Posted on 01/05/2024 9:02:48 PM PST by zeestephen
America's wealthiest families held an astounding $8.5 trillion in untaxed profits in 2022...This term, the Supreme Court will decide Moore v. United States...According to a report by The Lever, the Moores' case has been backed by billionaire think tanks and conservative dark money groups.
(Excerpt) Read more at msn.com ...
Only income is taxed.
Not wealth.
These people are morons. If you start taxing unrealized gains, it will cause a few problems.
1) people will have to sell assets to pay the taxes on these unrealized gains
2) it will disincentivize investment in real estate by the bottom half of the country. How do you sell part of your rental property or commercial property to pay the tax man?
3) trumps NY trial will be the blueprint to ruin anyone on the wrong side of politicians. Who values properties that have a subjective value?
Finally, there is no forethought whatsoever.
If they tax unrealized gains, they are going to have to give credits for unrealized losses. And they won’t be able to carry forward deductions for losses like they do now. So the net is exactly the freaking same.
It just hurts the economy and feels good to say.
Anybody can do that. It just takes the willingness to not spend everything you have and save a few bucks every paycheque. The size of the loans might vary, but it works in principle.
Those who are wealthy are usually recipients of grandparents who decided to start doing that.
Liberals only care about having nice lives for themselves. They do not care about tomorrow and they do not care about anybody else but themselves.
To add to your point, liberals also want to end tax deductions because they consider that subsidies, without thinking that tax deductions is why businesses grow in America.
The dirty secret is that when they tax unrealized gains, they won’t give credits for unrealized losses.
They win, you lose.
Very misleading...which is the obvious intention....
I want the billionair8 to keep their billions and spend it and invest as they like, and not give one more cent to any politicians and bureaucrats.
By far most billionaires earned their wealth by providing goods and services that the public clamors for.
The politicians and bureaucrats have enriched themselves by selling themselves to the highest bidder and have used most of the tax money to buy votes so they can stay where they are for life.
I’ll take a billionaire over a politician any day of the week.
Wasn’t this tried at one time and it was a total disaster for the reasons you gave?
Or was it the elimination of the step-up basis that was tried and became a massive failure.
Consider-
1)Regardless of the tax code, they’ve collected 15-25% of gdp for a long time. They’ve spent over 25% of gdp something like 15yrs running.
2)They told us Trump, Bush and Reagan tax cuts were for the rich. The result is the single most graduated system on earth where a US low 40% of filers pay federal income tax.
It is an obv spending problem. It stinks as the Dems are 96% of the wealthiest and 90% of the wealthier etc.....
Long term (1 year plus) capital gains are taxed 20% at the highest federal level.
Short term (less than 1 year) capital gains are taxed at your current federal income tax rate.
If your personal income is less than $492,000 the capital gains tax rates are lower.
just like all the congresscritters just happen to go on to become multimillionaires after elected....gee how does that happen...oh that's right they earned it...
can't we realize that its all a rigged system for the favored and every law, regulation, fee, tax etc is designed to keep almost all of Americans down EXCEPT the rich....
Americans working hard, living modestly and not spending like crazy should by all rights be rich at the end of their work life.....why aren't they?.....the system....
no sympathy for the rich and all their "problems"....we should be so burdened....
Since most businesses are sole proprietor or family owned, there is no stock.
Will they force individual and family owners to sell off chunks of their company to pay wealth taxes?
“America’s wealthiest families can leverage that on-paper value increase to secure favorable loans with low-interest rates in lieu of using taxable income to finance their lifestyle.”
People with names like Clinton, Biden and Pelosi. People who tell us they are pure as the driven snow while claiming that “evil Republicans” will lie, cheat and steal given the chance.
Capital gains are still income.
Just not wages.
Maybe we should remind the critters the income tax was sold to only be a tax on the “very rich”. And was 1%.
Income for fedfov was supposed to derive from tariffs.
Yes, still the same FR. Mostly conservatives.
Nothing could be further from the truth. That money is the very definition of capital, and it is invested in companies who produce goods and services that benefit the economy as a whole, in return for a profit. Which creates more capital
(If the allocations are badly managed, as in the current case of Disney), that capital drains off into the hands of better managers.)
The private allocation of capital is what makes capitalism so successful. Good decisions are automatically rewarded, bad decisions are automatically penalized.
The alternative these maroons are advocating rips control of that capital out of the hands of those who will use it efficiently, and allocates it to political ends which invariably enrich a few favored elites, but never efficiently produce goods and services. That's how both Fascism and Communism operate, and that is why the Soviet Union collapsed. A perfect example of the mis-allocation of capital by political force is these billion-dollar subsidies of wind and solar power generation.
“The problem with socialism is that you eventually run out of other people’s money.”
― Margaret Thatcher
I felt like that in my younger, libertarian days. These days, when it's billionaire oligarchs vs. politicians and bureaucrats -- I've no dog in that fight.
By far most billionaires earned their wealth by providing goods and services that the public clamors for.
Many tech billionaires "earned" their wealth by providing socially destructive services -- Facebook, Only Fans, Instaslut, Tinder, Google, etc. Yes, much of the public likes these services, but they debase the users' mental and moral health, and empower the surveillance state.
Conservatives should stop offering knee-jerk support to billionaires. They'll do just fine, and apart from a few good ones (Musk), most play the system and don't give a damn about you or this country.
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