The rich are finally going to have to pay their fair share. Huge W for the people. Fat cats absolutely seething.
>>58428229its doa for sure, but it'd be nice if it became law
>>58428229The government cannot create anything of value. The government cannot build anything that pays for itself. The government cannot make reasonable investments. Because of this, they instead steal from other people. This will adversely impact only common folk because the ultra rich have the time and resources to exploit tax loopholes whereas the average person does not.
So bullish for physical gold it's unreal
>>58428229>implying the rich don't just borrow money on their assets instead of paying a single cent in capital gains taxeslmaodelusional retarded goy
>>58428229>hey look votes, i did it! ***they*** just didn't pass it. vote for me. not for them. thank you. god bless.
>>58428229The fuck is tax on unrealized gains?
>>58428281if you own a completely illiquid shitcoin with a huge market cap you now owe a giant tax for the rest of your life, even without making any money on itKind of like property taxes, they tax you for the sole act of owning something
>>58428229That's retarded, even I can recognize that and I'm German.
>>58428236The government builds infrastructure, creates jobs, and provides services for people. Taxes are the price we pay to live in a civilized society. Personally I enjoy having roads and street lights.
>>58428294>buying land and laying asphalt on it is so fucking hard, I need the government to steal my money and do it it's literally the only wayyou're a cuck
>>58428294>parable of the broken window
>>58428243Did you not read the second sentence?
>>58428306yes, think of it like real property taxes. You still have to pay taxes on your house in perpetuity even if you own it outright. Unrealized gains taxes are intended to make the market more liquid (as you'll have to sell some of your trillion dollar coin to pay the taxes), but more to counter high net worth people taking out loans backed by their unrealized gains as a dodge around capital gains taxes.
>>58428229>t. poorfag
>>58428229america is FINISHED
I HATE BIDEN AND HIS STUPID TAXES
>>58428281jewish tax on the goy middle class like every other tax, dumbass
>>58428306correct. as you will be a. high net-worth individual b. have unrealised gains of a trillion dollarsit is fair because they are the government
>>58428361what part of "high net worth individuals" do you think applies to the middle class?
>>58428367poor naive little goy
>>58428310Has there ever been civilization without government? No. Now stop being anti-semitic.
>>58428381no. you cannot offset unrealised losses idiot they are unrealised.
>print massive amounts of money>all assets moon>government: hey, you owe us taxes on "unrealized gains">rinse and repeat>you own nothing
>>58428416thanks for playing. the government won't, and shouldn't encourage you to take risks with your money. If they guaranteed your losses by offsetting them against taxes, everybody would be buying worthless assets on purpose
Why did jannies delete my posts?
>>58428235This would end the stock market as we know it brainlet.
>>58428465They do it for free, but are easily bribed with hot pockets.
>>58428479ok, why?
>>58428479It’d end the ownership market. Taxes on unrealized gains is criminal, especially when government is inflating our money. What happens in a hyper inflationary situation where all our assets 1,000x? We’d have to pay taxes on all those gains even though the actual inflation adjusted value is the same
>>58428497Can you explain to me why this is bad but real property taxes are ok?
>>58428229>25% tax on unrealized gains for high net worth individualsthere's no fucking way they can get away with this... it's been nice knowing you, anons
>>58428522It probably won’t pass but they are planting the seeds in our consciousness now. It is their plan to eventually implement such a tax. The Jews want us to not own anything, they want us constantly paying taxes on anything we “own” and will make sure that all assets are always increasing in value via their money printing press. this is the Jewish prophecy to own all property on Earth which they will if this tax law passes. This tax law is essentially the same as paying rent for everything that you “own”
>>58428229Would this be retroactive? What if your family held a stock in a trust for 100 years, would you owe 25% of all profits from then? This would rug the whole market. I think the Biden admin is just pandering to all the leftists that are mad about Palestine. It wont work.
>>58428495Because all the mega wealthy would sell all their shit and leave the country with it. >inb4 exit taxesYeah ok you get to bite their apple one last time but never again. And that money is not coming back. Even a repeal wont get it done because whats to stop them from bringing it back later on down the line.
