Taxing unrealized capital gains taxes Americans on money they haven’t made and may never make. What about unrealized losses?
Taxing unrealized gains would mean Americans would owe taxes on the appreciation of their home every year.
Sean Davis of the Federalist explains: I don’t think people fully appreciate how communist and evil an unrealized capital gains tax is.
Understand that government controls asset prices via its control of the money supply: if it wants asset prices to go up, all it has to do is print money. Which means all a corrupt government needs to do to destroy you with a massive tax bill on unrealized gains is to print a crap ton of money, create massive asset inflation due to the deliberate devaluation of the currency, then bill you for the asset bubble it created.
If you bought a house for $200k, and the government fires up the money printer to juice asset prices resulting in your house being worth $600k, you now have $400k in unrealized gains the government can tax you on.
At a 25% tax rate, which is what Kamala Harris proposed, you now owe $100k in taxes in year one. After two years of that, your tax liability will be higher than what you paid for your house.
If this sounds insane, it’s because it is insane. Communism is insane. And yet it’s exactly what’s being proposed at Commie Con 2024, otherwise known as the Democrat National Convention.
Also, this will be weaponized against political enemies.
New York will suddenly decide Trump Tower is worth 100x its previously appraised value and the IRS will then demand Trump pay taxes on it immediately.
They’ll do the same thing to Elon Musk and any other right-leaning…
— IT Guy (@ITGuy1959) August 21, 2024
If you think that taxes on unrealized gains will only be used on the ultra-rich, I have an introductory income tax bracket to sell you. pic.twitter.com/uLyJK8hooR
— Spike Cohen (@RealSpikeCohen) August 21, 2024
Unrealized capital gains 101:
You bought 100 shares of Zoom stock in Jan 2020 for $75 per share
Ends year at $350 per share but you didn’t sell giving you an unrealized gain $27.5k
Under Kamala’s plan you owe $6,875 in taxes (25% of $27.5k)
But you didn’t sell so you don’t… pic.twitter.com/oB9U2HwexX
— Brian Beers (@brianbeers) August 21, 2024
Kamala is proposing an *INSANE* 25% tax on unrealized capital gains.
Imagine buying shares for $100,000, and their value rises to $150,000.
Under Kamala’s plan, you’d owe taxes on the $50,000 gain, even though you haven’t sold the shares or made any actual profit.
Now, imagine…
— KanekoaTheGreat (@KanekoaTheGreat) August 20, 2024
If she “wins” and gets in power and does price controls and taxes unrealized gains, millions of Americans will starve to death.
This is what Communists do.
— Magnus ? (@Magnus_Veritas) August 20, 2024
Article posted with permission from Pamela Geller
