as he suggests, because the simple word is "income." If something didn't "come in" then it is not "income." At the moment it "comes in" it is now "income." So yes, we know exactly why "unrealized income" shouldn't be taxed: because it isn't actually income yet.
Seriously, if POTUS and Congress want a wealth tax so bad, all they have to do is pass a Constitutional amendment. Until then, you don't need to be a legal scholar to see that it isn't allowable currently.
Instead POTUS & Congress would rather repeatedly violate their Constitutional oaths with executive orders and laws that they often admit that they were aware at the moment they created those items that they knew they were likely unconstitutional.
Such untrustworthy people should never be re-elected.
P.S. This is true of Biden, Trump, Obama, Bush & Clinton, as well as the vast majority of all those who served in Congress during these administrations (lest someone accuse me of critiquing 1 side and being hypocritical of the other). We have RAMPANT violations of our Constitution by those in the highest offices in the land, and we must hold them accountable by voting them out.
There is no need for a wealth tax and they know it. If they stop rigging the tax code to favor the rich and corporations, everyone would be made to pay their fair share, but no lobbyists are eating at the politicians dinner table . They have no intentions of doing anything except talk and that means BOTH parties. They all Suck.
I totally agree 💯 with you! Why it got this far is totally and profoundly stupid! 😠
Seems you are making a pretty egregious error. You are trying to use logic and common sense to argue with a liberal. If they can run the power grid and charge their electric cars from unicorn farts, then they can tax money that is only imaginary.
There's no one to vote in
Tldr: extreme oversimplification of the issue.
The fact that this is even a question shows how far reaching and corrupt our government has become. There is no end to what the government feels they are entitled.
Just tired of being taxed to death. Taxation was fought once before....do we need to do it again? I find that my voice hasn't been represented by our government for some time now.
This case isn’t about you unless you are super rich. They are simply trying to fix the system so that the super rich can NEVER be taxed on their investments- but they still use the collateral from those investments to do whatever they want. So they have billions of dollars at their disposal and don’t have to pay any taxes on it.
@@deshaunx776Don't have to be rich to have investments
@@deshaunx776 That's not true. in Los Angeles for example they tax small businesses on unrealized gain. Before example they will actually drive around and look into the windows of your business and see if You have any inventory. If you do they will send you a bill on what they estimate that inventory is worth. I'm not kidding this happened to me first-hand.
@deshaunx776 lmao. You really think they only want the wealthy? This will absolutely be used against the populace as a whole to keep people down financially.
@@deshaunx776 This case is about anyone who invests. Say if you bought 10 crypto coins at ten dollars each for $100, well if each ones goes up to twenty dollars and you have $200, you would need to pay taxes at the end of the year (or even by December since you can get penalized by state taxes for not doing so) even if you didn't sell the crypto and you didn't realize any profits and turn it into dollars. Now imagine not much later the crypto crashes and is worthless. You essentially paid taxes for something that became worthless. This is absolute theft.
STOP saying Billionaires. This is about the federal government taking your home, business, and every thing you own
Tax the tax and tax it again. That's the government in a nutshell. Until politicians start fearing citizens this will never end and it will only get worse.
It would be horrible for the American public if the government started taxing unrealized income. It will remove what ever little incentive Americans have to save for their future.
Not only the incentive, but the ability.
Part of the plan!
@Gimil38💯
@Gimil38 people would start waking up if they start taking the time to seek this information out, listen to Klaus Sh and more like him to what they are really planning and it is not good for the average American!
thats what they want, everyone totally dependant on big daddy gov. "do what we say or you wont get our "help".
GREAT IDEA: I WILL BE DEDUCTING ALL MY UNREALIZED LOSSES
The politicians that work in the house and the senate need to stop being paid. None of them deserve a pay check
Perfect! Ensure 100% that only rich people have those positions!
It’s not complicated. The government spends disgustingly too much, spending on things they have no business being involved in and waste even more. So they have to make up new, even imaginary ways of taxing people more.