>>58428555US citizen expats still have to pay US income taxes.
>>58428229>senile niggerfaggot votes for increasing taxes every year for half a century >this time the middle class will finally win!>$30 trillion dollars of slave goy debt later The only answer is tar and feathering and OP will be included, Joe is just at the final end game of his scorched earth boomer policies and career
You will own nothing and be happy.
>>58428367Taxes always, ALWAYS wind up affecting the middle class and often have the intended effect of further destroying it.
>>58428511Property taxes are just as evil as this planned tax on unrealized capital gains. This is merely another way to extract wealth from the middle class and prevent anyone else from ever making it with sound investments in either stonks or crypto.
>>58428229Boomer policyUnited States is becoming a shitty third world country, thanks God that I have all my shit in BTC and satoshisync's BRC20s and they are literally untraceable Suck my fucking cock Joe
>>58428646just wait until your brc20 dumps lol
>>58428646All crypto movements are traceable, wtf are you saying retard
At what point will the citizens realize they have taxation without representation.
>>58428673not really going to track who owns what thoughif you buy some btc on coinbase and send it to like your electrum wallet, you're just numbers. Coinbase would have the info as "Transferred X btc to [EXTERNAL ACCOUNT]" Obviously CB has that external account still because it's permanently in the blockchain, but regardless. The anon would still just be a little string of numbers and letters. Who's to say anon even owned that account they sent the bTC to? What if it was just a random gift for someone? Who knows.My point is, sure it's traceable. But it isn't possible to PROVE that anon is the owner of that cold wallet. Very possible to use an algaryhtm to trace everything / make a bitmap out of it, but it's a waste of time on the governments end if they do that. What will happen is they'll just ban all crypto currency eventually and only allow trading through their (COUNTRY) Coin. We're talking year 2040-2045ish probably. You want BTC? Well you're buying it through your USD Coin you bought from your bank.That's why anon is a genius, anon keeps his shit in a cold wallet. Anon has a brain.
>>58428229This would make living in California even more hellish.
Nice
>>58428646>Suck my fucking cock JoeBiden, right?
Let's say that within a fiscal period, your stock portfolio goes +10%. You haven't sold anything, but you still owe taxes over that 10%??What if the company immediately goes under at the beginning of the next fiscal period before you actually pay and end up illiquid?
>>58428367income tax was supposed to only be for the rich too you fucking idiot nigger dipshit faggot go fucking die right now
>>58428883there is no logic in this proposal, only libtards who are too broke to understand money are for this
>>58428229I'm probably an exception on /biz/ with my view towards taxes, but I don't have a problem with taxing gains. That's kind of how taxes work, they are a part of your income.I'm against the tax on unrealized gains because they are unrealized! One could tax them the moment they become gains (realized).I'm just an opponent of this concept of taxing unrealized gains.
>>58428367because they wouldn't make this apply for everyone later ... (yes they will be!)
>>58428883it is even better if you think about it. you will probably pay more than one time for the same gains. you don't sell in 2 up cycles but you should pay taxes on these ...
>>58429479Taxation is theft
>>58429479You think its fair for them to take nearly 50% of the gains on an investment when you are the one putting your money at risk? That's delusion.
how does this even work
So if some shitcoin I own pumps to a 500 trillion market cap in december and then drops to 0 in january I'm bankrupt?
>>58429554You pay or you die. Pretty simple
>>58428229Rich people typically get rich by screwing others so it's always a good feel to see them get screwed by the government.
I remember being a kid in history class in my Euro socialist shithole and the teachers telling us the evils of the church and the unfair tithe that farmers had to pay. Imagine a 10% tax.
>>58428951who said that?
>>58429623that was in addition to other taxes, and you got nothing from the church. At least your lord, supposedly, was protecting you.
>buy thing>"that thing has now gone up in value, you owe us money"
>>58428229This is the best way to disincentivise those who actually stimulate economic growth and allow us to live in the society we do. If it's so fucking easy to make money, why don't these lefties who love high taxes go and become billionaires themselves they they can give all their own money away.
