Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > The President & the Executive Branch
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

The President & the Executive Branch Discuss Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die at the Political Forums; Secretary of the Treasury Janet Yellen testifying before a House committee echoed President Biden's call to look into creating a ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 10-02-2021, 08:57 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 20,278
Thanks: 13,902
Thanked 15,308 Times in 8,772 Posts
Send a message via ICQ to AZRWinger
Default Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

Secretary of the Treasury Janet Yellen testifying before a House committee echoed President Biden's call to look into creating a new Federal tax on unrealized capital gains. Of course the new tax is being sweetened with the class warfare proviso that only the very rich would pay ignoring the fact the Federal income tax was marketed with this same only the rich will pay falsehood.

Currently Federal taxation applies only to actual income things like wages, dividends paid, or interest earned. Unrealized capital gains such as the increased market value of a stock aren't taxed until the stock is sold. But American homeowners also benefit from unrealized capital gains from rising real estate markets.

Quote:
President Biden expressed support for a proposal under consideration in the Senate to place an annual income tax on billionaires’ unrealized capital gains.

The potential tax increase, being pursued by Senate Finance Chairman Ron Wyden (D., Ore.), would be among a number of tax provisions that Mr. Biden is seeking to pay for a proposed $3.5 trillion spending plan that encapsulates much of his first-term agenda. It is an alternative to some administration tax ideas that have flopped in Congress, and it would generate money from the wealthiest sliver of Americans, whose incomes can be a fraction of their wealth.
The idea of ultrawealthy plutocrats having to pay what amounts to an ownership tax with benign Federal bureaucrats distributing the spoils to worthy victims of economic oppression has particular appeal to Marxist Democrats who basically view private property from a you didn't build that perspective. An an informed view not only reveals this tax would undermine private property rights and necessitate an huge, invasive Federal bureaucracy to inventory and appraise assets it would inevitably be extended to all taxpayers.

https://www.google.com/amp/s/www.nat...-wont-die/amp/
__________________
If Democrats were confident their nominee actually received more than 80 million votes they wouldn't have more troops occupying Washington, DC than Lincoln had defending the city during the Civil War. Not Joe Biden, Kim Jung Biden.
Reply With Quote
The Following 3 Users Say Thank You to AZRWinger For This Useful Post:
  #2 (permalink)  
Old 10-11-2021, 10:17 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 8,691
Thanks: 12,867
Thanked 9,378 Times in 5,335 Posts
Default Re: Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

You have to give the Marxists, I mean Democrats, credit for their creativity to come up with new ways of taking money from the American people to finance their Marxist wet dreams. If only they worked half as hard to do things that would benefit the country as opposed to their never ending pursuit of power and authority.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
  #3 (permalink)  
Old 10-11-2021, 12:16 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 15,889
Thanks: 11,177
Thanked 15,397 Times in 8,288 Posts
Default Re: Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die

The "You Didn't Build That " comment is as Marxist as it gets. Yet few Americans get it.

Amazing what a silver tongue can get accomplished over hard work and the concept of keeping the fruits of one's labor.

Rapid and accelerating inflation, as we have seen in the last 40 or so years, goes back to taking us off the Gold standard. that was Nixon and the Democrats working together for "our common good."


Yeah right
Don't blame just the democrats alone. that had ample help from the GOP.
Both of whom got rather rich with slick talk pretending to be concerned for the better interests of We the People.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE
Reply With Quote
The Following 2 Users Say Thank You to FrancSevin For This Useful Post:
Reply

Tags
bad, capital, die, gains, idea, just, taxing, that, unrealized, won’t

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 07:44 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2022, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0