Do you support taxing unrealized gains (Poll)

[Marener]

The 47% of Americans paying nothing for all the benefits they get DO indirectly write the tax code by voting for Dems will will keep taking other people’s money and allowing them to get away with 0 tax bill.

Trump paid nothing but it doesn’t bother you.

New York Times: Trump paid no income taxes in 10 out of 15 years beginning in 2000

Donald Trump paid no federal income taxes whatsoever in 10 out of 15 years beginning in 2000 because he reported losing significantly more than he made, according to an explosive report released Sunday by the New York Times.

www.cnn.com

 

[task0778]

First of all, taxing unrealized gains is probably unconstitutional.

Article I, Section 9 of the Constitution states, “No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken.” Direct taxes are paid directly to the government based on income or profit, whereas an indirect tax is based on a product, good, or service. The latter is typically the only one that stands up to original constitutional muster, which is why the 16th Amendment was passed in order for the government to enact a national income tax.

A tax on unrealized capital gains would be a direct tax. However, it would not fall under the same category as an income or profits tax. That’s because no income has been generated from the investment and profits, as the name of the tax proposal clearly indicates, have not been realized. The 16th Amendment was a specific exception to Article I, Section 9, and capital gains taxes would not fall under its purview.

If lawmakers want this tax, they will need to pass their own constitutional amendment or find a way to make sure that the revenue they generate from each of the 50 states is proportional to each state’s population. Given the concentration of these types of investors in states such as California and New York, this type of tax would require a number of different tax rates to satisfy the proportionality clause. This would be a policymaking nightmare. Other countries looked into it and decided it wasn't worth the trouble.

Do you know what happens when you try to fuckover the rich people? They take their money and leave for friendlier economies.

 

[Lisa558]

Trump’s tax cut made it so many more Americans didn’t have to pay taxes.

But you’re attacking them for following the law you support. That’s pretty lame. Don’t be a jerk.

But Trump’s tax cut helped everyone. Don’t be a jerk and pretend you don’t understand the difference.

The problem comes when half the people pay no tax, and in order to keep them from having to pay anything, you go back to the well and increase taxes - sometimes MASSIVELY - on the people already paying.

 

[Lisa558]

Trump paid nothing but it doesn’t bother you.

New York Times: Trump paid no income taxes in 10 out of 15 years beginning in 2000

Donald Trump paid no federal income taxes whatsoever in 10 out of 15 years beginning in 2000 because he reported losing significantly more than he made, according to an explosive report released Sunday by the New York Times.

www.cnn.com

He’s paid a fortune in taxes over the last 50 years. Also has created jobs for 10s of thousands of people, who also paid taxes.

What has Kamala ever done except bring in more illegals to live off the American taxpayer - and now, in order to be able to give the scofflaws free health care, and universal income, and house down payments, etc., wants to burden the American taxpayer even more?

 

[Marener]

But Trump’s tax cut helped everyone. Don’t be a jerk and pretend you don’t understand the difference.

The problem comes when half the people pay no tax, and in order to keep them from having to pay anything, you go back to the well and increase taxes - sometimes MASSIVELY - on the people already paying.

Trumps tax cuts made it so a lot of people didn’t have to pay taxes.

So you’re attacking people from benefiting from the law you supported.

 

[Marener]

He’s paid a fortune in taxes over the last 50 years. Also has created jobs for 10s of thousands of people, who also paid taxes.

What has Kamala ever done except bring in more illegals to live off the American taxpayer - and now, in order to be able to give the scofflaws free health care, and universal income, and house down payments, etc., wants to burden the American taxpayer even more?

And tons of those people you’re attacking have also paid tons of taxes over lots of years but it doesn’t stop you from attacking them.

 

[g5000]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

www.forbes.com

The policies proposed in the FY2025 budget target extremely high-net-worth individuals and entities, attempting to ensure wealth accumulation through investment is looped in to the taxable base—even when those investments are not sold. The general principle behind equitable taxation is that a broad base is to be preferred over higher rates—in other words, increasing tax revenue without imposing additional burdens on middle and lower income brackets, merely reshuffling the deck so higher income earners are taxed under existing rate structures.
Among the proposals is a plan to tax the unrealized gain on a trust, partnership or other non-corporate entity that has not been subject to a recognition event in the previous 90 years—something of a one time tax true-up for complex tax structures that are and have been growing untaxed for generations.

It's an interesting conversation we should have.

As the article points out, that gain in an investment can be used as collateral to borrow money against to make more investments and thus grow one's wealth ad infinitum without ever paying any taxes.

It's a grossly unfair advantage.

 

[Invisibleflash]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

www.forbes.com

The policies proposed in the FY2025 budget target extremely high-net-worth individuals and entities, attempting to ensure wealth accumulation through investment is looped in to the taxable base—even when those investments are not sold. The general principle behind equitable taxation is that a broad base is to be preferred over higher rates—in other words, increasing tax revenue without imposing additional burdens on middle and lower income brackets, merely reshuffling the deck so higher income earners are taxed under existing rate structures.
Among the proposals is a plan to tax the unrealized gain on a trust, partnership or other non-corporate entity that has not been subject to a recognition event in the previous 90 years—something of a one time tax true-up for complex tax structures that are and have been growing untaxed for generations.

Dems have a spending addiction and $$ is their drug of choice. So of course, they are going after every last penny to feed their addiction. America is over!

 

[g5000]

But Trump’s tax cut helped everyone.

