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Biden Admin wants new taxes of billionaires, including....

DerekJohnson
DerekJohnson Administrator, Swaye's Wigwam Posts: 68,535 Founders Club
in Tug Tavern
taxes on unrealized profits on investments (capital gains).
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Comments

  • WestlinnDuck
    WestlinnDuck Member Posts: 17,633 Standard Supporter
    What's the unrealized gain on an office building? You can get a valuation on publicly traded bonds and stocks, but what is a private business worth? Then the federal government will just burn up the money for no return other than inflation. This isn't a money raiser, but punishment. So, if bitcoin is at $68k when the unrealized profit is taxes and then is now at $45k, do you get your unrealized tax back? As usual, the government solution would be to hire thousands of IRS auditors and the billionaires would hire thousands of accountants, valuation experts and lawyers and this would not produce exactly no produced goods and investment would plummet actually costing billions in lost GDP. What was wrong with the economy in March of 2020? If you wanted record employment rather than the leftards laying of 20+ million employees and destroying tens of thousands of small business then try free enterprise, the security of private property and record US energy production.
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  • MikeDamone
    MikeDamone Member Posts: 37,781
    What a bunch of dumb fucks. I'm sure Krugman and Reich approve.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,126 Standard Supporter
    MikeDamone said:

    What a bunch of dumb fucks. I'm sure Krugman and Reich approve.

    You misspelled @MelloDawg
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  • Bob_C
    Bob_C Member, Swaye's Wigwam Posts: 12,729 Founders Club
    People have no clue how bad of any idea this is. The amount of capital that will get sucked out of the market overnight is a crazy number.
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  • Goduckies
    Goduckies Member Posts: 7,998 Standard Supporter
    This is so dumb... they will have to sell stock to cover this all to be wasted by the feds... pure crap.
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  • UW_Doog_Bot
    UW_Doog_Bot Member, Swaye's Wigwam Posts: 18,187 Founders Club
    @MelloDawg care to put on your big boy panties and explain your position?
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  • HHusky
    HHusky Member Posts: 23,973
    God damnit! I'm gonna hafta drink domestic wine now.
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  • greenblood
    greenblood Member Posts: 14,560
    edited March 2022
    Buy stocks in May and sell them before year end. Rinse and repeat. That will be the new strategy.

    Can you then deduct unrealized losses?
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  • 46XiJCAB
    46XiJCAB Member Posts: 20,967
    This has been tried in other countries. It failed and was rescinded. But Joey and his handlers need to make their idiot base FEEL like they care and are sticking it to those nasty Billionaires.

    I don’t care if Gates and Bezos are taxed more but to believe this is actually going to do anything positive is foolishness.
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  • Southerndawg
    Southerndawg Member, Swaye's Wigwam Posts: 8,347 Founders Club
    UW_Doog_Bot said:

    @MelloDawg care to put on your big boy panties and explain your position?

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