The proposed tax on unrealized capital gains is a much bigger threat than climate change but it sounds arcane and confusing so most people don’t notice.
We are seeing a concerted and intense campaign for dispossessing the middle class and creating third-world inequality. And nobody is talking about it. People are blindly palpating this elephant and maybe noticing the separate features of this phenomenon. Or not even that.
That is really quite frightening. Giving faceless bureaucrats the power to declare the value of something before it finds market value through sale and to take a proportion of that imaginary value basically allows them to claim your equity for themselves and totally dispossess you.
It may as well be a declaration of war imo.
I had to look up what unrealized loss is. That is one scary law. I don’t understand how is that going to impact billionaires only? Every average American owns stocks in some form, this sounds like a tool to push a bunch of people out of the stock market- it will be more trouble than it is worth if you keep getting taxed every year for something that may lose value in the next moment. Actually, billionaires are going to be fine as they can hire the best accountants. It’s the rest of us who will have a problem.
“Organize a housing bubble and tax everybody…”
You don’t have to organise a bubble. You just print money to cause inflation and everything is a bubble.
What these criminals will do is print money out of nowhere, hand it to their friends on Wall Street and huge corporations just like they did during the pandemic who then use the money to buy things, which drives prices up across all asset classes, followed by a tax on everyone who owns any asset of any kind.
So it’s much worse than just a tax because they’re stealing twice – first through the initial counterfeit and gifting to other members of the cartel, then again when they make a claim on everyone else’s so-called capital gain.
If you’re short on ammo or want a new firearm, you might want to move your purchase forward imo.
“tax on unrealized capital gains”
This is so insane and evil that I can’t help but think it’s either bait, something to distract people while they do something different (and also horrible) or the kind of last grasp insane measure that shows up just before the whole system collapses….
I found this helpful (on the same topic): https://boriquagato.substack.com/p/the-new-not-a-wealth-tax-is-a-pretext
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It’s for the unrealized capital gains of the ultrawealthy.
Meanwhile, employee business expenses are no longer deductible — something Trump brought in and the Biden people have not said a word about, but that’s palpable.
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Do you really, honestly believe that the ultrawealthy would pay a dime more as a result of the measures taken by the administration they installed in power? Honestly?
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“It’s for the unrealized capital gains of the ultrawealthy”
You’re taking what they’re saying at face value… you need to think three steps ahead, which is the ultra wealthy pay some trivial amount and it ends up emptying out the middle class.
This is one reaons they’ve been harping on redlining so much, the meta-message is: why do you worms get to build up family wealth? We’re gonna do something about that.
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“You’re taking what they’re saying at face value… you need to think three steps ahead…”
Yep. In my experience what they will do at a minimum is write up some definitions or statutes where the English meaning of words like “asset” will differ from the legal meaning.
Then after that they will come up with ways to defer the capital gains event as they do with regular capital gains taxes, which will require first, understanding by accountants and then the correct legal and accounting structure.
The whole thing is a clear and obvious scam to extract practically everything from the middle class who are the ones who hold up modern Western nation states, which imo puts the nation state into peril.
It is theft plain and simple. You are already taxed on realized capital gains, as well as any interest and dividends you earn from your investment. There is no leg for them to stand on. I’ve been told this came about because a few dozen multi-billionaires had a bunch of money congress wanted in order to support their spending. I don’t care if its because a single person had enough money to buy out china. It is theft. Those folks many of whom I can’t stand and think are Wicked in the biblical sense, got their wealth by following the laws while paying taxes. They might have used loopholes and paid accountants money to find them ways to pay less taxes, but it doesn’t matter. Every single American has that option. This is theft, and for those who say something to the effect of, only the rich are taxed. You are deluded. Things like this never stop there. It sets a precedence and that is used to ram through endless waves of new taxes until sooner or later it becomes “the new normal.”
There is a proverb in the bible which I think fits the time and the people in the congress. “When the righteous are in authority, the people rejoice; but when the wicked beareth rule, the people mourn.” Proverbs 29:2 The wicked have been ruling in America for a long time, and that is what this current congress is; Wicked, Unjust, Unrighteous, and Ungodly.
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I accidentally hit enter before I could enter my name. So I’m re-posting this comment correctly.
It is theft plain and simple. You are already taxed on realized capital gains, as well as any interest and dividends you earn from your investment. There is no leg for them to stand on. I’ve been told this came about because a few dozen multi-billionaires had a bunch of money congress wanted in order to support their spending. I don’t care if its because a single person had enough money to buy out china. It is theft. Those folks many of whom I can’t stand and think are Wicked in the biblical sense, got their wealth by following the laws while paying taxes. They might have used loopholes and paid accountants money to find them ways to pay less taxes, but it doesn’t matter. Every single American has that option. This is theft, and for those who say something to the effect of, only the rich are taxed. You are deluded. Things like this never stop there. It sets a precedence and that is used to ram through endless waves of new taxes until sooner or later it becomes “the new normal.”
There is a proverb in the bible which I think fits the time and the people in the congress. “When the righteous are in authority, the people rejoice; but when the wicked beareth rule, the people mourn.” Proverbs 29:2 The wicked have been ruling in America for a long time, and that is what this current congress is; Wicked, Unjust, Unrighteous, and Ungodly.
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Now imagine if the largest REITs decide they no longer want to play the Section 1031 like-kind exchange games with passing investment properties among themselves …
… and instead decide they want to cash out completely and stick their money in foreign real estate, which when structured correctly is one of several classes of non-reportable investments from the US tax perspective.
How’s that massive depression of valuation that comes from a glut going to feel for everyone who has a mortgage?
Might as well give this a name: the REIT Disinvestment Bomb.
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A conservative literary critic and college professor
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