Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.
Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.
“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said. More
And Gates, Bezos, Buffet, Schmuckerberg are all in favour of this?
I know musk will tell them to Fuck Off.
if I had the skills I’d write a song saying “you voted for this, what a moron you must be”
A tax on unrealized capital gains? Does that mean they would refund any money if the market goes down? And how does that fit in with the death tax if someone leaves a child with less than the maximum allowed?
#LGBFJB
Why hasn’t someone popped that bitch like a tick yet?
Just need a big set of tweezers. She’s like 3 feet tall and wide.
Up yours, Yellen.
At what point do we get to keep out own money? If they tax unrealized capital gains each year, then the tax them when they are realized, then there is nothing left. Then it is not worth making investments. Then things grind to a halt.
Then what?
If the company you work for goes out of business can you get a refund on those “pay up front taxes”?
What a fu@king stupid , evil Democrat thing to demand from citizens.
Well dang. That post pissadeared. I’ll try it again.
“Unrealized Capital Gains”. The Bastards are targeting small business WIP. (Work In Progress). Problem is, that hasn’t been expenced.
Why do all these Libtards like Yellen look like fucking aliens?
It’s absurd. I can’t spell lu·di·crous, otherwise I would have used that word.
I did some schooling to be a Chartered Accountant… uhhh, you can’t do that.
Back door theft of your 401k’s and IRAs is what it is. If you think this is only going to apply to the “super” wealthy, think again.
@RadioMattM,
“At what point do we get to keep out own money?”
When you start using real money, aka… gold, precious metals, etc…, and stop using what they tell you is “your money”.
KR
Remember, biden said “there is money out there we just have to go out and take it”.
“I owe my soul to the company store”
Capital gains only happen at the point of liquidization. By definition. Except savings accounts. Though not liquidized are taxed. On the unrealized gains. Many thousands of politicians and IRS people should…
Capital property also decreases in value over time.
Now we have a discernment between gold, and the dollar, so to speak.
What we have is a governing class what steals no matter what.
Kali Refugee in Texas – thread winner, in my opinion. Our Ponzi scheme, voodoo, fiat, debt “Dollar” is but a political instrument of fraud and theft. Started with the FED in 1913, made worse by Nixon uncoupling it from gold in 1971 (after France, et al, drained Fort Knox on demand by contract) and now, wait for it…
The “Digital Dollar”…
…where you can not even be trusted with fiat paper anymore. The Digital Dollar will be granted with PERMISSION by the state (“Government is too good a word to use at that point).
The only way out of this disaster is to abolish the FED, institute “The National Bank of The United States” and to re-tie the Dollar to something real again, like gold and other precious commodities (platinum, silver, copper, zinc, lead, rare Earths… it doesn’t really matter). Then re-issue our currency.
Just NO! Get your greedy hands out of our pockets. Get rid of the central bank! We demand our freedom.
Question for Chairperson Yellen: If you take money now that would be realized for profits in the future, what will you have in the future that you can tax?
What’s to stop them from assessing an unrealized capital gain tax by education. Finish High School your life time is $1.54 million (for men) earn a bachelors degree and it’s $2.54 million earn a masters and it jumps to $3.05. https://www.ssa.gov/policy/docs/research-summaries/education-earnings.html#:~:text=Table%20equivalent%20for%20chart%3A%20Estimated%20lifetime%20earnings%20by,%20%201.04%20%202%20more%20rows%20
And then there’s degree granted differences in future earnings. https://grad.msu.edu/phdcareers/career-support/phdsalaries#:~:text=PhD%20Salaries%20and%20Lifetime%20Earnings%20%20%20,%20%2073000%20%2014%20more%20rows%20
I can only imagine how sitting in congress for 30 years or more does for a person’s lifetime earnings. Any bets on whether congress will exempt itself from unrealized capital gains?
To make this work, MILLIONS have to participate: Go to HR, update your tax forms, and withhold ZERO taxes for 60 days. Just stop paying. This will stop the automatic theft from your paycheck to the government maw. This interruption in the cash flow will be devastating.
Just send all the money we earn to the government, let them take what they need and send whatever’s left back to us. There. Thats makes it easy.
I think it was the great philosopher Jethro who said, “The tax on naught is naught”…