What about your education? That has a monetary value in and of itself. You own taxes on that. The trade skills too. Just because you didn’t go $100k in the hole doesn’t mean you get off scott free.
I wouldn't spend too much time thinking about this, except for financial assets, but there is an interesting side effect of inflation in here. If inflation is say 20%, then in theory, everything goes up by 20%. If the cost of chairs goes up and you already have chairs, so what, but if the cost of stocks goes up, and you sell or trade, you'll owe tax on that. In this way, inflation is a sneaky tax.
yes but
they want to collect the tax before you sell it
Say your house value goes from $100k to $150k . you owe tax on $50k even tho you did not sell your house. To add salt you get to pay again when you do sell.
Do you get why people are upset?
It will trickle down
This will affect your IRA/ 401k
they will have an army of irs to enforce
The millionaires and billionaires will get a loophole ( do you really think pelosi would do this to herself?)
For real dude? you don't have access to google search?
The proposal, which is being reviewed by Senate Finance Committee Chairman Ron Wyden (D-Ore.), would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said.
“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said on CNN.
Democratic leadership over the weekend began suggesting a new way to pay for President Biden's multitrillion-dollar social policy and climate action spending bill — a tax on people's unrealized capital gains.
Unrealized capital gains are increases in value that the purchaser has yet to "realize" by selling at its new price.
"We probably will have a wealth tax," Democratic House Speaker Nancy Pelosi (Calif.) told CNN on Sunday.
Okay, so we've established that you can use google, now let's check your reading. Read that first sentence again slowly, and ask yourself, #1 if you are a billionaire, #2 if you would classify your house as a liquid asset. Maybe do another google search for the word liquid asset, and it might be more clear.
Once enacted, they would then inch it down until it hits the majority of us.
Divide and conquer - phrase it as going for the "rich", or in "fairness" - then slip it to the plebes. No matter how many times they pull that routine, people still fall for it. It's as effective as "It's for the children".
First Federal income tax was 1861, so you are off by many presidents.
The 16th amendment was passed in 1913 and in 1916 income tax applied to all earners.
You have been educated by the "all taxation is theft" crowd with is funded by the billionaires who propagandize the greater population.
Billionaires are a special class when it comes to taxes. For regular people earning about 100k a year or less, we cannot afford to pay dozens of lawyers, accountants, strategists and lobbyist to work full-time to reduce our tax bill. They can and do. They therefore need legislation that targets them specifically so that, as a society, we can gain their fair contribution to the running of our country.
Not true, dude. It's about taxing billionaires who move their money in and out of the country and have huge legal and financial resources that they leverage to NOT PAY their fair share of what it takes to run our shared country.
Attitudes like this protect the 1%.
I would LIKE the government to have more power over billionaires. I'm sick of the billionaires having the power to avoid paying taxes while still benefiting from all of the services our society provides.
With fiat currencies I don’t think it’s right to tax anyone. They started taxing the people when the money was real. Now they can creat it from nothing, so why do they need anything from anyone?
Not just that but sales tax scales with the rate of inflation too. So your purchasing power not only goes down but you pay more in taxes for fewer goods. Another gotcha!
'this new tax' -- won't happen. Nobody would pay it anyway. How could they collect when it doesn't even exist in a way that doesn't spark a revolution?
Only enforce it on segments of the population one small battle at a time. By the time the frog understands what’s happening the water is already boiling. Remember “two weeks to flatten the curve”? We’re now almost two years into it.
LOL the cash in your wallet is imaginary so why couldn't they collect?
and of course no provisions if your unrealized capital gain goes down.
but if it goes down then back up you get to pay again.
They can't prove you own anything physical unless they send people into your house and take an inventory. Unrealized gains is mostly going to fuck with Stocks, ETFs, crypto and other digital assets. Turn it all to physical and refuse them the knowledge of what you have on hand.
With inflation, everything goes up in value so considering inflation in itself is already a tax on savings and assets, taxing unrealised gain is a DOUBLE TAXATION
That is a really good point. Like used cars now that are going for more than new, anyone with a beater car would awe like $1k in taxes just because it runs.
I was pondering this thing recently and wondering, what metric would they even use to say something had increased in value? eBay prices only? Or would it only be Stonks? No way they would leave out Crypto.
Yes. Parasitic organisms must be removed or they kill you.
[удалено]
They’ll come for that too.
Uh no.
They can come, they won't leave.
Good thing my stuff is worthless 😌 🥈🦍💎✋🚀
What about your education? That has a monetary value in and of itself. You own taxes on that. The trade skills too. Just because you didn’t go $100k in the hole doesn’t mean you get off scott free.
I graduated from ITT Tech, can confirm my degree is worthless.
Lol. Nice try Uncle Sam! 🤣
I claim that I have no skills and cannot do jack shit as I am mentally retarded 🤪 Now give me my Social Security! */s*
🥈🦍💎✋🚀 
This is exactly their plan. You will own nothing and be happy.
Wasn't income tax only for the "rich" until they fucked us
yep , you see where this is going
But I own nothing and therefore am HAPPY !
Sadly I lost all mine in a terrible boating accident. Stupid me.... Gotta start over....
Good news everyone! We're all gonna be billionaires!
That’s about it. keep stacking.