An easier way to solve this would be to restrain and restrict the federal government based on the Constitution.
Can you explain in your own words how the government spends too much? How much is too much? And how does government spending hurt you?
I think the problem is that many people think "it's not complicated."
@@0IIIIIIWe spend more on our military than any other country. We have a higher incarceration rate than any other country. Our roads are falling apart, we have terrible infrastructure. Our government spends more on healthcare than it would if we switched to a single paying system. We funded two wars that we lost. Now we're finding two more wars that we SHOULDN'T BE INVOLVED IN. Is the conflict in Palestine important? Absolutely. But you can't expect Americans to care when rent is sky high and the national minimum wage is still $7.25.
@0IIIIII the billions spent in Ukraine come to mind
So, let me get this straight. We pay taxes on our income. We pay taxes on same money when we spend it. Real estate taxed to death. And now you want us to pay taxes on Monopoly money? I just can’t. 😡
Hey, it's the democratic way 😂
You pay taxes for social security and they tax that when you take it. Haha😂
You pay into the food stamp fund in case you ever have to use it, they tax that.
Taxes taxes taxes
Just remember that the Republicans, and Trump, created this tax.
Vote accordingly.
Taxation is extortion at this point
We released the slaves. The war 2 white sides fought to free them is why we have taxes. We didn't have taxes before the civil war.
Greedy Government!
Yup...
The fact that they are smiling about the whole situation, makes my blood boil
Things we own have already been taxes
Unless you’re rich
Taxation is absolutely ridiculous
They want to steal every penny!
On a smaller scale - look at sales tax. You pay the tax when you purchase something like a car. You trade the car in and the next buyer pays a sales tax. The tax was already paid on first purchase and again and again.
They have no right to tax you on money that you never made. It’s time to abolish government taxes.
Not too smart are ya OP uh?
This really isn’t complicated, taxation is theft.
Yep We need to have Joe Bainster former IRS agent trending. The truth needs to come out about taxes.
Are tariffs theft?
I’m so sick and tired of reading this moronic phrase. I hate taxes just as much as the next person, but this gross oversimplification is just so incredibly stupid.
Taxation is the true fall of Roman Empire.
Explaining why the gov tolerates US billionaires in fiscal-paradises
Income tax was originally intended as a tax on the profits business owners earned from their business NOT a tax on a workers hourly wages.
These crooks just don’t stop.
The government needs to cut spending completely then there would be no need for these taxes.
We need to stop paying taxes and just let it crumble and restart.
The federal income tax needs to be abolished.
Along with homestead property tax.
That will only tax lower income at a much higher rate which is what we have now.
stop taxing us to death!
The Supreme Court’s rulings are clouded by their personal behavior. They’ll find in favor of big business & the wealthiest.
Since the financial analyst noted that the people purportedly bringing this lawsuit have spent far more money on court cases and appeals than the $15k that they owed in taxes, one wonders if they're really that rich that they can afford to spend all this extra money, or if they have backers with an anti-government agenda and deep pockets who are shepherding the case to the Supreme Court in hopes of achieving a desired end result. I suspect the latter; time for me to do some deeper digging into this story (it's how I'm wired).
Taxes are already too high, to tax unrealized gains is ludicrous
Taxing unrealized gains is a horrible idea. Thinking the government won't use it against you and the rest of the population is simple ignorance.
@@danstevens6515the rich are not taxed enough, these taxes will never touch you so simmer down little buddy.
@@traviswebb3532 explain how it's either fair or equal to force people to pay more government extortion fees just because they are successful?
Government already wastes the majority of the taxes they are given
2 US senators, one from OR and the other from ID, are now advocating for an internet tax, the madness doesn't end...
good we are taxed when we earn and taxed when we spend that same dollar. most tax is theft
1:30 CORRECTION: the “new tax” on “unrealized gains” is the Destabilizing change in the nation’s tax system!
