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Alexandria Ocasio-Cortez Plans Bill to Boost Top Individual Tax Rate to 59%
Bloomberg ^ | November 15, 2019, 10:52 AM EST | Laura Davison

Posted on 11/15/2019 11:29:26 AM PST by karpov

No excerpt from Bloomberg allowed, story here. She wants a 59% top income tax rate and to tax unrealized capital gains yearly, including real estate and business holdings.


TOPICS: Business/Economy; News/Current Events; US: Arizona; US: California; US: Florida; US: Massachusetts; US: New Mexico; US: New York; US: Texas; US: Vermont
KEYWORDS: antifa; aoc; arizona; berniesanders; california; democrats; elizabethwarren; fauxahontas; florida; incometaxes; massachusetts; mexico; newmexico; newyork; ocasiocortez; occasionalcortex; slingingbull; taxcutsandjobsact; taxes; taxreform; tcja; texas; vermont
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To: JayGalt

Next up would be to make the “mark to market” tax retroactive to the date of purchase


61 posted on 11/15/2019 12:40:35 PM PST by Ouderkirk (Life is about ass, you're either covering, hauling, laughing, kicking, kissing, or behaving like one)
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To: TomServo

You really need to read the article? Occasionally Coherent, who until January qualified for food stamps, wants to soak “the rich”. Of course, she’s probably too stupid to realize that she’s calling for major tax increases on most her Demo-rat colleagues in Congress.


62 posted on 11/15/2019 12:42:43 PM PST by ssaftler (Eric Ciaramella or Adam Schiff. Take your pick.)
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To: karpov

If the market crashes, do you get a refund on the gain you will never realize but borrowed money to pay tax on?


63 posted on 11/15/2019 12:43:56 PM PST by Larry Lucido
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To: karpov

All these folks selling and pledging assets to pay taxes on unrealized gains will cause the market to crash and make the “gains” vaporize.


64 posted on 11/15/2019 12:45:04 PM PST by Larry Lucido
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To: TomServo

Maybe the moderator added the link. I know that when I have put Bloomberg links in the URL box that the posts have been rejected with a message such as “no links to Bloomberg allowed”.


65 posted on 11/15/2019 12:46:33 PM PST by karpov
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To: Ouderkirk
Next up would be to make the “mark to market” tax retroactive to the date of purchase

It inherently is. It would be your basis at the end of the year, less the last basis you'd already reported. Yes, they could make it year to year.

Most likely, they would take the commodities market as a model. It hasn't been mentioned in the comments so far, but futures (i.e., the commodities market) are marked to market at the end of the year right now, and taxed at a blended rate that is 60% capital gains and 40% ordinary. It has to do with the fact that its easy to roll over contracts.

Anyway, I think the first focus would be financial assets. Of course, the next "tax expenditure" would be seen to be real estate appreciation. Imagine the corruption and bribes that would be associated with the assessor's valuation!

66 posted on 11/15/2019 12:47:51 PM PST by Pearls Before Swine
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To: JayGalt
How would that work exactly,

Democrat plans don't need to work. They just need to feel good. Like Social Security. Medicare. Welfare. Etc.

67 posted on 11/15/2019 12:51:23 PM PST by FatherofFive (Islam is EVIL and needs to be eradicated)
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To: karpov

“...tax unrealized capital gains yearly, including real estate and business holdings.”

She’s a joke...


68 posted on 11/15/2019 12:55:34 PM PST by Vendome (I've Gotta Be Me https://www.youtube.com/watch?v=BB0ndRzaz2o)
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To: C19fan

Warren says you can sign over illiquid assets to the government and they will sell them.


69 posted on 11/15/2019 1:01:17 PM PST by Captain Peter Blood
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To: Ouderkirk

Exactly, so they get a good first bite at the apple.


70 posted on 11/15/2019 1:02:15 PM PST by JayGalt (You can't teach a donkey how to tap dance. Nemo me impune lacessit!)
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To: karpov; All
It’s too bad that AOC is not a senator. Otherwise, I’d mention the ill-conceived 17th Amendment (ahem).

From related threads concerning the federal government’s constitutionally limited power to appropriate taxes…

While AOC’s heart is arguably in the right place, misguided, institutionally indoctrinated AOC got herself elected to the wrong government to serve the needs of the people, the constitutionally limited power federal government, when she should have gotten herself elected to one of the constitutionally powerful state governments.

After all, the Founding States left the care of the people to the states, not the feds, the founders intending for the states to use their unique 10th Amendment (10A) powers to care for the people.

