Kamala's economic advisor tries to explain that a tax on unrealized gains is like your property tax.
Both CNBC hosts mocked him.
Hard to believe her advisors are out there pushing this. That and price controls. She is a full-blown radical socialist.
Link: https://x.com/RNCResearch/status/1828788119765967168
Replies to: Kamala's economic advisor tries to explain that a tax on unrealized gains is like your property tax.
Better to balloon the deficit w/a tax cut for needy billionaires again?
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Chappelle got it right... the billionaires don't care who's in charge.
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Link: https://www.youtube.com/watch?v=nWfQCDaAa6s&t=150s
The Supreme Court seems to understand the argument...
...from the attached link...
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The 7-2 decision, issued June 20, was expected to have implications for the taxation of wealth in the U.S., not just for U.S. taxpayers with substantial ownership in certain foreign corporations. Justice Amy Coney Barrett wrote a concurring opinion, joined by Justice Samuel Alito. Justices Clarence Thomas and Neil Gorsuch dissented.
...further...
In finding for the government, the Court affirmed the 9th Circuit Court of Appeals. That court highlighted that the MRT was designed to close loopholes that allowed shareholders to evade taxes on offshore earnings. By upholding the tax, the Supreme Court essentially reinforced the government's ability to tax foreign-held profits — at least in the circumstances described in this case.
...and in closing...
Wealth tax: Bottom line
When the U.S. Supreme Court agreed to hear this case, some believed the legal battle over taxing what the petitioners have described as unrealized gains might significantly impact tax policies for the wealthy.
Examples include billionaire taxes proposed by President Biden, Sen. Elizabeth Warren (D-Ma.), and U.S. Senate Finance Committee Chairman Ron Wyden (D-Ore.). (Biden's FY25 budget proposal includes a billionaire tax that would apply to households with a net worth of over $100 million. Wyden’s Billionaires Income Tax Act proposes to end the “buy, borrow, die” tax strategy.)
Those, and other so-called "wealth tax" proposals in several states that can involve unrealized gains, are a reason why the Moore case was seen by some, as a strategic move in a broader tax policy debate.
In the majority opinion, Kavanaugh noted that the court was not attempting to resolve certain other thorny tax questions including those involving wealth or net worth, signaling, "Those are potential issues for another day.”
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Some feel that amassing capital and then passing it on to heirs - tax free - increases the already expansive 'Wealth Gap' in this country and unnecessarily increases the tax burden of others w/o such access to capital. As Justice Kavanaugh said..."Those are potential issues for another day."
Link: https://forum.uhnd.com/forum/index.php?action=display&forumid=2&msgid=209762
Andrew Wilkow discussed this on his XM show today. Unrealized gains cannot be taxed
"Mere growth or increment of value in a capital investment is not income;"
Link: https://supreme.justia.com/cases/federal/us/252/189/
If you own property and it increases in value, your tax bill goes up after re-assessment…right?
…at least that’s what I hear KH’s advisor saying. No one is saying it happens now to Capital Gains…it will, however be the subject of much discussion in a Harris/Walz administration.
That has nothing to do with Unrealized Capital Gains.
And it ain't happening.
Good grief, this is more dishonest than your pretense that the Pope supports abortion.
You're literally pretending they upheld something they didn't. What a lying moron you are.
Kiplinger:.."Unrealized Gains Tax Survives U.S. Supreme Court"...
...the concept/argument of taxing Unrealized Capital Gains has support...and the Harris/Walz admin will see that it's pursued...especially wrt to the "Buy, Borrow, Die" tax avoidance scheme used by too many extremely wealthy Americans.
wrt the Abortion issue...Pope Francis still hasn't retracted his statement that the Personhood of a fetus is "Debated"...and the RCC has still not taught the Personhood begins at conception.
I welcome a discussion on these facts...thus far 'Crickets'...feel free to engage me on this.
Link: https://www.kiplinger.com/taxes/unrealized-gains-tax-upheld-by-supreme-court#:~:text=As%20Kavanaugh%20wrote%20in%20the,remains%20a%20tax%20on%20income.”
Kiplinger:.."Unrealized Gains Tax Survives U.S. Supreme Court"...read more...then post.
...the concept/argument for taxing unrealized capital gains definitely has support...and more specifically, the "Buy, Borrow, Die" tax strategy for wealthy Americans needs to be dealt with...and the Harris/Walz administration will make sure it is.
Link: https://www.kiplinger.com/taxes/unrealized-gains-tax-upheld-by-supreme-court#:~:text=As%20Kavanaugh%20wrote%20in%20the,remains%20a%20tax%20on%20income.”
(Chuckling...) That is NOT a ruling on Unrealized Capital Gains. Learn to think critically.
Or read.
No kidding...the message is that the concept of taxing Unrealized Capital Gains is alive and well...
as noted in the Kiplinger article provided. Stay tuned for further action on this issue.
In the meantime, here's some food for thought..
https://www.bankrate.com/taxes/gift-tax/#:~:text=But%20even%20that%20doesn't,counts%20toward%20this%20lifetime%20limit.
Fair enough. Now what happens to unrealized losses?
Say Elon's stock in Tesla declines a few billion over a fiscal year... does he get to write that off against unrealized gains in Space X?
Good Heavens...do I have to do all your work for you?
...took me 20 seconds...
Link: https://www.investopedia.com/articles/investing/062713/capital-losses-and-tax.asp#:~:text=Capital%20losses%20can%20be%20used,Unrealized%20losses%20are%20not%20reported.
No. You people are reaching here. That isn't what the ruling was about.
Probably stupid wishful thinking on the part of your ilk.
Everything they both say now is just focused on winning the election
It will all be forgotten if they win.
Example: Trump has recently said that he would be a great president for women's reproductive rights, and that he would veto a national abortion ban.
Nonsense. All campaign rhetoric, all to be forgotten.
Absurd assertion when the proposal hurts their election chances as Kamala’s tax on unrealized gains
and fixed food pricing proposals have done. When they propose this kind of stuff, it comes from conviction. The Dems have put up a communist.
Your assertion does have some truth such as your example or the example of Kamala actually building a southern border wall. But again, the economic policy proposals being floated are not helpful to her, it they ARE terrifying for our country, particularly since she is also talking about stacking the SCOTUS so that she can bypass the constitution to get this done.
Words don't matter, facts don't matter, "Look, Squirrel!"
RFK Jr has the most rational, detailed and implementable policy proposals. AND he's sincere about implementing them.
He apparently has the ability to make people think he is a serious, smart person.
When in reality he is a complete psycho who is an embarrassment to his family and country.
Your kind of guy, I guess.
What's funny is that's how I feel about Kamala.
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I can’t understand how anyone thinks she’s smart
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Kamala is what a dumb person thinks a smart person sounds like.
Dave Smith nails it starting at the 48 min mark.
Link: https://youtu.be/dFbFUlc-x8A?si=Ycq_y5hpRsD8hj6A
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“Rational” and RFK is not analogous, dummy
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