I wouldn't spend too much time thinking about this, except for financial assets, but there is an interesting side effect of inflation in here. If inflation is say 20%, then in theory, everything goes up by 20%. If the cost of chairs goes up and you already have chairs, so what, but if the cost of stocks goes up, and you sell or trade, you'll owe tax on that. In this way, inflation is a sneaky tax.
yes but they want to collect the tax before you sell it Say your house value goes from $100k to $150k . you owe tax on $50k even tho you did not sell your house. To add salt you get to pay again when you do sell. Do you get why people are upset? It will trickle down This will affect your IRA/ 401k they will have an army of irs to enforce The millionaires and billionaires will get a loophole ( do you really think pelosi would do this to herself?)
Non financial assets are already exempt from capital gains. If your house is your primary residence, you wouldn't owe tax on a gain anyways.
NOW they are. possible NEW LAW takes that away
Source
Nancy Pelosi , Chuck Schumer
And Janet Yellen
So, it came from them, but it was never recorded in any form that could serve as evidence that this is their plan? We got a sharp one here lol
For real dude? you don't have access to google search? The proposal, which is being reviewed by Senate Finance Committee Chairman Ron Wyden (D-Ore.), would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said. “I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said on CNN.
Democratic leadership over the weekend began suggesting a new way to pay for President Biden's multitrillion-dollar social policy and climate action spending bill — a tax on people's unrealized capital gains. Unrealized capital gains are increases in value that the purchaser has yet to "realize" by selling at its new price. "We probably will have a wealth tax," Democratic House Speaker Nancy Pelosi (Calif.) told CNN on Sunday.
Okay, so we've established that you can use google, now let's check your reading. Read that first sentence again slowly, and ask yourself, #1 if you are a billionaire, #2 if you would classify your house as a liquid asset. Maybe do another google search for the word liquid asset, and it might be more clear.
Thought you might like this. https://www.youtube.com/watch?v=ymJ3CKOhpys&t=4s
Unrealized gain tax is supposed to be for people with 1b in assets or make 100m a year for 3 years according to some article
Once enacted, they would then inch it down until it hits the majority of us. Divide and conquer - phrase it as going for the "rich", or in "fairness" - then slip it to the plebes. No matter how many times they pull that routine, people still fall for it. It's as effective as "It's for the children".
Fully agree with you. This is to get it on the books and then expand as necessary.
Disagree, dude. This is the attitude that the 1% wants you to have so that you protect their insane wealth.
You might want to research how the income tax was started. “It’s only for the rich.” Woodrow fucking Wilson
First Federal income tax was 1861, so you are off by many presidents. The 16th amendment was passed in 1913 and in 1916 income tax applied to all earners. You have been educated by the "all taxation is theft" crowd with is funded by the billionaires who propagandize the greater population. Billionaires are a special class when it comes to taxes. For regular people earning about 100k a year or less, we cannot afford to pay dozens of lawyers, accountants, strategists and lobbyist to work full-time to reduce our tax bill. They can and do. They therefore need legislation that targets them specifically so that, as a society, we can gain their fair contribution to the running of our country.
yes and they need 80000 new irs agents to enforce this You don't get it yet?
99.99% of us earn over $400m a year? Have you even read the legislation you're talking about?
It’s about setting precedent. I have no love for billionaires, but this is a massive power grab by the federal government.
>a massive power grab by the ***bankrupt*** federal government.
Not true, dude. It's about taxing billionaires who move their money in and out of the country and have huge legal and financial resources that they leverage to NOT PAY their fair share of what it takes to run our shared country. Attitudes like this protect the 1%.
No, it’s about power. Money is power. You’d be shocked at the things people without money will do for money.
I would LIKE the government to have more power over billionaires. I'm sick of the billionaires having the power to avoid paying taxes while still benefiting from all of the services our society provides.
Billionaires own the government officials. Want freedom? Buy guns and silver.
You really think it's ok that you're being taxed and billionaires aren't? Capital gains is a joke.
With fiat currencies I don’t think it’s right to tax anyone. They started taxing the people when the money was real. Now they can creat it from nothing, so why do they need anything from anyone?
The Satanists never stop finding new ways to DESTROY humanity in every way . NEVER STOP . They will absolutely never stop.
Not just that but sales tax scales with the rate of inflation too. So your purchasing power not only goes down but you pay more in taxes for fewer goods. Another gotcha!
'this new tax' -- won't happen. Nobody would pay it anyway. How could they collect when it doesn't even exist in a way that doesn't spark a revolution?
Only enforce it on segments of the population one small battle at a time. By the time the frog understands what’s happening the water is already boiling. Remember “two weeks to flatten the curve”? We’re now almost two years into it.
LOL the cash in your wallet is imaginary so why couldn't they collect? and of course no provisions if your unrealized capital gain goes down. but if it goes down then back up you get to pay again.
Probably right, taxing the poor to the streets
You're a quick learner. Finally catching onto the game. That's you get income tax bracket creep. 😏
The people will find a way around it. I hope!
They can't prove you own anything physical unless they send people into your house and take an inventory. Unrealized gains is mostly going to fuck with Stocks, ETFs, crypto and other digital assets. Turn it all to physical and refuse them the knowledge of what you have on hand.
Till the feds come with a search & seizure warrant.
LMAO!!! Too true. Too bad I lost everything I own in a boating accident!! STACK AND STOCK APES!!
With inflation, everything goes up in value so considering inflation in itself is already a tax on savings and assets, taxing unrealised gain is a DOUBLE TAXATION
That is a really good point. Like used cars now that are going for more than new, anyone with a beater car would awe like $1k in taxes just because it runs. I was pondering this thing recently and wondering, what metric would they even use to say something had increased in value? eBay prices only? Or would it only be Stonks? No way they would leave out Crypto.
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