MajG

Remember St. Obama and Bernie babbling incessantly about Millionaires and Billionaires? On and on til the public puked? This went on til they both figured out they were the Millionaires so that part was dropped.
So now it's just Billionaires. Successful people who have made a lot of money through grit and hard work. Now known as targets. They must be punished by the likes of Hiawatha Warren and other envious dopes. Yes boys and girls, the Magic Bunny cavalry is riding in on their Unicorns to save the day and the idiot in the White house. Pay for $30 Trillion in debt and pork barrel spending? No problem says Prez Dufus in a fake whisper, Just tax the crap out of Billionaires. Easy!....except. There only 800 in the country.
That math doesn't work too good here on earth. T for Trillion is a whole lot more than B for Billion. People who can count and think know instinctively that doesn't work.
The mentally challenged, envious citizens think it's a wonderful idea. They always do until reality smacks em upside the head.
So that idea won't work, What to do? Limit the tax monster to people making $400K or more? Great idea Spanky. When that doesn't work lower it to $200,000 then $100,000 then $600. Yes those intelligent enough to understand know it will happen. That is the Way of the Liar Democrat Tribe. Happens every time. All but the bottom 1/3 will pay more in taxes. If you are the Liar Obama even they get nailed.
So lets watch. It's becoming clear already the the magic bunny has carved out exemptions for rich Democrats. Is anyone surprised?

"Let's get them all" is the cry of the Tax Thieves like Warren and others.
Surprise! The "ALL" is YOU. It always is. (The Dopes that believe the lies-Every time!)

Carol Kelly

Excellent post. We all see it, but after our eyes are opened, what next?

Kevyn

So here is the deal, most of our population are not capitalist they are laborers. They are taxed on income including FICA. The government knows exactly what they make because their employers report it and withhold taxes. The trust fund folks pay capital gains taxes at a lower rate and don’t pay FICA on gains. Many of their transactions are hidden. Biden’s policy if implemented will accomplish a couple of things the first is to tax the billionaires at rates similar to those paid by working families the second is to force transparency on transactions to reduce the amount of tax fraud committed by corporations. To see idiots suggest that it is not worth taxing billionaires and multinational corporations because they will figure a way out of it and in the same breath squeal about giving the IRS the tools to stop this fraud is mind boggling. Our nation thrived in the past when the wealthy and corporations were heavily taxed, there is no reason it can’t work again.

MajG

Next? Good question. Best I can come up with is support for the 2 Honest, thinking Senators that don't submit to the Politburo thugs of fiscal insanity.

dtucker300 Loc: Vista, CA

I have a bridge you would be interested in buying.

American Vet

Well Kevydummy: Those capitalist create the jobs so that the working people can feed, clothe, and house their kids.

Increased taxes will come from their pay.

Too bad your head is little more than an ugly hat rack.

dtucker300 Loc: Vista, CA

Kevyn, Kevyn, Kevyn; when are you going to learn? What's to be done with you after your mother dies and you have no one left to support your standard of living, such that it is, even though it is in a basement?

Spoken like a true Marxist who probably never owned a business let alone run one. The U.S government brought in the largest ever amount of tax revenue last year because of Trump's policies and tax cuts. Biden screwed that up also. Everything the left touches turn to scat.

From Thomas Sowell:
Greed:
“It is amazing how many of the intelligentsia call it “greed” to want to keep what you have earned, but not greed to want to take away what somebody else has earned, and let politicians use it to buy votes.”

Politicians as Santa Claus:
“The big question that seldom— if ever— gets asked in the mainstream media is whether these are a net increase in jobs. Since the only resources that the government has are the resources it takes from the private sector, using those resources to create jobs means reducing the resources available to create jobs in the private sector.
"So long as most people do not look beyond superficial appearances, politicians can get away with playing Santa Claus on all sorts of issues, while leaving havoc in their wake— such as growing unemployment, despite all the jobs being ‘created.’”