In fact, the congressional record shows that Rep. John Bingham, a constitutional lawmaker, had officially clarified that the founders had left the care of the people to the states, not the feds.

”... the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Federal Constitution, is in the States, and not in the Federal Government [emphases added].” —Rep. John Bingham, Congressional Globe, 1866. (See about middle of 3rd column.)


Justice Brandeis had put it this way about the unique powers of the sovereign states to serve the people.

"It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose [emphasis added], serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.” —Justice Brandeis, Laboratories of democracy.

(Note that constitutional limits on states as laboratories of democracy is that states cannot establish privileged / protected classes or abridge constitutionally enumerated rights, and must maintain a constitutionally guaranteed republican form of government.)

So how did we wind up with an unconstitutionally big federal government on our backs?

Regarding unconstitutional federal domestic spending, consider this. Using inappropriate words like “concept” and “implicit,” the excerpt below from Wickard v. Filburn (Wickard) shows what was left of the defense of 10A-protected state sovereignty by the last of pre-FDR era state sovereignty-respecting majority justices in United States v. Butler, FDR’s state sovereignty-ignoring activist justices later blatantly ignoring the reasonable Butler interpretation of 10A when they scandalously decided Wickard in Congress’s favor imo.

The remedy for unconstitutionally big federal government on our backs…

Patriots need to elect a new patriot lawmakers in the 2020 elections that will not only promise to fully support PDJT's already great work for MAGA, now KAG, but will also do this.

New lawmakers also need to promise to work with PDJT to put a stop to unconstitutional federal taxes, taxes that Congress cannot justify under its constitutional Article I, Section 8-limited powers.

Once unconstitutional federal taxes are stopped, the states will ultimately find a tsunami of new revenues imo, revenues that they can use for all kinds of improvements for the welfare of their respective citizens that AOC is now wrongly trying to implement through the constitutionally limited power federal government.

And to make the stop of unconstitutional federal taxes permanent, patriots also need to support PDJT in leading the states to repeal the 16th and ill-conceived 17th Amendments.

Remember in November 2020!

MAGA! Now KAG! (Keep America Great!)


71 posted on 11/15/2019 1:09:56 PM PST by Amendment10
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To: karpov

If atually submitted as a bill, the Senate should respond with a bill of their own - set the minimum tax rate at 5% and the maximum rate at 30%


72 posted on 11/15/2019 1:12:05 PM PST by taxcontrol (Stupid should hurt - dad's wisdom)
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To: elcid1970
“The man from the cat detector van.”

Ah, yes, from the Ministry of Housinge...

73 posted on 11/15/2019 1:14:58 PM PST by decal (I'm not rude, I don't suffer fools is all.)
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To: decal

So does this mean that every commercial building in the USA must be appraised every year? After you pay tax on an unrealized capital gain, how do you get that money back when the appraised value goes down later? Trump is an absolute genius compared to the competition.


74 posted on 11/15/2019 1:20:54 PM PST by Stevenfo
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To: simpson96

You must not be familiar with her district.


75 posted on 11/15/2019 1:24:18 PM PST by EEGator
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To: karpov

Show us your boobs!


76 posted on 11/15/2019 1:24:33 PM PST by EEGator
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To: Stevenfo
“So does this mean that every commercial building in the USA must be appraised every year?”

Sure - lots of unemployed brothers-in-law out there to do appraising and they'll GUARANTEE there will be no such thing as lower values!

77 posted on 11/15/2019 1:36:44 PM PST by decal (I'm not rude, I don't suffer fools is all.)
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To: karpov

Since this bimbo obviously has no brains, maybe she would make a good poll dancer.


78 posted on 11/15/2019 2:06:10 PM PST by oldenuff35
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To: karpov

So the government prints money making houses double in value. Besides reducing the value of your cash, they tax you on the increase in the value of your home.


79 posted on 11/15/2019 3:02:13 PM PST by alternatives? (Why have an army if there are no borders?)
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To: asinclair
...Just imagine how the money would flow into the government coffers if interest was not deductible for everyone, real and fictional people alike. Imagine if every one of us could take a depreciation deduction on capital purchases like homes and cars. And so on...

The truth is that right now, this very minute, I can take depreciation deductions for business property I personally own, and both individuals and corporations can deduct mortgage interest. The difference is that the new tax code gives us a standard deduction which is so large that most people find it advantageous to use that instead of itemizing.

Both corporations and individuals can deduct interest on business property. There are limits on the interest deductions on personal property, like a house you live in.

80 posted on 11/15/2019 4:29:52 PM PST by CurlyDave
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