>>58428414Don't worry, the goyim will not understand
Everyone here hating on this just shows how easy it is to brainwash peasants into loving their chains. All taxes on rich people do hurt them and transfer money from the rich to the poorer classes, as seen in the smaller wealth inequality in european countries. Absolutely deranged how brainwashed people in this thread are.
>>58428367Everyone is a millionaire nowadays
>>58429615Eventually the governement becomes the rich because they taxed so much. Its even common in human history, and it will happen again
>>58428229>make 100k in the stock market>have to cash out 25k to pay taxes>that 25k is now realized gains and is taxed an additional 44.6%Heh better luck next time kid
>tax the rich>it's the boomers amiright, guys?>our parents should give us stuff or else they're bad>no, I'm not bad for wanting my parents to give me stuff>no, I'm not bad for wanting handouts from my parents>yes, I identify as transgender now>since last week, a long time ago
>>58428229powered by chainlink oracles. Thank you sirgay nakamoto.
>>58428229So we're gonna lose about half of our crypto gains? Awesome...
>>58430695Meds. Now.
>>58428236Parasites cannot create anything of value either. Rent-seeking is not value.
>>58428281They can't dodge the tax by old-school methods, the only thing that would work is to move the capital out of the US. (They won't do it)
>>58428229Can't wait to personally benefit from all this extra money the government is raking in
>>58431346Everytime the people get new schools, libraries, community centers, and roads it makes these people lose their minds. I love it, now rich fat cats are forced to do something to benefit society.
>>58428281Sell. Or else :)
>>58428294Just gave $60 billion of roads and street lights in the form of machine guns and armor to an eastern european nation that isn't even nato
>>58428229i'm leaving america. the land of "opportunity" is no more. it's the land of handouts and public debt now.
>>58428229All this would do is make it even less possible for poor people to become wealthy.
>>58430027California is wealthiest state in the US with the highest tax rates but it still has a large budget deficit and huge income inequality.
>>58430027>if you don't love authoritarian economic polices and the government taking your money, you're brainwashed, a peasant and "loving his chains"You're too dumb for politics, leftypol. You're such an idiotic, braindead retarded subhuman it's unreal. You don't understand the the first thing about economics. All your stupid socialism accomplishes is reducing prosperity and freedom. Socialist europe should be a warning to the world regarding the folly of socialism. Over there, despite all the gibs, the average worker is far more indebted than over here.
>>58429615>i just want to see others suffer>everyone that has more money than me deserves to suffer and be robbedI don't get why crabs in the bucket types, like you, come to /biz/.
>>58428294>passive aggressivness>we>some taxes is good, so you should have no issue with infinite taxes and government intrusion in your life, because that's how logic worksWhy is there so much reddit and leftypol on this business board?
>>58431853Pic related is what the left is so proud of. Keep in mind that this is with massive gibs programs that have stagnated economic growth for ages and that american whites are much better off than this pic suggests.
>>58430027>taxation should be all about hurting people with more money than me>that's all that matters>most everyone being poor as a result of this doesn't matter at all>calls others "deranged" and "peasants">if you want to keep your own money, you're le bootlickerWhat creates "people" like you? You're as smug and clueless as you're stupid.
>>58428236Do you like roads and bridges anon?
>>58428229The rich will fight back, starting with lots of lies.Exhibit A: Grant Cardone tweeting how a tax change that only impact people who have over $100,000,000 will literally destroy the middle class.
>>58431933>45% capital gains tax>only impacts the rich>calls others liarsLiar, link me to your raid discord. Is it leftypol? I can't believe that this shilling isn't coordinated. None of you leftists seem like regulars. >>58431879>like some government?>logically, given this, you must like infinite amounts of it tooRetard.
>>58431933>muh rich>all over the thread's the same cheap demagoguery of people who've made itWas this board linked on r/politics, commie?
>>58428229>only way I have ANY chance at making it financially is by gambling in the stock market>this demented pedophile wants to take the one hope I and many other anons have at retirement awayAnyone that argues this is a good idea does not have your best interest in mind. Social security won't even exist 40 years from now.