Tax the NFL and Corporations
I’m pretty sure the NFL is an organization.
Tax the churches
@@dianedavidson7977 So you don’t believe in separation of church and state then?
@@crispinfornoff206tax churches like they are a business. Then we are separating church and state.
@@crispinfornoff206, The churches don't believe in separation of church and state, so why should they be tax exempt? Church pastors and some communities openly tell their parishioners who devote for or who not to vote for and engage in political discussion. Churches also own property, and they depend on police and fire services, and having adequate roads for their parishioners to use to get to church..... And in some cities, churches are major property holders and even slumlords. So yes, no more free rides for churches!
How can you pay cash taxes on unrealized profits? Makes no sense. Can’t pay taxes until you sell the asset and realize the gains.
Inflation is the invisible tax no one will ever address accordingly.
Correct, because the rich benefit from it.
@@silverman5707 it justifies the price increases claiming for inflaition but resulting in record high profits. 📈
People getting mad about a tax policy that will disproportionately affect the top 1% that dont pay income taxes because their income is essentially zero but they are worth billions through stock holdings. Pretty much every big company ceo gets paid this way. Tax dodgers
Corrupt justices should recuse themselves
Yeah, but they're corrupt, so they won't.
The Democrats, agreed
@@BigHunt206 Conservative Justices Thomas and Alito both accepted luxury vacations & gifts from the billionaires who stand to gain financially from their decision. Why are you ok with their blatant corruption?
@@BigHunt206
What about the judges that went along with the ruling weren't they negligent in their ruling?
Like who in your mind?
feels silly to have a body of governments even hear a case that involves the government making a decision that really doesn't affect them, only everyone else in america
This is insane how much of our money do they want to waste. 401k will pay taxes every year until its zero. I worked hard start to invest and they want to tax it. Fo!
We revolted in the US over Taxes on TEA. Now we let the government tax our INCOME, PROPERTY, AND NOW OUR FAILED INVESTMENTS?!?! Time for a revolution!
I bought 100 shares of Gamestop at 2.50 a share, It skyrocketed to 250 per share but Robin Hood blocked the sale of the stock, by suspending trading..
the stock then crashed and I lost about $150..
But I owe taxes on the 25,000 of unrealized capital gains that I could have made had Robin Hood not blocked the sale of the stock..
You don’t owe it if you didn’t pull out the money. Your cost basis will show no profit.
nah bruh, that aint how it works. its not about theoretical potential for income. if YOU made $25k on gamestop stock, didn't touch the money or stocks but then you called your bank and took out a loan using that as leverage. You clearly own and have something that youve gained from, but since you didn't "actualize or realize" (cash out) then you don't have to pay taxes on it as income. it aint about you or 99% of us, it is about closing a big loophole in tax code that billionaires and giant corps use to dodge paying any taxes.
@@FuzzyS0XExactly. Many of these “asset loans” and “credit lines” do not require the person to pay anything back until their death.
@@FuzzyS0X thank you for the excellent explanation. The more we know, the less the top 1% can convince us the tax loop helps the other 99%. That is their strategy to keep the middle class paying the majority of the taxes.
@@FuzzyS0X you keep buying into that rhetoric. Maybe you should review how the government sold the "income tax" to the American people.
Ridiculous to frame this as something only billionaires have to worry about, when the case itself is about a couple paying $15k in taxes on an investment that lost them money.
lol their the ones who gambled their money
@@dillonqaphsiel7977, the analyst being interviewed said these cases cost far more than the 15K the couple could have simply paid, so either the couple is very wealthy or they have wealthy backers who are shepherding and underwriting the cost of this case, all the way up to the SCOTUS.
@@dillonqaphsiel7977 I'ma take chips off your table at the casino. Unrealized gains tax.
@@teh_jibbler cringe
insane. We are going to have to do something, folks. we
can't go on like this.
