Posted on 04/02/2019 10:52:34 AM PDT by reaganaut1
WASHINGTON—The top Democrat on the Senate’s tax-writing committee wants to tax long-term investments like other types of income, raising rates and requiring the wealthiest people to pay taxes on their unrealized gains each year.
The plan from Sen. Ron Wyden of Oregon is the latest proposal from Democrats in Congress and on the presidential-campaign trail to boost taxes on the wealthy in a bid to address what they view as the problems of economic inequality and provide a funding stream to pay for new programs. While the specific proposal has little chance to become law anytime soon, such ideas could carry over into policy if the party makes gains in 2020 elections.
Unlike plans from Sens. Elizabeth Warren and Bernie Sanders, Mr. Wyden’s tax would go after investment income rather than total accumulated wealth or estates that are passed on from wealthy individuals to their heirs.
Mr. Wyden’s plan would tax the gains on long-term investments annually, rather than when someone decides to sell the asset, as is the case currently. It would also raise the current taxes on capital gains to match the rates on other types of income, such as salaries.
The proposal “eliminates serious loopholes that allow some to pay a lower rate than wage earners, to delay their taxes indefinitely, and in some cases, to avoid paying tax at all,” Mr. Wyden said in a statement.
With Republicans in control of the Senate and the White House, Mr. Wyden’s plan stands little chance of becoming law. But with wide-ranging and costly ideas for more spending on health care, infrastructure, and education, Democrats can point to plans by Mr. Wyden and others to answer the question of how they plan to pay for their policy proposals should they win the presidency and Senate control next year.
(Excerpt) Read more at wsj.com ...
“Are they insane?”
Why yes, yes they are.
5.56mm
That is all Dems want: TAX, TAX, TAX.
Horrible idea, taxing unrealized gains.
Warren Buffet, Mr. “Raise My Income Taxes” himself, will be outraged by this.
He never realizes any income to tax so it doesn’t matter to him how high the peasants’ income tax is.
This tax, however, would gig him good, so he will be against it.
It’s for the children, Warren. Don’t you care about the vhildren.?
It is a stupid idea. But you could pay the tax from cash on hand without having to sell any stocks.
Well, idiots keep electing them to political office. And Tax, tax, tax is what Democrats do. They also murder.They are elected by deceit and lies.
So, will people be able to deduct unrealized losses?
No?
Well THAT sounds fair.
Democrats - party of thieves.
“Hi, I’m here from the government to help those in need. Hand over your 401K because Talisha down the street never saved and set aside any of her earnings. She was too busy buying new cars and paying back student loans she spent on spring breaks in Aculpoco and a worthless urban studies degree.
I think this is what will get all the wealthy and upper middle income virtue-signaling liberals and moderates up in arms about the Democrats. These people don’t want to pay more taxes - they just want evil Republicans to pay more taxes. A big part of the Reagan coalition consisted of liberals who wanted to keep more of their income. That’s how he got 49 states. I expect Wyden’s proposal will get a lot of these liberals to sit out the next election, where they would have voted Dem as recently as 2018. Some might even vote GOP.
How the socialists treat their subjects ALERT.
You know, that phrase that your stock broker invented to rationalize losing stock positions....
We can write off our "unrealized loses" too!!!!!
Taxman
The Beatles
Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman
If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat,
If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the taxman, yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me.
Democrat Theme Song
Accounting nightmare. Very, very costly well before you get to paying the tax.
We would raise a lot more revenue if we would just tax stupid ideas from Democrats
Terminally insane. Put-them-out-of-their-misery insane.
When you tax an activity you get less of it.
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