WASHINGTON—A new annual tax on billionaires’ unrealized capital gains is likely to be included to help pay for the vast social policy and climate package lawmakers hope to finalize this week, senior Democrats said Sunday.
“We probably will have a wealth tax,” House Speaker Nancy Pelosi said Sunday on CNN, noting that Senate Democrats were still working on their proposal, which isn’t technically a wealth tax but bears a strong resemblance to that idea.
Will this tax exclude billionaires who are in congress or their spouses and families?
Completely unworkable idea.
More wasteful taxes to fund wasteful spending
I hope all the Millionaire Senators and Congress People are included.
It’s the right thing to do…how is it conscionable that billionaires pay less taxes than essential workers
This is absolutely against every fiber this country stands for, giving hard earned gains to lazy, non productive, and in most cases criminals!!! CRT WOKE BLM a bag of crap for the lazy!!!
What vast social policy? They gutted the bill!
Guess you won't be seeing Bill Gates in Starbucks any more, then. He'll have to make himself a cup of instant coffee at home.
Careful; So if you have an unrealized loss (e.g value is less today vs what a billionaire paid for it, but only on paper since it’s unrealized) is the government going to offer a tax refund?
Taxing unrealized gains is more than just taxing unrealized gains. It’s accessing and monitoring your accounts.
Poor Warren Buffet ! So year ONE he'll have to sell .. 50% of holdings to pay taxes on unrealized gains? He's often complained that his secretary pays more than he does. Well, this should fix that! Hey, I heard SiliconValley just moved to the Cayman Islands. taxes climate
The important thing to do is to get this in. Then it can be ratcheted down as required.
Yet carried interest will continue…
Buy physical metals and cold store Bitcoin, stocks won't be a vehicle of choice if this goes through
If I am wealthy and I am going to get taxes on my unrealized gains then I am going to go ahead and sell everything I own in the market and realize those gains. And I am never reinvesting in the stock market again until I know my unrealized gains won’t be taxed.
What happens when they have an unrealized loss?
unrealized capital gains tax on billionaires? Course most folks wont know what this means so they'll just hear 'billionaires' Our fed govt is out of control. They should be making cuts, and prioritizing Real Needs for our country, but they just want more money to Buy Votes
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I knew they would have to tax wealth.
This is totally Insane!!
DO NOT LET THIS PASS.
Let’s Go Brandon!!
Raise inheritance tax on anything over 5 million to 100% with no workarounds.... and reduce income tax to 10%.
profgalloway Sorry, don't get this. I'm all for the very wealthy paying taxes but on unrealised gains? So you've got a property you rent out, prices fall and tenants don't appear and you pay tax on gains that don't materialise?
the free shit is coming, just need to squeeze the rich a little more
The Greek government found it impossible to get people to pay their correct taxes so they taxed them on their possessions clearly purchased with untaxed income. A man declares an income of Euros 20k but then he buys a Euro 200,000 yacht has three houses and a Ferrari?
Taxing unrealized gains is insane, wtf are they thinking
Dont believe it....they will find another loophole. Should audit them & anything no purpose other than tax min, should disallow.
with the stock market crashed for good, only companies with another money resource can function many companies may go out and get pennies on the dollar
People lots of people will fall for this. The government is good at one thing and one thing only, taxing middle class. 🤷
JoeBiden' unrealizedcapitalgains tax '... nothing but smoke & mirrors' for billionaires on loopholes but toxic for their working elite PoorRich ? SCOTUS will have the last word... ! Finally, if unrealized CAPITAL GAINS income taxed, unrealized Capital LOSSES DEDUCTIONS ?
Climate package?! Wtf is that?! Absurd a dumb politian knows nothing other than having a chouffer and raise taxes
No matter how many times it’s reportd that the top 1% already pay the majority of each years taxes, the left wants more and more. Don’t be fooled.
They’ll just move
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Shared Prosperity and Progressive Economics
It’s turning into voodoo economics. I’m getting an unrealised headache.
Good
Damn the Democrats and their constant taxing us regular people
Billionaires… then Millionaires… then Everyone.
Based
Lots of temporarily embarrassed billionaires in this thread...
That’s only 200 billion. The rest is on us. Do the math. 2 trillion - 200 billion = 1.8 trillion. The difference between a trillion and a billion, is a TRILLION.
How do you tax something that hasn’t happened?
profgalloway The everyday guy will not appreciate this… they are gambling the midterms away
The principal is vicious: what is owned by a citizen is really owned by the state, & the taxman can decide when to take his cut. Hell no! Even wildly rich people have rights, including property rights. If we can strip billionaires of property rights look out: tyranny cometh
wow something..will buffet sold his apple asset?bigg down if it is.
I want to expand and pack the court in 2026 when GOP controls the Senate and the White House. Add 8 seats to make it 14-3.
You cannot make a market on the backs of the poor. So we raid proprietary investment accounts and give them the aggregate demand to ensure growth. It works but....
Just the start, they’re coming to take it all
profgalloway Unenforceable, unconstitutional tax chum for a polarized country. Good luck with implementation.
This should bode well for the future of investing.
Someday the Democrats will tax you on what you might possibly earn. They don’t care. So politically evil.
The tax will just get rolled back by SCOTUS and Dems will shrug their shoulders and say 'we tried to make it cost zero' and argue to pack the court. These leftists are nothing if not devious!
This nation once was quite upset about tax on tea 🤷♀️
The devil is in the details. Going to compute individual net worth to see who's a billionaire. Or is it a $B in assets? Real estate included? When in year calculated? Crypto? Stock options? On and on, not to mention constituanality.
If gains haven’t been realized that means the money doesn’t exist in reality. Just someone’s subjective opinion of asset value. So now the govt feels entitled to subjective value? So the govt can decide my house is worth a Billion and then I owe? Cool story
profgalloway Soooo… do they get to write off unrealized losses?
The Accountant Relief Act of 2021? This aught to be a nightmare to decipher. Well done Congress.
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