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A Prelude to Taxing Unrealized Income?

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Ben:
Carol Roth (she's the greatest) did some digging into Biden's "documented" claim that the wealthiest Americans only pay an average of 8% income tax - much less than the middle class.

She read through the White House report and found that their computations to get the 8% included unsold stock. You have to wonder if it's a prelude by the deep state to forcing all of us to include unsold assets and unrealized gains as "income" for tax purposes in the future. The way they sell it as class warfare I'm sure the sheep would be fine with it. Then of course it's on to retirement savings not withdrawn in any retirement year as "income". Or appreciation on your home while you're still living in it (which they already do with property tax - so double tax).

https://twitchy.com/grateful-calvin/2024/03/26/carol-roth-thread-on-income-tax-rate-reality-versus-bidens-lies-n2394393

dogmush:
They've been listing after unrealized gains for a couple years now.  They keep floating trial balloons about the evil rich "hiding" income by not actually getting it.

No word on whether or not unrealized losses can be credited.

sumpnz:
I remember reading about wealth taxes (which is really what that is) 20+ years ago.

K Frame:
You're just now realizing that this might be the plan after all?

Christ, I've been yelling about this for a couple of years and what it could lead to.

About time people start paying attention, for *expletive deleted*ck's sake.

zahc:
We already have wealth taxes. Just not on the richest people, and the federal government doesn't collect them.

There's nothing economically problematic with wealth taxes except they are taxes. We already tax income which is one of the worst things you can tax

There's a potential constitutional issue with the federal government levying wealth taxes because the constitution only authorizes them to tax income. This has been a disaster and it's why we have 22-30+% marginal income tax rates. And it makes it hard to tax the rich, because it's easy for the rich to make income disappear.

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