Stop paying taxes, won't work if we don't commit to it. Has to be everyone to make an impact
It wouldn't surprise me if they start taxing families of those buried in burial plots and calling it "burial property tax"
Damn, wish you hadn't mentioned that since you just gave CA a new tax idea.
Carbon tax.
😮 don't give them any ideas!
section 861 is the only place that tells you what can be taxed. we have been ripped off since 1913.
What they need to do is illegalize personal property tax. It sucks having to pay taxes on recreational vehicles, your personal vehicle and even small live stock. It’s crazy in Missouri.
Agreed. (Go Blues:)
@@Dogsrule777 go blues baby. 🤘
Property taxes are how small towns and local communities pay for things like upkeep on roads, police and fire departments, and education. Are you trying to tell me that in Missouri you wouldn't miss any of those things? Your comment seems to indicate that the educational system in Missouri has already been defunded.
That's your state, not the Federal government.
Which party runs Missouri?
Illegalize repetitive taxes.
You get taxes to work then taxed to but anything. Then taxed again to resell thst product. Smh makes zero sense.
They have the nerve to smile. My rage is burning me up right now.
NOT THAT COMPLICATED. The power of Socialism, Communism, never enough of anything, especially your money. They take all of your money then leave you with this.
@seymourbutts4654 Obviously you never been in the USSR, would you like to try North Korea? There's plenty of "socialism/communism" there...
@seymourbutts4654 Do you know any Socialists hiring? I heard they share profits, and pay a living wage?
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.
Winston Churchill
This federal government is out of control
Well, does nobody think it's strange that Elon Musk says the government cannot tax his shares of Tesla because they are unrealized gains...and at the same time, use those shares to purchase Twitter? How can they be used to buy anything at all, if they are unrealized and don't yet exist? If you can use it to purchase something, then it is an income that can be taxed.
Totally agree. He can claim those shares to get loans, but we can’t tax them. Pure corruption on the billionaires side.
He did pay taxes on the shares he used to buy Twitter. He had the highest tax bill in the history of the US.
So if I leverage my savings it should be taxed again as income because it still holds value? Lock n load
@@craiglist187 nope. you don't know anything but you tried to simplify it make some grand statement.
Correct answer is - NO. He’s already taxed on it
It has come time to keep our money and do business where the US government cannot get to it.
YOU HAVE GOT TO BE KIDDING ME!!!! 😮
This fiasco happened during the first internet stock boom regarding unrealized gains on options that were later worthless. Many tech workers paid tens of thousands in taxes on their stock options and ended up not seeing a cent in profits. It bankrupted many of them.
I’m for a flat sales tax across the board. Do away with state and federal. That way EVERYONE pays when you buy something.
But that is uneven for the poor and helps the wealthy. Sounds too Republican.
@@AntiRapeandPDFile24if they're poor they buy less, resulting in less taxes spent.
...your head alright?
@@AntiRapeandPDFile24 it’s equal for everyone across the board. But since you’re a liberal, you probably want everything free . This would be the only FAIR tax across the board.
These rich people complaining about their taxes will never EVER feel the effects of those taxes they pay, Not so in reverse.
This is done in Germany - investors who bought shipping closed-end funds weren't making any profit due to decline of goods being shipped and a glut of container ships. Enter the government who came up with a 'tonnage tax', determining how much each investor should have earned. Then they taxed that amount that nobody even earned.
Can't wait until they tax the money sitting in my wallet.
@@OrjahlianI have some news for you, they already have
@@harmonicpeace7340 wouldn't surprise me, but out of curiosity what tax do you refer to?
@@Orjahlianwell, that is, grocery tax, fuel tax and anything you can buy with that money that has tax in it.
@asantekro you forgot the taxes taken out of check before you even receive said money
Taxing as it is is already ludicrous, do they really expect people to continue playing this stupid game?
Man that's not happening.....no way in hell I'd pay tax on unrealized income
Are you worth more than $50,000,000? If not, then I wouldn’t worry about it.
