Harris: 25% tax on unrealized gains
- Thread starter Phenomenally Frantastic
- Start date
I read that too, but can't find a reference to the unrealized gains tax in the actual budget
President Biden’s FY 2025 Budget Proposal: Details & Analysis
President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.taxfoundation.org
“The combination of policies would move the tax code further away from simplicity, transparency, and neutrality, while making the US economy less competitive.”
Major provisions not modeled:
- Repeal the base erosion and anti-abuse tax (BEAT) and replace it with an undertaxed profits rule (UTPR) consistent with the OECD/G20 global minimum tax model rules
- Replace FDII with unspecified R&D incentives
- Create a 25 percent “billionaire minimum tax” to tax unrealized capital gains of high-net-worth taxpayers
and I'll again point out that this is the Biden admin budget proposal, not a Harris campaign proposal or platform
Why is this a shock to some of you idiots? This has been talked about by the party of marx since ****ing 0boma was king!!
Theft from someone worth 100,000,000 is still theft.
Harris Backs Tax Increases Proposed by Biden
ByAndrew Restucci
and
Richard Rubin
Vice President Kamala Harris supports the tax increases President Biden put forward in his recent budget proposal, according to her campaign. Biden’s budget plan includes a slew of revenue raisers, including a proposed 25% minimum tax on individuals with more than $100 million in wealth.
FACT SHEET: The President’s Budget for Fiscal Year 2025 | OMB | The White House
Budget Details Vision to Protect Progress, Lower Costs, Protect and Strengthen Social Security and Medicare, Invest in America and the American People, and Reduce the Deficit From Day One of this Administration, President Biden has tackled challenges head-on while delivering long-lasting...
“Requires Billionaires to Pay at Least 25 Percent of Income in Taxes. Billionaires make their money in ways that are often taxed at lower rates than ordinary wage income, or sometimes not taxed at all, thanks to giant loopholes and tax preferences that disproportionately benefit the wealthiest taxpayers. As a result, many of these wealthy Americans are able to pay an average income tax rate of just 8 percent on their full incomes—a lower rate than many firefighters or teachers. To finally address this glaring inequity, the President’s Budget includes a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million.”
“or sometimes not taxed at all”
“or sometimes not taxed at all”
“or sometimes not taxed at all”
You don’t see how this could potentially have a down stream effect? Those over $100m will move even more money to overseas investments and it will surely impact the market, pooled investments and Alternative investment strategies. I am all for larger taxes on HNW individuals over $100m; but this is just a terrible idea IMO
If we actually vote for Kamala to become the next president we deserve what we get good and hard.
Trump is abrasive as **** to some but he isn’t going to take 25% of your 401k.
Trump is abrasive as **** to some but he isn’t going to take 25% of your 401k.
If you are a Republican, you should hope that Harris gets elected and the democrats actually push their tax proposals through Congress. The fallout in the midterm elections would be utterly spectacular.
Not if it’s the law. “Theft” is the illegal taking.
LOL. You are such a dumbsh*t. Why don't you spend 5 minutes educating yourself about what you are linking before you do it? LOL.
Page 82
Proposal
The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million.
Straight from treasury.gov @jneffer
I think it’s hilarious that i just responded with proof after your post coincidentally making you look like a moron. I hadn’t seen your post when I replied. Lololol
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“Assets”: Coins? Art? Cars? Land? Houses? Stamps? Reputation?
Train wreck.
****ing ridiculous proposal with horrible unintended consequences.
Kamala and her team are economic morons and marxists. There is no way to shine this turd.
When a billionaire has to sell $10B of stock in a year and the short sellers front run them and all the retail owners and 401K owners get completely screwed in the process, will you still be laughing?
Now multiply that times the “0.01%” or *33,000 Americans they intend to confiscate wealth from.
Along with the millions of savers with 401Ks who will inevitably be impacted unintentionally.
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I appreciate the info you provided
But I feel compelled to point out that .01% of 330,000,000 is 33,000.
It always was, which is why they avoid talking about it or asking her questions about it at all costs
Neither is Harris. This is dumb.
What will happen to 401Ks when 25% of wealth of the wealthy($100M+) is confiscated by the Government?
Answer the Goddamned question.
Nice try pretending to know this was about taxes on billionaires and not everyone. Do you have $100M in your 401k? I don't think people on this board are affected by this, so save your fearmongering for someone dumb enough to fall for it.
First of all it likely won't come to pass Chicken Little. It's a nearly 3 year old Biden plan that got no traction. Notice how no one was talking much about this until now? Nobody knows what the impact would be because details of what would be an incredibly complicated policy are non-existent. I think your $15k is safe. There. I answered your question. Happy?
If you really have an investment plan, and aren't concerned about capital gains taxes going to 44.6% you are a complete idiot. The unrealized gains tax is just window dressing.
Doesn't matter,.. The taxing of unrealized gains shouldn't be imposed on anyone,... Stupid idea is stupid.
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Probably not. Actual capital losses are capped right now. The Feds only want to participate in your gains, not your losses.
Smart thinking,.. Same reasoning allows antisemitism to exist.
The fact it's being proposed at all shows economic illiteracy, whether or not it actually happens. The fact that you dismiss it tells us what we need to know about your economic and political sense.
