This is the one proposal that should have every single voter scared of Harris being elected.
Kamala Harris backs Biden’s tax proposals — including a tax on unrealized capital gains (msn.com)
Now, I do believe that the GOP will keep at least the House or Senate, so this has no chance to see the light of day. But even the mention of taxing something that literally does not exist is in rarefied territory even for the most left of lefties.
I don’t think a tax on unrealized gains would be constitutional. It would also make the stock market tank. It’d be to risky
It would turn every broker into a day trader.
If you don’t realize(take) a gain where does the money come from to pay the tax?
It is obvious this idea comes from a glittering jewel of colossal ignorance and someone that has no experience outside the government sector.
That is such an eloquent phrase!!!
You have to sell stocks most likely. Then you get doubled taxed.
It’s a wealth destroying tax
If Kamala stacks the courts, she will succeed in implementing ballot harvesting and we will be a 3rd world country with rigged elections
People in Venezuela were stupid and what do they have now - Maduro who wins every election. Putin in Russia has won every election.
We don’t have the right to lose an election- Hillary Clinton. Trump bitchinh about losing is the least of our worries not like the Clinton campaign wiretapping the Trump campaign
It’s not a flaw but a feature
That’s the idea. It’s not fair that lazy people who make bad decisions have so little and others have more than they do.
What about people who bought energy stocks before Biden became president and the stock did very well until Biden stopped work on the keystone pipeline. Then these stocks lost much of their value and never recovered.
If the rules about taxing unrealized gains were in effect people would have not only lost much of their original investment but would have also lost the taxes they paid for unrealized gains that were never realized.
Keep in mind these were not speculative investments because no one at that time could have predicted that Biden would subsequently become president and do so much to destroy our country
I was talking about this today with my girlfriend. Even if this has a snowballs chance of passing, we still need to pay attention to what potential presidents have to say.
I have a story to relate regarding the quoted post. Joe Robbie was the original owner of the Miami Dolphins, founding the team in 1966. He owned the team outright, built and owned the new stadium they play in. He did little or poor estate planning, he passed away in 1990 and his assets weren’t tax free to his family. They had to sell the team for 138m to pay the estate taxes. In May of this year, the current owner turned down a 10 Billion dollar offer for the team and the stadium.
WOW
I agree, and suspect the Dems also do because it would be unconstitutional. Most of the favorable commentary I’ve seen discusses how unfair it is and that the wealthy benefit from actually taxing income (although they never discuss how much of the stock market the so-called wealthy own). The legality just seems to gt dismissed. My little cynical friend wonders if this is not a deke by the Dems, who would then relent and want an increased capital gains tax instead.
What a tangled web we weave when first we practice to deceive.
Pretty sure that there is already and “also”, not an “instead” in what Harris is proposing.
Hogwash, on the day Biden was inaugurated Exxon was $49.33. Today it’s at $115, about 150% gain. Keystone XL is what Biden stopped and that was about making Canadian oil easier and cheaper to transport to American ports. Maybe cancelling XL had something to do with US producing more oil in history from 2022 onward.
@BMWMTBer - You misunderstood my post, which is not unusual. I wasn’t referring to all energy companies. I was talking about the energy company that owns the keystone pipeline. Unfortunately, I know a lot more about this situation than you do.
If you want to convince yourself that Biden is good for the country that is your prerogative. However, I prefer to be realistic and do whatever I can to try to make our country a better place for me and my family.
Just another attempt to pander to her commie base. No chance in hell this would or could actually happen. It would destroy the entire stock market. All companies would go private and then there is less transparency and speculation on the value of the ownership. Your 401Ks would get completely destroyed.
Yep, just like a lot of the dems promises. It doesn’t matter if they deliver, as long as they get the gullible morons to vote. The ACA, the student debt scam or promising to punish the wealthy for having more the the average democrat were all just bullshit.
This isn’t about whether Biden is good for the country or not, just a simple fact check. You said ‘energy’ companies took a huge loss under Biden and have not recovered, easily proven false.
Which company owns Keystone and what have the last 4 years looked like?
I researched it myself, TransCanada owns the pipeline. In Jan 2020 the stock traded at $54 a share, on Inauguration Day 2021 it traded at $44 a share and today its at $44. Disappointing to be sure but not indicative of ‘energy’ as a whole. VDE (vanguard energy etf that I own) was $60 on Inauguration Day and today it’s $124. Gain of 100% over 3 years, not so bad. At the end of the day, im not all that concerned with transporting Canadian oil across America.
Which also raises another question. There is a lot of private ownership and investment and I can’t imagine all that would be involved in valuing those. Such as a rule might kill startups and greatly stifle innovation and risk.