@@ryant5447 How about NO. Simple as that.
@@firstclasswaffles trust me, your commenting on a TH-cam video, you’re not worth $50,000,000 and won’t be subjected to a wealth tax in your entire life, 😂
@@ryant5447 Where are you pulling the $50,000,000 figure from? Is that when the unrealized income tax takes effect?
@@firstclasswaffles yes, wealth tax proposals do not kick in until you have a net worth of around $50,000,000. Unlike the Uber wealthy, The rest of us already pay our fair share of taxes.
Why doesn't the S.C. change the tax laws that the government put on ordinary taxpayers. For instance, if a tax payer paid to much money in taxes in a year and receive that money back, they have to claim that as income the following year.
In otherwords they are having to pay taxes on money they over paid the year before.
The government is taking in hundreds of billions of dollars they are not entitled to.
I personally would like a retroactive rebate for all those years.
The gift tax is ridiculous ! The giver paying a tax on the amount of money the receiver gets . This tax on gifts is backwards .😮
The fact this nation was formed on revolting againt unfair taxes and now we have came to this ….
It's time😁
As long as there's property taxes, you don't own it.
You're renting it. Abolish property taxes.
Taxing unrealized gains would force small business owners to sell all or parts of their business. As they grow the business it becomes more valuable but the value is tied up in the equipment, brand, management efficiency, etc., it’s not as simple as “not on hand” like these liars say
It would only empower tax lawyers, foreign companies that compete with American companies, etc. All bad players that are looking for the money grab.
Remember, Tax is a synonym for Theft
They want to tax dreams and everything
Don't give them any ideas.
You can't desabilize a system that's not stable in the first place.
Whether you support this administration or not, we can all agree that this tax is crazy. Especially all my crypto fam.
Part of the "you will own nothing and be happy" plan
Imagine being in favor of more taxes.
For the average Joe, whose worth may be mostly in such an asset, this seems grossly unfair to do prior to selling an asset -- traditionally, taxes on this would be treated as capital gains taxes at time of sale. For the mega rich, they can do things with that "unrealized income" that the average Joe never could. Somehow privilege ought to figure into this, but how? Specialty leverage taxes?
You just do away with all deductions. Then rich people and corporations can't get out of any taxes. Its very simple. Although, honestly, I dont think any average people should pay any income tax. To pay income tax, you should have to have made 100k or more... same with inheritance. 🤷
right, wait til average joe has to pay additional taxes on his 401k that he cant use for another 20 years.
The average guy can too in the form of a home equity loan on the unrealized true value of his home
Tax net worth annually at a rate of 2% if it is over 50 million as a start.
@@maddhatter3564 401k isn't really unrealized income and it has protections for taxes in many cases.
Taxing wealth = taxing thrift and responsibility.
No taxation without representation.... and that doesn't mean you can implement laws to make it so, we the people have spoken.
If you’re an American who earns money, no matter where, you’re subject to tax. That’s the price of living here. Someone has to pay for all those tanks and airplanes.
Can I write off unrealized losses? No? Lol.
Nope but pay more property tax because Zillow says your house is worth more and pay 30% tax on your 20% 401k gains
@@sambonedallas Just use a Roth 401K
Taxes is what we should be protesting. I feel no representation in this
If they make a wealth tax in the U.S. I am literally exiting the U.S. economy and my money is going elsewhere. Looks like the poor will simply have to pay for that wealth tax since they will be the new rich.
Adios.
@@armaletalia3254 thanks!
The wealth tax affects those with a net* worth of 50 billion dollars. That took 3 seconds to Google brother
But, where would you go? If this was 20-30 years ago there might be sanctuary somewhere else. Where is there to go anymore that's not more corrupt or dangerous than the U.S.?
@@astral_anomaly if that ends up being the case they will net a whopping $3.50 off of it per year and it will be a nothing burger. There is a reason the middle class pays more taxes than anyone, think about it.