>>58428229Will never happen. Just election fluff like student loan forgiveness.
What the fuck happened to /biz/, why is it so slow moving now? Four day old threads on the front page.
>>58432104>>58432108Take your meds, then read the details of what's getting proposed before you froth at the mouth.How hard is it to learn what it is you're so fucking angry about?
>>58428555Why are we still pretending this is the case? Two more fucking weeks right?
>>58432140Most people don't want to give their emails to mods.
>>58432157Use a throw-away email? Plus, mods don't see the emails. They're automated and then purged.
>>58432161Tell that to them, not me.
All you schizo lurkers reading this, please come back. /biz/ is dead.
>>58428633People who claim "tax the rich" and that new taxes don't affect the middle class need to be hung in public squares. They have no concept of how the billionaires even use their money or how current tax laws only favor corporations.Remember when 400k was considered "rich" and now that is the amount a family of 4 needs to live in SF.
>>58430027It’s pretty funny how people like you who can’t understand basic economic principles like liquidity come here to call other people stupid.
>>58429479it's effectively a wealth tax.Wealthy people have power from their wealth, and that any minute that could buy a ton of shit.They hold that wealth through assets. A billionaire doesn't sell all his stocks but he keeps power because at any minute he could sell his stocks and buy a billion dollars worth of stuff.It's why a consumption tax instead of an income tax would not work, it doesn't check the power that wealthy people have of the potential they have to buy lots of thing.
>>58428229this doesn't affect the rich as much as it does the middle class and small businesses you fucking faggot
What are the chances this actually passes? Taxing unrealized gains is complete absurdity...as a matter of fact, capital gain taxes in general are absurd.
>>58432350It literally says its for the highest net-worth individuals. Why do you poors get so upset when rich people have to finally pay their fair share?
>>584324061) this would crash every single market and will basically make the market a game of musical chairs seeking liquidity every tax season.2) it was never a serious proposal it’s just bait to pander to retards like yourself 3) our government work for the ultra wealthy not you, if you think something like this would only be for rich people you are double retarded. As usual they will tell you it’s for the rich and then change the definition of rich to $60k while the people you though you were fucking will use their lawyers to exploit the loopholes they wrote into the law.4) this could be used to steal literally every asset out of private hands in America through inflation and subsequent taxation.
>>58432406>>58431457No is fooled by this tactic you talmudic jew
>>58428312It doesn't matter. What you'd see happening is more people renouncing US citizenship and more companies moving their base of operations to other countries. I'm actually all for taxing the super rich, but in a globalized world its not something any one country can do. We need to end free trade and globalization, and then every country has to figure out their own way to make sure (((they))) don't cheat taxes or move capital outside the country. Unfortunately that's not going to happen either.
this law won't be passed, congrats trump for his new term. screencap this.
>>58428294>>58431879That's what the government should do but even those things are neglected. Society cannot be maintained at the level liberalism permits. But you know, we need to fund foreign wars in Ukraine and the Middle East and ban tiktok for being owned by a Chinese company!
>>58428229It's an incredibly retarded idea thar would tank asset prices. The Biden administration knows this and they k ow it has no chance of passing. This is simply trying to garner enthusiasm amongst the lefties because Biden is losing moderates
The sad part of this scheme is that normies cannot believe our government can ever be this evil
>>58433133Losing moderates? Biden never had a single fan behind him. 81 million voters my ass.
>>58428294>builds infrastructure, creates jobs, and provides services for people.Where? In Ukraine and Israel?
>>58433388kek this
>>58433388Protecting democracy and freedom makes sure we can still keep providing those jobs and services for the american people.
>>58433442Lmao>hello from Dulles
>>58433442If you're going to try shitpost, try be less obvious.
>>58428314It would do the exact opposite of making the market more liquid because the ability to take a loan against assets to reinvest makes the ultra wealthy more likely to invest because they get to gain an asset and keep an asset that appreciates in value. It would incentivize capital flight. Massively depress the financial markets and ultimately fuck over the middle class as eventually it would be expanded to them the same way the income tax was.