It didn't help the unborn.

It added to the debt.

 

[g5000]

The 47% of Americans paying nothing for all the benefits they get DO indirectly write the tax code by voting for Dems will will keep taking other people’s money and allowing them to get away with 0 tax bill.

Equality: Thomas Jefferson to James Madison

The property of this country is absolutely concentered in a very few hands, having revenues of from half a million of guineas a year downwards.

[snip]


I asked myself what could be the reason that so many should be permitted to beg who are willing to work, in a country where there is a very considerable proportion of uncultivated lands?


[snip]


I am conscious that an equal division of property is impracticable. But the consequences of this enormous inequality producing so much misery to the bulk of mankind, legislators cannot invent too many devices for subdividing property, only taking care to let their subdivisions go hand in hand with the natural affections of the human mind.


[snip]


Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions of property in geometrical progression as they rise.

[snip]

Whenever there is in any country, uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right.

 

[john doe 101]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

www.forbes.com

The policies proposed in the FY2025 budget target extremely high-net-worth individuals and entities, attempting to ensure wealth accumulation through investment is looped in to the taxable base—even when those investments are not sold. The general principle behind equitable taxation is that a broad base is to be preferred over higher rates—in other words, increasing tax revenue without imposing additional burdens on middle and lower income brackets, merely reshuffling the deck so higher income earners are taxed under existing rate structures.
Among the proposals is a plan to tax the unrealized gain on a trust, partnership or other non-corporate entity that has not been subject to a recognition event in the previous 90 years—something of a one time tax true-up for complex tax structures that are and have been growing untaxed for generations.

This affects nobody on this message board.

 

[john doe 101]

What about the half of all Americans who pay nothing at all? How about they pitch in instead of just enjoying all the benefits that America offers without paying in a cent, or actually taking money out? There really should be an Alternate Minimum Tax.

Besides, taxing the ultra-wealthy on unrealized gains will cause investments to take a dive, and kill the retirement funds of the middle class.

Wrong.

 

[g5000]

Dems have a spending addiction and $$ is their drug of choice.

See, this is exactly what I often talk about.

Retards actually bleev the Republicans are the party of fiscal responsibility, completely ignoring the facts right in front of their mouth-breathing faces.

Trump proposes record-high $4.7 trillion budget​

Trump says he wants a bigger stimulus package than the $2.2 trillion amount that Democrats are seeking​

Tell us again who has a spending addiction, moron.

 

[Crepitus]

The problem is that the person may not have the cash to cover the increase in value of a non liquid asset.

Not being able to pay your taxes is a "you" problem. Learn to manage your money better.

 

[bendog]

I dunno. Carter got pilloried for making it more adventageous to sell investments subject to capital gains, because the theory was people were keeping money where it couldn't be taxed WHICH WAS ECONOMICALLY INEFFICIENT BECAUSE CAPITAL NEEDS TO BE PUT AT RISK FOR MAXIMUM GROWTH. We don't want people holding onto shit just to avoid taxes. We want people to look for investments that offer the best return. And NO investment for the monied class needs to be risk free ..... unless it's possibly a professional sports team. Nobody loses money on those .... except Trump may have .....

Carter's tax act "The act increases to 60 percent from 50 percent now, the fraction of long‐term capital gains (assets held one year or more)’ subject to ordinary income tax. With 70 percent still the highest rate applicable to ordinary income, the maximum rate on capital gains is reduced from 35 percent to 28 percent, effective for transactions occurring after Oct. 31,1978.

Highlights of the Tax Law Signed by President Carter (Published 1978)

provisions of Revenue Act of '78 aimed at spurring capital formation listed (S)

www.nytimes.com

Reagan's basis for lowering taxes on the rich was similarly intended.

I'm not sure I see Harris's proposal (that will never be fully enacted) of placing a tax penalty on all investments held for a long time (90 years is her cut off, I think) is really that different. It's certainly not communism or even socialism because ...... a person can just sell and pay cap gains and not be subject to any tax penalty.

 

[martybegan]

Not being able to pay your taxes is a "you" problem. Learn to manage your money better.

That's fine when it's a tax on income or realized gains that you can then save a portion to pay your taxes.

It's moronic to expect people to hold or even earn enough cash to cover gains in non liquid assets.

 

[LibtardGFY]

Trump’s tax cut made it so many more Americans didn’t have to pay taxes.

But you’re attacking them for following the law you support. That’s pretty lame. Don’t be a jerk.

At least you admit that Trumps tax cuts did not only benefit the wealthy.

Trumps economy was on fire. Jobs everywhere. Higher wages. Better quality of life for millions.

 

[Marener]

At least you admit that Trumps tax cuts did not only benefit the wealthy.

Trumps economy was on fire. Jobs everywhere. Higher wages. Better quality of life for millions.

Trumps economy couldn’t even hit 3% GDP growth. The Fed almost pushed us into recession when they increased interest rates to like 3%.

It wasn’t that strong.

 

[Crepitus]

That's fine when it's a tax on income or realized gains that you can then save a portion to pay your taxes.

It's moronic to expect people to hold or even earn enough cash to cover gains in non liquid assets.

If you can't pay your bills maybe you need to grab those old bootstraps and pull yourself up.

Isn't that generally what your side suggests?

 

[BluesLegend]

As the USA slowly collapses under the government spending, entitlements and $35 trillion dollar debt, government will be coming after every dime they can lay their greedy hands on.