This is utterly ridiculous and a terrible idea. Smh. What bs.
Im never in favor of any government raising new taxes. What does the government need MORE money for? The equivalent would be me demanding more money from my boss because I bought four cars and now have to pay for them. The government DOES NOT need more money. It needs to CONTROL its spending.
The Ukraine needs free healthcare or else the big guy doesn’t get his 10% . That’s why
The problem isn’t raising taxes. It is collecting the taxes from the people and corporations that do not pay their part. We need to stop attacking each other over taxes and start asking everyone to do their part. Stop the tax cheats!
@@sambonedallasthey are not getting healthcare. Read a book about foreign policy. Helping other countries that have governments we can work with protects us. It also saves us money by not going to war and sending our own sons and daughter to fight.
@@carylynluv, The biggest problem ordinary people face is that the wealthy already pay so little in taxes and have so many deductions available to them ---- tax policies that they lobbied for ---- that they're now swimming in cash which they can use for political donations to elect politicians favorable to their desire to become even wealthier. Or, to pay for fancy vacations for Supreme Court justices......
@carylynluv the fact that you don't get it is kinda funny to me and trust me it's a spending problem not a collecting problem
If you haven't taken it out as money as income then it isn't income. It's just a number on paper. No value at that point.
I'm liking the old days where the people said "no taxation without representation".
nope! this isn't your little chase bank account we are talking about. if you had a bar of gold that you bought for X dollars. you pay your taxes on the sale. then the value of the gold goes up, but you never sell your gold bar for cash. No tax right? correct. BUT if you take a loan and show the bank the bar of gold worth X dollars and they give a loan on based on the value of that gold, now you have clearly "used" that value to your benefit. That loan isn't income. The value gained from the gold isn't income cuz you never "cashed out" your investment. you still have it. So there is the problem. benefiting from the value of assets and your property and making money but dodging ever paying taxes on using it because it "technically the increase in value isn't yours yet." It isn't about the gov tax on your savings account or retirement fund, its about billionares and giant mega corps dodging ever paying taxes cuz "its just value, not actual money in hand yet."
@@FuzzyS0X I'll just keep my gold bars. Pass em down. Or trade for supplies when SHTF.
If I took them to the bank for collateral and the collateral value decreases then what do you think the bank will do? Call in the loan? Or you think the bank will loan at 100% value the day of the loan? If this passes muster it will help further crash the entire business operation structures. It's like buying property. You pay taxes at closing. But every year a tax appraiser comes around. Until you die or go homeless you will pay tax on a higher value each year. Nothing is right when it comes to big govmint needing to feed the war machine.
@@kbrown5218 Bingo, you will own nothing and be happy, your just fodder for the war machine and entertainment for the elites.
The last thing you want to do is give the government more money. Soon enough, they will have it all, and if you think the corporations are corrupt, well, you haven't seen anything yet. They won't ask anymore. They will just take and bully us because everyone will be so poor that they won't be able to confront even local governments. Everything will be controlled and doled out like we are welfare recipients. Forget about the 1st and 2nd Amendments. They will just force us to comply because we will be powerless to fight it. The bribes and payouts to politicians to vote certain bills through will flow. This is scary.
The tree of liberty needs watering.
Basically this is the TAX Version of the MINORITY REPORT.
Ir hasn't happened yet, BUT you will be charged.
Taxing unrealized income is ridiculous on its face. Anyone who ever dabbled in crypto knows the volatility of things from day to day. Cashing out is the time to be taxed, that’s when it’s real.
Every person in the u.s should file exempt
I guess it depends on whether the rich men who own some of the Supreme Court feel about it.
This will be the test to see if our Supreme court is or is not totally corrupted.
I believe that ship has already sailed.
Ridiculous to tax on unrealized gains, consider if Hunter Biden sold 1 of his painting for half of a million dollars, shall we tax all his unsold artwork for that much each piece?
