It's horrible, of course. Absolutely ridiculous. Capital gains tax alone should be zero.
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'Murica! (180 Viewers)
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It’s obviously bonkers but 1- She didn’t independently suggest that, but she endorsed Biden’s last budget proposal. President’s budget proposal is usually a red meat to the base kind of document and never becomes law. Trump’s last budget proposal, for example, would’ve almost gutted every low income entitlement while leaving Pentagon’s budget intact. I doubt he likes a position like that on the campaign trail.
2- the proposed taxes are all for individuals with 100m+ net worth.
2- the proposed taxes are all for individuals with 100m+ net worth.
The crazy part is that in, what you'd call socialist, Belgium society is in turmoil, because they're considering a tax on realized gains.
@Ronn 's second point is important though: it is meant to be for individuals with a net worth of 100M+, so in reality it wouldn't affect too many people. The practical problem is it could lead to ridiculously high taxes for people with many stocks, who may not have that much cash around. And what about losses?
The problem with taxes is that, once the principle is agreed on, they expand.
Why not have it for people with 50M net worth? Or what about 10M net worth? Or what about 1M net worth? Surely they are all rich and should pay. Before you know it everyone is paying taxes on unrealized capital gains.
And that's without taking into account that paying taxe on money you haven't actually received feels flat out wrong.
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Why not have it for people with 50M net worth? Or what about 10M net worth? Or what about 1M net worth? Surely they are all rich and should pay. Before you know it everyone is paying taxes on unrealized capital gains.
And that's without taking into account that paying taxe on money you haven't actually received feels flat out wrong.
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I don't necessarily disagree with this. The point I was making was that instead of debating on facts, going to "small business owners" is just straight up fear mongering. It's expected from politicians. I have an issue with folks just lapping it up without even doing a cursory check. Basically Joe Rogan-ing through life.
99% of Trump's voters do not check what he says. Most of his statements are lies, obviously, but more importantly almost none of his underlying actions and policy correspond with what his voters actually want. The only ones who actually know what he wants to achieve and support him are the billionaires and foreign dictators he caters to.
I've had a working theory that a lot of this right/left belief business, which is mostly nonsense in the US since the oligarchs remain in charge no matter what. And that theory is that there's a major split between people who firmly believe in the direct causality of individuals and those who believe in more random chance and/or systemic forces that are bigger than any one person.
I see this pattern all the time now. Whether they are questions of inflation, or Covid or mpox origins, or climate change, etc. Some people are much more likely, or need, to believe that a single individual is accountable -- whether that's for inflation (national and global), Covid (hello Bill Gates or lab leak), etc. This culpability of single individuals also seems to correlate higher with favorability towards authoritarianism ... or the single strong man theory of failure vs success.
Meanwhile, others are more open to belief in emergent phenomenon of a cocktail of external forces.
The one exception that comes up sometimes is like Trump's assassination attempt, where the same people who need to pin the blame on a single individual for everything suddenly come up with Deep State theories and let a Thomas Crooks off the hook.
But then that is sometimes consistent with the belief that illegal immigrants who cross the border and murder someone aren't guilty or responsible for their actions but the president's policies are. A kind of "guns don't kill people and people with guns don't kill people, people who regulate guns kill people".
Part of it is the house, but part of it is the property. Houses are still relatively inexpensive where generally no one wants to live with no jobs, social life, or amenities nearby. So there's a heavy memetic desire factor in this. And because property in a desirable location isn't fungible, like an NFT, it results in bidding wars between buyers with the most income or rent-seeking corporates.
it's no coincidence that when both parents in a family started working, the cost of a home demanded that both parents be working. The same has come true in areas where homes can rent out rooms for short-term rentals like Airbnb: those who will bid more than those who will not, resulting in neighborhoods that favor transients.
I see this pattern all the time now. Whether they are questions of inflation, or Covid or mpox origins, or climate change, etc. Some people are much more likely, or need, to believe that a single individual is accountable -- whether that's for inflation (national and global), Covid (hello Bill Gates or lab leak), etc. This culpability of single individuals also seems to correlate higher with favorability towards authoritarianism ... or the single strong man theory of failure vs success.
Meanwhile, others are more open to belief in emergent phenomenon of a cocktail of external forces.
The one exception that comes up sometimes is like Trump's assassination attempt, where the same people who need to pin the blame on a single individual for everything suddenly come up with Deep State theories and let a Thomas Crooks off the hook.
But then that is sometimes consistent with the belief that illegal immigrants who cross the border and murder someone aren't guilty or responsible for their actions but the president's policies are. A kind of "guns don't kill people and people with guns don't kill people, people who regulate guns kill people".
Part of it is the house, but part of it is the property. Houses are still relatively inexpensive where generally no one wants to live with no jobs, social life, or amenities nearby. So there's a heavy memetic desire factor in this. And because property in a desirable location isn't fungible, like an NFT, it results in bidding wars between buyers with the most income or rent-seeking corporates.
it's no coincidence that when both parents in a family started working, the cost of a home demanded that both parents be working. The same has come true in areas where homes can rent out rooms for short-term rentals like Airbnb: those who will bid more than those who will not, resulting in neighborhoods that favor transients.
It's likely unconstitutional, as 16th amendment allows the congress to levy income tax, and you can argue unrealized gain is not really income. But it'll never become law anyway.
These White House budget documents are often hilarious. Congress never considers them. This is an analysis of Trump's budget for 2019:
https://www.cbpp.org/research/trump...-other-assistance-for-low-and-moderate-income
These White House budget documents are often hilarious. Congress never considers them. This is an analysis of Trump's budget for 2019:
https://www.cbpp.org/research/trump...-other-assistance-for-low-and-moderate-income
I'm not sure if that's an argument that will stand. You have other forms of taxes in the US than income taxes as well, like property tax or sales tax. Arguably a tax on unrealized gains could be considered a form of property tax.
I don't specialize in tax and I'm not an American lawyer though, so maybe you're right. Just my first thoughts.
I don't specialize in tax and I'm not an American lawyer though, so maybe you're right. Just my first thoughts.
Property taxes or sales tax are not federal level taxes. 16th amendment allows US congress to levy income tax without involvement of the states, so my guess is anything outside of that would be on state level, and outside anything any president can promise.
I'm not a lawyer either, but my guess is the fact that 16th amendment exists would kick that proposed plan to the courts for years to come.
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Trump really broke the system
I'm not a lawyer either, but my guess is the fact that 16th amendment exists would kick that proposed plan to the courts for years to come.
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Trump really broke the system
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