Possible new taxes?

[RiverRat1]

I copied this off X (since I know lots here do not like links to X posts). Zero idea how accurate this is but I've seen multiple posts about it.

Looks like this could open the door to all kinds of chaos. How long before they lower the threshold from 100 mil down to 10 mil and then down to everyone? How long before they say one must pay unrealized gains on non homestead properties? And then on every property?

And I know this may or probably won't pass (I hope). But the fact they are trying is scary enough. Probably fail until they can exempt themselves somehow.


"President Biden’s budget proposal calls for an increase in capital gains tax up to 44.6%! This would be the highest capital gains tax the US has ever seen.

There’s more: it also calls for a 25% tax on unrealized capital gains. It’s only for households worth at least $100 million. But what exactly does that mean? It means that a large portion of entrepreneurs and early employees of successful companies could go bankrupt. Based on your equity holdings, you may be worth $100 million on paper and you’ll need to pay 10s of millions in taxes to the government… before you have any $$ in your bank account. You might need to borrow money to pay your tax bill. So, the more successful your company, the higher the valuation, the more… in debt you are?!"

[asu-indian]

Those that aspire to achieve, WILL BE PUNISHED!

[CEO]

Tax on unrealized gains would be the fastest way for the government to own everything. Sounds like a wet dream for those *****.

[friscopaint]

Tax on unrealized gains would be the fastest way for the government to own everything. Sounds like a wet dream for those *****.

taxing people on money that doesn't exist to print money that doesn't exist.......

[friscopaint]

wouldn't a college degree classify as unrealized gains and taxed as such ?? You obviously have a degree and obviously can earn a bunch of money even though you haven't but you still owe on the money you haven't realized........

[PondPopper]

I knew I should not have read that.. I was in a decent mood!!!!!!
FJB....

[100%TtId]

Tax on unrealized gains would be the fastest way for the government to own everything. Sounds like a wet dream for those *****.

A tax-policy-forced asset liquidation on a mass scale would certainly be a wet dream for Larry Fink, Warren Buffett, and Bill Gates.

[friscopaint]

Taxes on unrealized gains sounds like the appraisal district taxing on values but you haven't sold anything but on a Federal level.....neither one has any skin in the game or took any risk to get there nor do they refund if the investments go down in values.....pure insanity.....governments at every level dream up ways to suck up the money and could care less how much people suffer, it's truly disgusting, I lump public schools in with them since a taxing authority.

[muzzlebrake]

By the time Bribem is out of office the country will be 50 trillion in debt most owned by the Chinese. Let that sink in.
$50,000,000,000,000.00
One trillion U.S. dollars in $100 notes would be 678 miles high. If they were 1 dollar bills, it would be 67,800 miles high. If it was our current national debt of 34 trillion in $1 bills, the stack would be 2,305,000 miles high. Or to the moon 9.6 times.
There are not enough trees on the planet to make enough paper to print that much money.

[RiverRat1]

Taxes on unrealized gains sounds like the appraisal district taxing on values but you haven't sold anything but on a Federal level.....neither one has any skin in the game or took any risk to get there nor do they refund if the investments go down in values.....pure insanity.....governments at every level dream up ways to suck up the money and could care less how much people suffer, it's truly disgusting, I lump public schools in with them since a taxing authority.

This new tax is coming because of the hate for Elon Musk. TV touts his net worth which is 98%(a guess but it's most of it) his holdings of stock. He actually takes out loans against his companies stock to live on. So too many regular joe idiots are mad because Elon doesn't pay lots in taxes (since he never sells stock).

So my guess is eventually politicians will get away with this BS.

[Bucknaked]

Those that aspire to achieve, WILL BE PUNISHED!

And everyone else will be SOL because there won’t be any jobs when they belly up!

[Hogmauler]

By the time Bribem is out of office the country will be 50 trillion in debt most owned by the Chinese. Let that sink in.
$50,000,000,000,000.00
One trillion U.S. dollars in $100 notes would be 678 miles high. If they were 1 dollar bills, it would be 67,800 miles high. If it was our current national debt of 34 trillion in $1 bills, the stack would be 2,305,000 miles high. Or to the moon 9.6 times.
There are not enough trees on the planet to make enough paper to print that much money.

Dang! How can they stack that without it blowing over?

[TeamAmerica]

By the time Bribem is out of office the country will be 50 trillion in debt most owned by the Chinese. Let that sink in.
$50,000,000,000,000.00
One trillion U.S. dollars in $100 notes would be 678 miles high. If they were 1 dollar bills, it would be 67,800 miles high. If it was our current national debt of 34 trillion in $1 bills, the stack would be 2,305,000 miles high. Or to the moon 9.6 times.
There are not enough trees on the planet to make enough paper to print that much money.

The Chinese are not the lenders. It would be ideal if they owned most of our debt (they don't)- then we would have a bargaining lever. The bond holders are the American tax payer and savers making an unsecured loan to a spending addict with nothing more than a fake credit agency and a few letters behind it.

[muzzlebrake]

Japan commands the top spot among foreign creditors with $1.1 trillion—about 3% of total U.S. debt—owed by the U.S. government. China holds the number two position, holding $859.4 billion of U.S. Treasurys—about 2.6% of the total U.S. debt.1

Japanese-owned debt doesn't receive nearly as much negative attention as Chinese-owned debt, ostensibly because Japan is seen as a friendlier nation and the Japanese economy hasn't grown as fast as China's year after year.7

The other countries that hold the most U.S. debt include the U.K., with $668.3 billion owed; Belgium, holding $331.1 billion in debt securities; and Luxembourg, slightly behind Belgium with $318.2 billion of the United States' debt.1

The scary thing is China now owns nearly 400,000 acres of US farmland and other real estate right next to sensitive military installations. China also owns most of the US pork industry. What next?

[Russ79]

And don't forget, Biden is going to let the Trump tax cuts expire, so our "regular" taxes will be going back up. So much for "anyone making less than $400,000 a year will not pay another dime in taxes" BS.