Quote:
Originally Posted by texassapper
The taxes on unrealized gains is insane... I think most liberals are too math illiterate to even understand it.
Simply put if you bought you home in say 2018 for 200K and it's now worth 500K (market estimation) you have 300K in unrealized gains that you will be taxed on.... year after year after year...
If that actually happens it will be the end of home ownership in the US and the globalists will have been half right... YOU WILL OWN NOTHING, whether you are happy are not depends on how stupid you are.
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(Circling back to this discussion, as the abysmally bad idea of taxing unrealized capital gains keeps coming up in policy discussions -- and like a bad rat infestation, it seems to be very hard to permanently get rid of.)
To be clear, Biden's advisors (and many other Democrats) call their proposal to tax unrealized gains a "billionaire's tax" and claim that it would only apply to the very wealthy. Actually, notwithstanding their characterization of it as a "billionaire's tax," they say they want it to apply to anyone with net worth exceeding $100 million.
But Texas sapper makes a good point in the following respect:
Once they get the basic idea through the door, what's to stop the threshold from being reduced to $10 million? Then, progressively, to $1 million or less? In fact, pretty soon the argument could be that in a land where there's even one child going hungry, or one elderly person judged to have inadequate access to medical care, shouldn't middle-class savers nearing retirement who have a couple hundred thousand in a 401k or other account pitch in their "fair share?"
Once a camel gets its nose into the tent, the whole stinkin' body is likely to follow soon enough.
You likely recall the old adage:
"First they came for the ..."
(Well, you know the rest.)
