Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This would apply to households worth > $100 million. Are you really worried, pp, or just fear mongering?

DP. A tax on unrealized capital gains is pernicious. They will sell it by saying it applies only to the ultrarich, those worth over $100million, but the fact is it would set a precedent that would allow future taxing of unrealized gains for people at much lower income brackets (if determined to be constitutional, which it may not be). Remember when the AMT was to apply only to the "rich?"

In fact, the changes proposed to estate tax would apply an unrealized capital gains tax to estates over $5 million by construing death as a sales event. And you would have to pay estate taxes to boot. It is not hard to get to a $5 million estate in the DC area, where many perfectly ordinary houses are valued at close to $2 million. Someone leaving an estate of $5 million plus a bit more is not ultrarich.

THIS. Taxing unrealized gain is a dangerous precedent. And the AMT example is a perfect clap back to the PP whining that we are fearmongering.

There’s a silly saying that says “‘I never thought the leopards would eat MY face,’ sobs woman who voted for the Leopards Eating Faces Party.” Voting for taxes on unrealized capital gains is voting for Leopards Eating Faces - soon enough they’ll be lowering the threshold to 10 million unrealized gains, then 5 million, then 1 million. Which we will all get to eventually due to inflation and the leopards will be eating our faces.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

Anonymous wrote:

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

Now do it as a percentage of each individual's income.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This would apply to households worth > $100 million. Are you really worried, pp, or just fear mongering?

DP. A tax on unrealized capital gains is pernicious. They will sell it by saying it applies only to the ultrarich, those worth over $100million, but the fact is it would set a precedent that would allow future taxing of unrealized gains for people at much lower income brackets (if determined to be constitutional, which it may not be). Remember when the AMT was to apply only to the "rich?"

In fact, the changes proposed to estate tax would apply an unrealized capital gains tax to estates over $5 million by construing death as a sales event. And you would have to pay estate taxes to boot. It is not hard to get to a $5 million estate in the DC area, where many perfectly ordinary houses are valued at close to $2 million. Someone leaving an estate of $5 million plus a bit more is not ultrarich.

Anonymous wrote:

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

How much do they take in income? I think you have to compare their income to taxes compared to others. If income were say water and 1 percenters got 95% of the water on the planet how would you compare what they should get to keep?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We would be subject to higher taxes. That is ok.

Regardless of how much you do or don't make, working half of your week to pay the government is not okay.

Seriously. It’s like Harris wants to tank economic growth.

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.