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I'm going to try to read Henry George's "Progress and Poverty" on the flight to Europe and back.
I think he's probably right that there should be exactly one tax: a tax on land value.
You cannot tax unrealized gains as they could evaporate tomorrow. This is not only unconstitutional, it's as evil as some of the worst money and land grabbing by the worst commie regimes. The fact that billionaires often live off their gains has nothing to do with it. The right thing to do would be to get rid of bail-outs, which would self correct every issue associated with this topic. If you tax unrealized gains the billionaires would get hit, but the middle and upper middle and upper class would get squashed, which then would prompt the billionaires to buy their scraps for pennies on the dollar, making billionaires even richer and creating tons of additional government dependents. In fact even taxing realized gains right away while delaying realized losses to the max of 3k/year as it has been practiced forever is already unconstitutional commie bullshit. Abolish the irs NOW
The cackling chickens are coming home to roost! Only one day after I suggested Kamala’s unearned gains tax would fluster the Democrat donor class, the New York Times ran a back-walking story this morning headlined, “Donors Quietly Push Harris to Drop Tax on Ultrawealthy.” Well! But they’re not pushing that quietly, apparently, since the story made the top of the Times’ website. As Rush Limbaugh would have said: see? I told you so.
The article included some accidental hilarity. Kamala insider and billionaire Mark Cuban told reporters, “From what I’ve been told, everything is on the table, nothing’s been decided yet.” Haha, if no policies have been decided on yet, and everything is on the table, then what platform are Democrats voting for?
Who cares! Wheeeeeeee
Cuban also basically called Kamala an emotionally-based professional flip-flopper with no ideas of her own: “The key is she focuses on her values and is not an ideologue about any particular program,” he lamely explained.
The CEO of cloud storage startup Box.com, who’s already given Kamala’s campaign $30,000, told the Times he and other tech CEO’s are living in a cloud-cuckoo-like state of denial. “There’s optimism that this can’t possibly be real,” Mr. Levie hopefully suggested. Another optimistic CEO of an international investment company, Charles Myers, is hanging on to a firewall of belief that, even if it can possibly be real, then even a Democrat-controlled Congress would never pass the new tax. Probably.
Welp, at least they are optimistic about something. Practically joyful.
@CWingUexkull
Kamala’s unrealized capital gains tax is the regime’s way of making sure that there’s never another Musk, Kalanick, Zuckerberg, or Trump.
There will be no founder-billionaire who can operate independently of established moneyed interests because they’ll have to sell off their equity in their companies early, to pay tax.
An increasingly paranoid, fragile, & illegitimate state is trying to keep the nobles from getting too frisky.
7:52 PM · Aug 29, 2024
Do you realize how fucked up the concept of taxing unrealized gains is?
This is not only unconstitutional
Yet, it has existed in the form of property taxes for centuries.
Unrealized RE gains are impossible to tax,
I'm about to pull $30k out of a 401k. No on paper income this year.
Isn't home cap gains up to $500k or something already exempt?
Also don't punish early 401k withdrawals, it's your fucking money. Just tax it like income, done.
WookieMan says
I'm about to pull $30k out of a 401k. No on paper income this year.
Why no income? Pretty sure you'd have to pay tax on that $30k even if you file separately.
There is only one fair solution which will also make cpas (at least for non business entity individuals) unnecessary. Flat tax of 20% (or whatever your threshold is) on any source of income, no matter what. Count everything together, add gains/losses, take 20% off, done. Of course only on "realized" income/gains/losses. All these loopholes, tax-free limits and penalties are bullshit. Also don't punish early 401k withdrawals, it's your fucking money. Just tax it like income, done.
mell says
There is only one fair solution which will also make cpas (at least for non business entity individuals) unnecessary. Flat tax of 20% (or whatever your threshold is) on any source of income, no matter what. Count everything together, add gains/losses, take 20% off, done. Of course only on "realized" income/gains/losses. All these loopholes, tax-free limits and penalties are bullshit. Also don't punish early 401k withdrawals, it's your fucking money. Just tax it like income, done.
So it will be just a regular brokerage account, no need to call it 401k anymore.
Yellen is of course a dimwit loser, and Biden’s senile.
Do you realize how fucked up the concept of taxing unrealized gains is?