It seems Harris wants to tax unrecognized gains.. which is insanely radical

[Polishprince]

And if the super rich pull out their funds from the market, then everyone's 401K hits rock bottom

Brilliant!!!

This is the old "unanticipated side effect" conundrum that the left never considers in advance. If the wealthy have to sell assets to pay the tax, the law of Supply and Demand will push down the price of those assets.

What doofuses like Kamala need to work to repeal is the Law of Supply and Demand.

 

[Votto]

VP Harris is a full out Marxist and believes capitalism is evil and everyone should be equally miserable and living in poverty.
..............................................................................................................................................

No, she believes that the super rich should only be political leaches like herself.

 

[Votto]

This is the old "unanticipated side effect" conundrum that the left never considers in advance. If the wealthy have to sell assets to pay the tax, the law of Supply and Demand will push down the price of those assets.

What doofuses like Kamala need to work to repeal is the Law of Supply and Demand.

All she has to do is suspend the natural laws of economics and human behavior like she will with price controls

Easy peasy, lemon squeezy.

 

[citygator]

Her economic advisor was on some CNBC show defending taxing unrecognized gains.

Basically, if your 401k starts succeeding, you’d be immediately forced by the government to sell your stock so you have to pay the taxes on that.

But, if your 401k drops, they sit by and let you lose money.

And after it drops, if it gains again and returns to what it was, you have to sell your stock to pay the taxes.

It’s likely unconstitutionally, but What kind of tyrant wants to do this?

Its not unconstitutional. Question: how big is your garage? You'd have to have to be able to park your private plane in it for it impact you.

 

[DGS49]

Use the right terminology, for Christ sake. It is "unrealized gains." Not unrecognized.

They should not be taxable because they are not real. They could be wiped out in a day of trading on Wall Street.

 

[Polishprince]

Its not unconstitutional. Question: how big is your garage? You'd have to have to be able to park your private plane in it for it impact you.

Even if you have a small garage, and don't have a private plane, you will still have to prove that fact to the 85,000 Armed bootstrapped IRS agents that the Biden-Harris Regime is recruiting to enforce this new atrocity.

Do you really think that liberal leaders like Deniro and Obama are going to be the ones impacted? Remember how much the libs fought a few years ago against President Trump's limit of SALT deductions for the Ultrawealthy libs in high tax jurisdictions?

 

[citygator]

Even if you have a small garage, and don't have a private plane, you will still have to prove that fact to the 85,000 Armed bootstrapped IRS agents that the Biden-Harris Regime is recruiting to enforce this new atrocity.

Do you really think that liberal leaders like Deniro and Obama are going to be the ones impacted? Remember how much the libs fought a few years ago against President Trump's limit of SALT deductions for the Ultrawealthy libs in high tax jurisdictions?

You are arguing against a policy she doesnt support. Why just make shit up if you want to debate? She favors wealthy being taxed. If you dont like that I'll listen to why. But if you want to claim she really wants to tax poor people, well then you might as well go shout at yourself in the mirror cuz she isnt proposing that.

 

[Polishprince]

You are arguing against a policy she doesnt support. Why just make shit up if you want to debate? She favors wealthy being taxed. If you dont like that I'll listen to why. But if you want to claim she really wants to tax poor people, well then you might as well go shout at yourself in the mirror cuz she isnt proposing that.

Determining who is "rich" and who is "poor" is part of the process of "Taxing only the rich".

 

[Crepitus]

Her economic advisor was on some CNBC show defending taxing unrecognized gains.

Basically, if your 401k starts succeeding, you’d be immediately forced by the government to sell your stock so you have to pay the taxes on that.

But, if your 401k drops, they sit by and let you lose money.

And after it drops, if it gains again and returns to what it was, you have to sell your stock to pay the taxes.

It’s likely unconstitutionally, but What kind of tyrant wants to do this?

Already multiple threads on this.

 

[Marener]

Her economic advisor was on some CNBC show defending taxing unrecognized gains.

Basically, if your 401k starts succeeding, you’d be immediately forced by the government to sell your stock so you have to pay the taxes on that.

But, if your 401k drops, they sit by and let you lose money.

And after it drops, if it gains again and returns to what it was, you have to sell your stock to pay the taxes.

It’s likely unconstitutionally, but What kind of tyrant wants to do this?

All it does is change when the gains are taxed. Pay now vs pay later.

 

[Polishprince]

All it does is change when the gains are taxed. Pay now vs pay later.

Actually, you pay both now and later, if you have gains. Although gains will be a lot less likely if he are schlonging taxpayers over them.

When huge new cigarette taxes were implemented in America, supposedly to raise funds for health care or whatever, the amount of smoking declined over time.

Same here, and since capital gains aren't addictive, it will happen a lot quicker here.

 

[Marener]

Actually, you pay both now and later, if you have gains. Although gains will be a lot less likely if he are schlonging taxpayers over them.

When huge new cigarette taxes were implemented in America, supposedly to raise funds for health care or whatever, the amount of smoking declined over time.

Same here, and since capital gains aren't addictive, it will happen a lot quicker here.

Any taxes on unrealized credits any taxes for realized gains. It’s not double taxed.

 

[Polishprince]

Any taxes on unrealized credits any taxes for realized gains. It’s not double taxed.

That's really uncertain there. This new Financial Assrapery hasn't been reduced to ink on paper yet.

I think you are just assuming that this is the way it will be.

But that isn't the case with state and local property taxes in America. Those taxes aren't a credit against any capital gains than might be realized at sale.

 

[Marener]

That's really uncertain there. This new Financial Assrapery hasn't been reduced to ink on paper yet.

I think you are just assuming that this is the way it will be.

But that isn't the case with state and local property taxes in America. Those taxes aren't a credit against any capital gains than might be realized at sale.

Except that's not true, it's just an assumption on your part due to your laziness to actually look it up and read for yourself.

https://home.treasury.gov/system/files/131/General-Explanations-FY2025.pdf

This was available to you by internet search.

We aren't talking about property tax. We are talking about capital gains tax. They are different.

 

[citygator]

Determining who is "rich" and who is "poor" is part of the process of "Taxing only the rich".

It has been defined:

Harris supports a plan first introduced in 2022 by Biden to impose a 25% minimum tax on unrealized capital gains accrued by Americans with net worths of $100 million or more, according to the Biden administration’s latest 2025 tax proposal released in March—which would alter a fundamental principle of how capital gains are taxed in the U.S., but only affect a small fraction of America’s wealthiest population.

 

[Dekster]

Taxing unrealized gains is a bad idea because it forces disinvestment to pay taxes.

In practice it would probably cause people like Gates to tank the value or take companies private which would then defeat the ability to set a value for the gain at market rates.

I was okay with Biden's earlier proposal to end the stepped up basis but the unrealized gains thing would just be massively cumbersome and too disruptive to the markets to the point it would eat away at everybody's retirement investments.