Posted on 02/18/2024 5:12:41 AM PST by where's_the_Outrage?
Wealth taxes are like a specter in search of a host, and an already overtaxed New England state may be the first to succumb. Vermont lawmakers want to tax residents’ unrealized gains, hoping to finally break the barrier that’s kept them from draining asset values year after year.
The state’s top tax legislator has spent recent weeks pushing bills that would dial up taxes on high earners. The biggest reach is a proposal to tax the paper gains from assets above $10 million. The plan would slap Vermont’s 8.75% top income-tax rate on half of those gains. That means a family whose business gains $3 million in value could owe $131,000, even if they don’t take out a single dollar of cash.
Like levies on capital gains, the new tax would cut into investment returns and leave well-off Vermonters less reason to deploy their money in wealth-producing investments. Unlike a capital-gains tax, the wealth tax would create a mess of confusing estate appraisals and endless disputes with the revenue department. This is why no state currently taxes unrealized gains, but the author of the Vermont plan says the novelty is the point. “Given the state of our national politics, it really is up to states to be moving these things along,” said Ways and Means Committee Chair Emilie Kornheiser last year. Lawmakers in 10 states are working on wealth taxes this year, and she wants the progressive Green Mountain State to be first to enact one.
(Excerpt) Read more at msn.com ...
It is a great way to keep art collections moved out of state.
If this became a trend those collections would eventually move off shore.
Btw most art collections shown in museums are owned by private individuals and are on loan to the museums. As a result much of that art would just “disappear”.
I’m sure glad my mom threw out my baseball card collection 50 years ago: I had multiple complete sets of Topps from 64-70, wealth taxes would kill me...lol.
What happens if your assets lose value? Bingo! A refund from the state.
They’d be just fine with that. Anything to gut society of beauty. Oh, and while they’re at it, destroy any hope that the unwashed masses might have that they just might, if they save and invest wisely, advance their station in life. Can’t have the middle class gaining any strength, as they might revolt.
Wealth in incredibly mobile—ridiculously so.
It will go where it is not punished.
There is already a wealth tax. It is called Real Estate tax and Personal Property tax. I pay them every year. You don’t pay your real estate taxes the Government will seize your home and land then sell it and leave you homeless.
NY’s confiscatory fine on Trump’s net worth is essentially a wealth tax. It’s insane to allow a government to value assets.
I recall in the 90s, CT teacher unions proposed that a percentage of the sales tax be dedicated to education spending. They wanted school funding to be immune to the ups and downs of the economy. They’re selfish b@stards.
Will it be called the Estate Attorney Retirement Act?
We need real property [~2019 level] and income tax [~current rate] protective caps via the Constitution for the middle class.
Fighting for these protective caps is the best way to add Republicans to Congress and to put a Republican en la Casa Blanca.
We need to legally ‘wall off’ what is ours from leftists, both foreign and domestic.
Some of us recall the glory years of the Clinton administration when they floated the idea of taxing the proles on the imputed rental value of their homes, i.e., even though you were actually living there, if your home could be rented monthly for $500, they would consider your yearly income to be $6,000 higher and tax you on it.
Funny how a DC politician can amass millions in wealth with a salary of maybe 175,000 a year, insider trading is the norm for any of the commoners its a jail sentence. Skimming off the top is a great way to keep you down
In his final years my father lived in a rented apartment in upstate New York.
Musk lives in rented real estate.
“taxing the proles on the imputed rental value of their homes”
That used to be done in once Great Britain.
Oh no..... the state has no funds nor reserve for such negative tax on capital losses.
What will happen is that in filing a capital loss, a credit is given against future gains. Upon death, the account is closed and there are no benefits to the estate.
Refunds would never happen. If your “assets” rise and fall annually you pay in the good years and don’t pay in the bad years but you get nothing back.
This country is going communist.
“The NIJ rates level IV armor to defeat up to .30 caliber armor-piercing (AP) bullets that weigh 166 grain and a muzzle velocity of 2,880 ft/s. Our soldiers wear Level IV armor in combat operations.”
“NIJ-Listed Level III body armor protects the wearer of the armor from rifle caliber bullets shot from an AR-15 style rifle and every handgun caliber.”
Your guns aren’t going to be able to solve the problem.
Learn to take it easy. Enjoy life while you can. Gradually right size your business. Make sure your children and grandchildren know a foreign language and have a valuable skill.
No government has ever taxed wealth more than once, Mysteriously, once the authorities have gone down this road, the tangible assets vanish. Not necessarily because the government seizes those assets, but largely because the assets are converted to cash and the proceeds sent beyond the reach of the taxing authority.
That is what wire services, shell corporations, and offshore accounts are created for.
It can be traced, of course, and criminal proceedings instituted to recover the funds, but probably not before the principal beneficiary has passed on.
Make sure your children and grandchildren know a
foreign language and have a valuable skill.
*********
A good recommendation but some times things are
hard to get an early aged person to comprehend.
But life goes on.
“tax the paper gains from assets above $10 million”
& Cie [and sons]
The French have a way of dealing with wealth taxation.
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