Moving on Up:
“Only by focusing on the income brackets, instead of the actual people moving between those brackets, have the intelligentsia been able to verbally create a ‘problem’ for which a ‘solution’ is necessary. They have created a powerful vision of ‘classes’ with ‘disparities’ and ‘inequities’ in income, caused by ‘barriers’ created by ‘society.’ But the routine rise of millions of people out of the lowest quintile over time makes a mockery of the ‘barriers’ assumed by many, if not most, of the intelligentsia.”

The Fundamental Problem of Both Economics and Politics:
“Economics and politics confront the same fundamental problem: What everyone wants adds up to more than there is. Market economies deal with this problem by confronting individuals with the costs of producing what they want and letting those individuals make their own trade-offs when presented with prices that convey those costs. That leads to self-rationing, in the light of each individual’s own circumstances and preferences.”


https://www.washingtonpost.com/opinions/2021/10/25/bidens-latest-tax-the-rich-scheme-would-be-an-unworkable-possibly-unconstitutional-mess/

Opinion: Biden’s latest tax-the-rich scheme would be an unworkable and possibly unconstitutional mess


By Henry Olsen

October 25, 2021 at 2:19 p.m. EDT


The Biden administration’s idea to tax billionaires’ unrealized capital gains may sound good to the tax-the-rich crowd. In practice, it would be an unworkable and arguably unconstitutional mess that could harm everyone.

In theory, the idea is seductively simple and appealing. Billionaires and the super-rich possess massive amounts of wealth in the form of stocks, businesses, and frivolous baubles such as famous paintings or yachts. These assets appreciate in value, but their owners pay no tax on that value unless they sell it — or “realize the gain,” as tax lawyers put it. Only by selling the asset would a person be able to convert the asset into taxable income. This means billionaires with appreciating assets can become hundreds of billions of dollars wealthier each year, but the government gets nothing.

That would change, however, under a proposal that Democrats are considering that would tax unrealized gains each year as if the underlying asset had been sold. Forbes estimates that Tesla founder Elon Musk’s net worth rose by $126 billion last year as his company’s stock price soared, but he surely paid almost no tax on that because he never sold the stock. Biden’s plan would tax all of that rise, netting the federal government about $30 billion. Do the same for all the nation’s billionaires, and the feds could pull in loads of cash without disturbing their lavish lifestyles.

If that sounds too good to be true, it’s because it is. To start, not all assets are as easy to value as publicly traded stocks. Privately held companies, such as Charles Koch’s Koch Industries, are notoriously difficult to value. Rare but valuable items are even more difficult to fix an annual price. Someone who owns a Leonardo da Vinci or Picasso artwork likely paid more than $100 million for it at auction, but it’s almost impossible to assess what a unique work of art would sell for at the end of each tax year. Billionaires are precisely the people with the motive and the means to hire the best tax lawyers to fight the Internal Revenue Service at every step of the way, surely subjecting each tax return to excruciatingly long and expensive audits.

Then there’s the question of what to do with capital losses. Expensive assets can go down in value, too, and billionaires would rightly insist that the IRS account for those reversals of fortune. This would lead to some politically uncomfortable acts if, say, a market downturn coincides with the end of the tax year, as happened during the Great Recession. The U.S. stock market declined by roughly a third in 2008, with the low point at year’s end — exactly when valuations for an unrealized gain tax would be determined. This would have led to billionaires marking up massive amounts of unrealized losses. Would the IRS have to issue multi-billion dollar refund checks to return the billionaires’ quarterly estimated tax payments from earlier in the year? No president will want to be in charge when their IRS has to give billions of dollars back to Warren Buffett or Bill Gates.

The Constitution may not even permit taxation of unrealized gains. The 16th Amendment authorizes taxation of “income,” and the definition of that seemingly simple word has spawned a long history of complicated case law. Whether something is defined as income often has to do with whether a person has complete control over a source of money that can then be used in trade to purchase or invest as one sees fit. Unrealized gains don’t fit under that rubric because the wealth is on paper, not in the hands of the owner to use as she wants. In 1920, the Supreme Court ruled that stock dividends or splits can’t be taxed because they are not income. That is just one example of a torturous series of cases that the Supreme Court would inevitably have to consider to determine if Congress even has the power to tax unrealized gains.

