Taxing unrealized gains as income?

[jeep78]

It is called taxing inflation.

 

[StuP]

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.

As far as I can tell GA doesn't have an estate tax ? The fed one kicks in on estates worth $11.7M and up, so I'm not too worried.

Now, if unrealized gains become taxable the whole economy's going to take a sucker punch.

 

[The Old Jaybird]

I own 2 houses. One in Lawrenceville I bought in 1988 for $75k and one I bought in Winder in 2012 for $90K.
Gwinnett says my house is now worth $185k and Barrow says my house is worth $235K. And taxes me on these values. I think it is happening already.

So if you buy anything, and it goes up in value, Uncle Sam/or the state/or both, want to tax you on your good fortune/wise decision? What about the Montana Power stock I bought for $4500 and sold for less than $100??
Lost my assets on that one.

 

[palmettomoon]

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.

You'd owe 40% in capital gains taxes even if you didn't "realize" them? I thought cap gains was about 15%, large transactions requiring a medicaid special tax notwithstanding.

 

[MSAA Personal]

Sounds like AMT alternative minimum tax paying tax on the stock that you own because it’s risen in price tremendously they want their money now, problem is if it drops you have to do AMT refund on your tax returns which is a royal pain
been there done that back in the mindspring days!

 

[C Drill97]

We need a 1776

 

[GeauxLSU]

You'd owe 40% in capital gains taxes even if you didn't "realize" them? I thought cap gains was about 15%, large transactions requiring a medicaid special tax notwithstanding.

Depends. Either 0, 15% or 20% depending on income. Dems hate that. They like to spout that only the 'rich' have capital gains and they want it to be at least the ordinary income rates. Cuz you know, the only thing better than a tax to a Dem is a double tax.

 

[JDUB]

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.

That’s truly what the big banks want, I’m not talking about regions or neighborhood mortgage..I’m talking about capital firms and black rock, the kind of “bank” that even JP Morgan Chase has to answer to. They will, through multiple shell companies, buy the properties then rent them. They want to rent all of them. Complete ownership and control while the “common folks” don’t own a thing. Mark my words.