Our current administration want to impose a tax on “unrealized gains” on billionaires. If they do, how long will it be before the tax is imposed on everyone? This is a 25% tax on capital gains. 25%!
Because of inflation along with the sudden population increase due to many millions of what used to be “illegal” aliens being allowed to swarm into the country, property values have gone up a lot.
This increase in dollar numbers is Gain. If you don’t sell your property, then it’s Unrealized Gain. The same thing applies to any stock market investment, stock you may own or stock investment funds like Dreyfus Fund. If the value goes up, it won’t matter if you actually profit from that by selling, you will be taxed on the increase in value.
Many prices have doubled since the so-called “Pandemic”. Fuel costs, many food items, many household items have all doubled in price. Not in value, just in price. So if your home has doubled in price from $400,000 to $800,000, if they do this tax increase you will suddenly be told to pay a tax bill of at least $100,000 for a money profit you never got and if you don’t pay it, your home can be taken from you for unpaid taxes.
Isn’t that cute? There’s nothing stopping them from doing this, it’s a Uniparty, they can pass any laws they want. I don’t know who in the administration is pushing this idea but I do know that they’re not all united in how the country should be run, and there’s plenty of them in Congress who won’t want to pay these taxes.
None of the billionaires would be happy about this, either, so I don’t give it much chance of becoming law. But isn’t it incredible that anyone in the government would even suggest it? People would stop investing in anything that could gain in value unless the gain was huge. Why buy a house if owning it was going to tax you to death?
We elected idiots to public office because we’re stupid people. If we were smart people we wouldn’t do such stupid things, so I guess we deserve what we get. This is why I stopped voting long ago, it never mattered who I voted for, things always went to shit anyway because they all make stupid decisions and I got tired of feeling bad that I voted for those morons.