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Biden and Yellen: Tax unrealized capital gains


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2022 Jul 9, 7:28am   1,990 views  21 comments

by clambo   ➕follow (2)   💰tip   ignore  

I saw Yellen talking about this and I was incredulous, but not too surprised.

Yellen is of course a dimwit loser, and Biden’s senile.

Do you realize how fucked up the concept of taxing unrealized gains is?

Comments 1 - 21 of 21        Search these comments

1   Onvacation   2022 Jul 9, 4:46pm  

Do you get a refund if you never realize them?
2   Booger   2022 Jul 9, 5:33pm  

Onvacation says

Do you get a refund if you never realize them?


Nope. Is there really any doubt in your mind?
3   1337irr   2022 Jul 9, 5:34pm  

If they do that, they should allow me to have my losses counting too!
4   clambo   2022 Jul 9, 5:48pm  

Onvacation, they want to tax you even if you never realize the gains!
They’re out of their minds but they are in power now.
5   clambo   2022 Jul 9, 5:52pm  

For example, I am not rich as defined by income, but I have about $ 1 million in Apple capital gains.

Yellin was saying it’s unfair because I might die before I sell my shares. Then the guys who inherit the shares get a higher basis “stepped up”, and they may decide to hold the shares too.

These scumbag communist assholes think the government owns our property, not we.
6   Hircus   2022 Jul 9, 7:01pm  

clambo says
Yellin was saying it’s unfair because I might die before I sell my shares. Then the guys who inherit the shares get a higher basis “stepped up”, and they may decide to hold the shares too.


Getting rid of the free basis step up upon inheritance sounds a lot more sensible than taxing unrealized gains.

Briben was supposed to get rid of the step up anyway, or so he claimed while campaigning. But all he can accomplish at this point is a wet fart into his diaper.
7   Misc   2022 Jul 10, 10:13am  

The impossibility of this becomes very apparent when it is simply declared that Janet's house is valued at several billion dollars as well as the houses of all that support this ridiculous proposal.

If the proponent doesn;t have a house, perhaps we could just assign their belly-button lint to some astronomical value.

Value cannot be properly determined without a transaction.
8   just_passing_through   2022 Jul 10, 10:53am  

Hope they leave the mega backdoor roth alone for a few more years....
9   Eman   2022 Jul 10, 1:11pm  

Hircus says

clambo says

Yellin was saying it’s unfair because I might die before I sell my shares. Then the guys who inherit the shares get a higher basis “stepped up”, and they may decide to hold the shares too.


Getting rid of the free basis step up upon inheritance sounds a lot more sensible than taxing unrealized gains.

Briben was supposed to get rid of the step up anyway, or so he claimed while campaigning. But all he can accomplish at this point is a wet fart into his diaper.

The IRS tax codes were written for the rich. Our politicians are bought and paid for. They leave all kinds of loopholes in the tax codes for the rich to exploit and take advantage. We have a fantastic CPA so we learned it firsthand.
10   Bd6r   2022 Jul 10, 1:17pm  

HunterTits says

Unconstitutional, too.

That has never stopped them from trying
11   GNL   2022 Jul 10, 1:18pm  

HunterTits says

clambo says


Onvacation, they want to tax you even if you never realize the gains!
They’re out of their minds but they are in power now.


That's called a 'property tax',, which the Feds cannot do w/o apportionment.

What exactly would they have to do to do this legally?
12   Patrick   2022 Jul 10, 3:32pm  

clambo says


Do you realize how fucked up the concept of taxing unrealized gains is?


I doubt it will happen, because most billionaires are billionaires exactly by virtue of their unrealized capital gains.