If Congress does have that power, however, it will only be a matter of time before lawmakers apply the tax to ordinary Americans. Anyone who owns a house or has a retirement account has unrealized capital gains. Billionaires get all the attention, but the real money is in the hands of the broader public, as the collective value of real estate and mutual funds dwarfs what the nation’s uber-wealthy hold. The government would love to get 25 percent of your 401(k)’s annual rise, and our nation’s massive annual deficits and cumulative debt means it will need that money sooner rather than later.

Taxing unrealized capital gains will unlock a Pandora’s box of problems. Better to keep them under lock and key.

MajG

Well there yah go. Lets screw the pension funds of those working people. The truckers and electricians don't deserve capital gains to retire on. Good thinking Kev. They'll love it.
Then count the Billionaires again. 800 is the number, get it Kev? That'll do it! Sure it will.
Try the math thing again. A B Billionaire is a smaller number than a 30 Trillion debt. Maybe you missed that.
Transaction transparency of $600 each is a brilliant way to catch corporate cheaters. They get VERY wealthy on that huge amount. I know I did.
Tax fraud at the corporate level? OK genius, name a few corporations that those dummies at the IRS missed. You are SO MUCH better informed than the pros.
You are probably right though, the IRS employees are a pile of dummies. Maybe you could get a job, use your CPA MBA accounting degree and straighten them out. I'm sure you calling them stupid will be well received.
"Hello, IRS, this is Kevyn. You are all so stupid you're missing the corporate tax cheats. I'm here to tell you about them."

Go ahead Kevyn, we'll wait but not hold our breath.

MajG

The writer is not aware of how it's done. I live in Hopewell VA. The Queen City of Taxation. Almost everything is taxed in this town. Real Estate rises in value? Taxes do too. You work hard a get a nice car? Taxed every year. Your small business takes in a dollar (NOT profit) the city gets a cut, just like the mafioso. If there is a profit they get a cut of that too. If you bought a screwdriver or chair in 1944 you get taxed every year-forever. Food and medicine? Taxed. SS $ benefits. Taxed

MajG

Kevyn will never learn. As long as Mommie buys him ice cream he has no reason to look at reality. As a barely literate lefty he thinks writers like Olsen and Sowell (and you) are just big dummies not in HIS league of the worlds thinkers, especially on tax policy. The old lefty BS is good enough. Don't work hard or seek success, it's a Republican thing to these losers.
Most dullards in the US will never understand the Velocity of Money or tax cuts either.

I say again: "The world need dummies if only for contrast."

dtucker300 Loc: Vista, CA

Kevyn would probably answer, "That's really White of you!"

The sad thing is that most are products of our education system. That says a lot about the quality and the need for school choice and vouchers.

Radiance3

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No most of them are handouts Kevin. Sixty percent (60%), of those listed adults supposed to work and pay taxes DON'T pay taxes. Most of them get more due to their children.

Radiance3

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Income Tax is based on income. Unrealized gains are not income. The value of those unrealized gains could fluctuate up and down, depending upon the economy. It is not stable. It is not earned until the assets are sold and realized the gains. Then the gains becomes taxable. Unrealized gains have never been taxed. That is why it is one of the most important provisions of the GAAP (Generally Accepted Accounting Principles)

Here are the basis of the IRS Income Tax.
Personal income tax is a type of income tax that is levied on an individual's wages, salaries, and other types of income.

Business income taxes apply to corporations, partnerships, small businesses, and people who are self-employed.

If Biden wants to tax unrealized gains, the whole economic structure of this country will be damaged.
Congress could not legislate that. It is immoral. And if that happens, our constitution does not work effectively. We become a Marxist country. By the power of the constitution at present, Biden could not just take a portion of someone else money, that is not yet earned.

MajG

Absolutely! And the day of school choice needs to show up yesterday! Americas children deserve better.

Carol Kelly

Pandora’s box has already been opened. Our problem is how to cram it all back inside and shut the lid.