@@patron40silver - His loans are secured by Joe's presidency.
@@patron40silver, A former president has been doing that sort of thing routinely, and using property he owns as collateral to get more loans. His properties are like the goose that lays the golden eggs, especially when he can tell the banks that his geese lay 50 golden eggs a month while simultaneously telling the IRS that they only lay 10 golden eggs per month.
You have to also tax on all of the materials that they use to create art like your paints and brushes. that's what they're doing in California. They will literally tax you on inventory you have purchased but have yet to sell. They will actually send you a tax invoice based on their assumptions. it is the most insane thing you've ever seen
@@77Avadon77 - CA is about to start charging for utilities based on how much you make, over and above the electric and water you use.
@@patron40silver , I addressed my comment to you and not some of the others here because you're making a rational, sensible argument, while others engage in strawman arguments or engage in lazy, shallow "taxation is theft!" outbursts. BTW, I just read a half-dozen articles about this case, and its quite different from how it's being portrayed here ---- the couple in the lawsuit own a controlling interest in a farm equipment company * in India * and are unhappy with a provision in the trump/Republican tax-code rewrite of 2017 that was designed to bring back US dollars that had been put into offshore investments in order to shield them from taxation; legislation partly written by then speaker of the House, Republican Paul Ryan and his staff tax adviser! who were extensively quoted in several articles (they think this lawsuit is misguided). This suit seems to have been backed by multi-millionaires/billionaires and business groups such as the Chamber of Commerce in hopes of scuttling future attempts to enact a wealth tax on the uber rich. Suggest you read today's NPR and Guardian articles, and maybe some others, for a clearer picture.
So at what point will we have enough and just say "No way in hell" and refuse them?!!!
Democrats will take the socks right off your feet, and the shirt off your back.
and make you pay a tax on it
The 16th Amendment gave Congress the legal standing to take more money from the citizenry. That was the first mistake. Second, that seems to indicate that there must be income to tax. If you invest, but don’t make income from it, how does that work?
This seems like an insidious way to tax you twice. If you have unrealized gains from say stock options in a company and are then expected to pay tax on the unrealized gains, I'd imagine most people who don't have the cash available would have to sell some of said assets to pay the tax. This would then trigger you realizing gains on the amount taken out and paying taxes on that amount as well. This sounds a bit crazy. Would regular people with 401k/retirement plans be included in this? would it trigger after a certain amount?
A typical 401k/retirement plan would fall short of the wealth threshold. This is because a 401k/retirement plan is an employee retirement plan and contributions are capped per deferment taxation, making it virtually impossible to have a millionaire 401k/retirement plan, as an 401k/retirement plan employee and a 401k/retirement plan isn't a Roth IRA
So going back to the 1950's here..... the economy was the most prosperous it had ever been, especially for the middle class of america, the average person. The tax rate for the top 1% was 91% at the time. As you move forward in time you can actually draw a direct correlation line from the taxes for rich people being lowered and the literal death of the middle class and the growth of poverty, and the gradual decline of our economic prosperity. Higher taxes for the rich is not only fair, but actually benefits the economy and everyone in it as a whole.
Unrealized gains are not fiat currency . It’s speculation. How are you going to tax an asset that could potentially lose 100% of its value at any time
Congress just puts it into tax law. It doesn’t have to be reasonable or make sense.
The fact this is even news is disturbing 😳
Should be not problem paying fair taxes, but the irresponsability of the U.S. Governments keep charging and charging more, they do not know how to balance the books. The Services provide by the Government are terrible and in general are not worth so much in Taxes.
Why are we talking about paying taxes on assets that aren’t money yet? Also, how would you tax unrealized gains? The market value of a stock at 11:59:59 on December 31?
Calling losses, "unrealized income" is like calling death, "unrealized life" and then taxing you while youre dead.
I wouldn't put it past em. Theyd just send the bill to next of kin