And we do not live in a democracy. We live in a de facto oligarchy, rule by billionaires.

https://scholar.princeton.edu/sites/default/files/mgilens/files/gilens_and_page_2014-testing_theories_of_american_politics.doc.pdf


Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial
independent impacts on U.S. government policy, while average citizens and mass-based interest groups have little or no
independent influence. The results provide substantial support for theories of Economic-Elite Domination and for theories of
Biased Pluralism, but not for theories of Majoritarian Electoral Democracy or Majoritarian Pluralism.


Also very good to see how it all really works:

https://whorulesamerica.ucsc.edu/
13   mell   2022 Jul 10, 3:59pm  

You cannot tax unrealized gains as they could evaporate tomorrow. This is not only unconstitutional, it's as evil as some of the worst money and land grabbing by the worst commie regimes. The fact that billionaires often live off their gains has nothing to do with it. The right thing to do would be to get rid of bail-outs, which would self correct every issue associated with this topic. If you tax unrealized gains the billionaires would get hit, but the middle and upper middle and upper class would get squashed, which then would prompt the billionaires to buy their scraps for pennies on the dollar, making billionaires even richer and creating tons of additional government dependents. In fact even taxing realized gains right away while delaying realized losses to the max of 3k/year as it has been practiced forever is already unconstitutional commie bullshit. Abolish the irs NOW
14   mell   2022 Jul 10, 4:03pm  

Progressive taxation is commie bullshit as well. If a govt desperately needs money to balance the budget, they can institute a temporary wealth tax (with a 5 -10 year moratorium after that at least), under the promise/legislation that any scum politican abusing the funds will be tried for treason and hanged if found guilty. Of course that would get rid of pretty much every leftoid demonrat politician and most of the rinos rather quickly. It's all about skin in the game as taleb said
15   Patrick   2022 Jul 10, 4:30pm  

I'm going to try to read Henry George's "Progress and Poverty" on the flight to Europe and back.

I think he's probably right that there should be exactly one tax: a tax on land value.
16   mell   2022 Jul 10, 4:40pm  

Patrick says

I'm going to try to read Henry George's "Progress and Poverty" on the flight to Europe and back.

I think he's probably right that there should be exactly one tax: a tax on land value.

Probably one of the best/fairest taxes to levy. If you can't make your land work for you sell it to someone who can or is willing to try. Temporary wealth tax is fine w me too. Low income flat tax if need be, that's it.
17   Patrick   2022 Jul 10, 5:31pm  

The land value tax has a number of great features:

- vacant land becomes a liability rather than a speculative vehicle
- a land value tax does not tax the building, so you can make improvements without increasing your tax bill
- does not penalize work or commerce, as income and sales taxes do
- you can't hide land
- land taxes are public record
- every physical thing ultimately comes from land, so taxes on all physical things will be built-in
- there will be no need to track incomes or sales, so much less paperwork
- everyone has to live somewhere, and so will pay the tax either directly or via their rent
- companies will pay tax in proportion to how much land they use and how valuable it is
18   clambo   2022 Jul 10, 6:43pm  

Some comments above mystify me.

More than half of the people pay zero income tax.

Make them pay something before you talk about tax breaks for the rich.
19   Eman   2022 Jul 10, 6:45pm  

mell says


You cannot tax unrealized gains as they could evaporate tomorrow. This is not only unconstitutional, it's as evil as some of the worst money and land grabbing by the worst commie regimes. The fact that billionaires often live off their gains has nothing to do with it. The right thing to do would be to get rid of bail-outs, which would self correct every issue associated with this topic. If you tax unrealized gains the billionaires would get hit, but the middle and upper middle and upper class would get squashed, which then would prompt the billionaires to buy their scraps for pennies on the dollar, making billionaires even richer and creating tons of additional government dependents. In fact even taxing realized gains right away while delaying realized losses to the max of 3k/year as it has been practiced forever is already unconstitutional commie bullshit. Abolish the irs NOW


It’s nothing more than a political stunt. I guarantee it won’t pass, and I’m willing to bet on it. Democrats are trying to sell this BS to get more votes from the losers who want free 💩 from others.

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