Taxing unrealized gains as income?

[Outlier]

So I honestly completely dismissed this when I first heard about it but I came across something today that I had never heard of before. It was a Forbes article talking about constructive sales tax rules and it got me curious. After a little research it appears this has existed since 1997. I'm also vaguely aware of the property tax homeowners pay.

So I guess my question is is this what all the teeth gnashing is about? Tax codes that already exist for things that many people are just ignorant of? Or is this some sort of deceptive distraction for something more sinister? Am I missing anything?

 

[Cruisers460]

Back in the 70s I got mail from a group for tax reform, what stiks in my mind was that a loaf of bread had over 40 separate taxes charges before it reached your table. I'm betting they managed a few others since then.

 

[GeauxLSU]

This would be new and as disgusting (almost) as the death tax.
It's just another socialist "evil rich" rallying cry. The government wants as big a share of as many things as possible that they contribute zero to.

 

[killerv]

Just wait til this reporting of transactions 600 bucks or more, they are gonna do the math and see folks spending more than they take in...and then they are gonna investigate why that is and go after them.

 

[keith089]

Get all of you cash added to Apple Pay and transfer it in your bank account at 500 a pop

 

[steviesterno]

I put $1000 into Tesla. It goes to $2000. I would owe $400 in taxes. Now assuming I DIDNT SELL THOSE SHARES, where in the hell is that $400 supposed to come from?

Same for the value of your house. they have gone up in value recently. Do you have the free cash to triple your payments?

if this comes to fruition it will decimate property values and the stock market.

 

[Fish Fry]

I put $1000 into Tesla. It goes to $2000. I would owe $400 in taxes. Now assuming I DIDNT SELL THOSE SHARES, where in the hell is that $400 supposed to come from?

Same for the value of your house. they have gone up in value recently. Do you have the free cash to triple your payments?

if this comes to fruition it will decimate property values and the stock market.

What happens when values decline?

Sent from my BV4900Pro using Tapatalk

 

[steviesterno]

I can write off $3000 in losses to off set gains. But that's a good question. I am taking the risk, I am tying up the money, I shouldn't be on the hook to pay taxes on my gains until they are realized. I don't think I should ever pay taxes on anything after I paid income tax to get the money, but that's just me.

 

[TheGman]

There is Talk about folks who make money , buy land , pass it along to heirs “untaxed” in the form of trust etc.

the ****ing government thinks that they , it , deserves a cut of everything that you create, earn , accumulate.

 

[Churchill]

Here you go, it gets worse!