Reply to Bill proposed to crack down on backdoor roth (and other loopholes)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Biden was just live talking about how he supports taxing unrealized gains.  I guess this is their whole plan laid out.  Eliminate tax advantaged accounts and then tax any unrealized earnings so there is nowhere left to accrue wealth.[/quote]

It would only be taxing the unrealized gains of billionaires. Biden threw his support for it and Wyden has been working on it for a few years.

But who knows if such a "wealth tax" would even be constitutional. It's a concept I support in theory, but the practicalities seem sort of crazy:

https://www.wsj.com/articles/biden-expresses-support-forannual-tax-on-billionaires-unrealized-gains-11632498487[/quote]

Taxing productive people is stupid and makes us all worse off.  Raise the estate tax and close the loopholes and cut income taxes.  Going after people like Peter Thiel while they are alive is self-indulgent but counter productive.  Let them produce and spend whatever they want while they're alive, and take most of it back upon their death to keep it from unproductive heirs.[/quote]

Hell no. Tax the income and property of billionaires. Raise those taxes.

Taxing unrealized gains is dumb and should not happen, but don't use that as an excuse to slip in trickle-down economic theory for all taxes. [/quote]

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