Kamala Harris's critics are totally wrong about taxing unrealized gains (Brett Arends, Marketwatch)

[swag]

https://www.marketwatch.com/story/kamala-harriss-critics-are-totally-wrong-about-taxing-unrealized-gains-8275e55c

I’m trying to work out if I’ve ever heard as much nonsense in such a short period of time as I’m hearing right now about the Biden-Harris plan to tax unrealized capital gains.

Under the plan, an increase in the value of an asset would be taxed as income, even if the owner hasn’t sold the asset. Right now, these so-called paper profits aren’t taxed.

Never mind that this proposal is nothing new — and is nowhere near getting passed into law anytime soon, anyway.

Or that it would only apply to the tiny number of people who have a net worth of over $100 million.

Or that it would be created to fix a very specific problem, which is that many of the superrich actually pay almost no income tax at all.

. . . more

[Walleye]

1. They are trying the same old crap about "Family Farms and mom and Pop businesses"

I guess every Republican thinks they’re gonna make $100 million in their lifetime. Rich people hang onto these assets they gain in value then they die and they aren’t even taxed in inheritance.

[dutch777]

2. The important thing I think is that Kamala notes the need to address national debt seriously and avoid the 'hows'

Issues like the debt, uncontrolled immigration, inflation that are front of mind with many voters and need to be acknowledged and commitment made to prioritize them BUT in 70+ days to the election trying to be real specific on the 'hows' will be foolish. Let the people know they are being heard and taken seriously and we are serious about addressing their concerns.

[unblock]

3. The idea that mega millionaires should be able to avoid taxes indefinitely while still being able to tap the profits is

utterly insane.

Sure, legislation always needs to be thought through to make sure there are few, if any, adverse consequences.

But the "family farm" argument is ridiculous given the $100 million threshold.

[Think. Again.]

4. The $100 million threshold makes this a non-issue.

[MichMan]

5. When the Federal Income Tax was passed in 1913, only 3% of taxpayers were required to pay

It was instituted to pay for WWI. Pretty certain the other 97% never thought it would apply to them.

Didn't work out that way.

[jimfields33]

6. Exactly. I think once incorporated, it will be lowered to include everyone.

I actually thought president Biden put a 15 percent minimum of all companies to pay taxes.


To me that seems much more realistic. But haven’t heard how successful it was as far as added revenue.