>>58432406Because we poors are not ignorant of history unlike you. When the income tax was first implemented it only applied to those who made more than $ 3000 a year. The average American made $ 200 to 400 a year and paid no taxes. Today the average worker makes 56000 and pays a marginal 22% income.Once again lefties are being lead by their nose because they are both stupid and spiteful.
>>58433678So after we passed income tax the median income grew at an incredible rate while the economy expanded exponentially. Sounds a lot like taxes helps everyone once the rich have to pay their fair share.
>>58433705>Sounds a lot like taxes helps everyone once the rich have to pay their fair share.The only thing that will help everyone is getting away from the dollar.
>>58428281There are people who say these things here lol.
>>58430027>. All taxes on rich people do hurt them and transfer money from the rich to the poorer classes, as seen in the smaller wealth inequality in european countriesEuropeans are cucks and nothing compared to Americans. Europe is irrelevant
>>58431879>pretending there aren't private roads and bridges
>>58430027>All taxes on rich people do hurt them and transfer money from the rich to the poorer classesNo it doesnt, who the fuck is gonna invest and create the jobs you fucking peasant. When rich people actually leave USA, you peasants will fight over dirt.
>>58433705You honestly cannot believe anyone would fall for your false cause fallacy you present to try and slide away from my refutation of "it only affects the rich. Why do you care?" because you know you don't have a good rebuttal.
>>58428229I love how retards will discuss anything in this board when the answer is right here:>>58428235>its doa>>58428245>>hey look votes, i did it! ***they*** just didn't pass it. vote for me. not for them. thank you. god bless.
>>58430027Leftoids are such spiteful creatures in that they don't care if a policy hurts them economically just so long as it hurts to wealthy more.
>>58431317>(They won't do it)They will. The CCP inplemented incredibly stringent capital controls and the wealthy Chinese are still managing to get a trillion dollars of wealth in spite of this.
>25% tax on unrealized gainsIs Biden trying to lose on purpose? what kikery is this?
>>58428229fr, fuck Biden
>>58433764nothing like telling rich people they will immediately start taking 57% of their wealth per year.(25% wealth tax + you need to sell enough to pay for the 44% capital gains tax as well on however much you are selling)i have no idea how the math works but anyway you run the numbers its fucking nuts
>>58433880my numbers were i might be wrong butyou have 100,000,000 in wealth (the minimum for it to apply to people)that means you need pay 25,000,000 in the wealth tax. to sell enough to have 25,000,000 left over capital gains you'd need to sell 56.8 million.58.8 - (56.8 * .44 ) = 25.So this is effectively taking 56.8% of the wealth of everyone with > 100 million dollar net worth every year.
what did "back and to the left" mean??? I never understood that
>>58433884Right, a few problems there:> you have 100,000,000 in wealth, that means you need pay 25,000,000 in the wealth tax.That's only true if the cost basis on that $100M was zero. This is an unlikely scenario.> to sell enough to have 25,000,000 left over capital gains you'd need to sell 56.8 million.It's not nearly that bad. If you sold to cover in the fiscal year you're being taxed, your unrealized gains would be commensurably lower. If you sold in the next fiscal year, your cost basis would have been adjusted already and the realized gains on that sale would be nearly zero.> this is effectively taking 56.8% of the wealth of everyone with > 100 million dollar net worth every year.Not every year no. The next year, the cost basis of the assets has been reset and the unrealized capital gains would only start from there. In practice, the first year this goes into effect would feel pretty weird to the hundred millionaires and the billionaires because of the "catch up" effect of paying tax on unrealized gains all at once. The years after that however would be a fairly mild inconvenience of paying taxes earlier than you would prefer, but getting a lower tax rate (25%) on those gains rather than the standard income tax rate (higher%) that'd otherwise apply.If this goes past the weeping and gnashing of teeth of wealthy bastards explaining that raising their taxes will literally kill America, we'll end up in a situation where Warren Buffet's secretary no longer pays a higher tax rate than her boss.For me personally, I've "made it", meaning my spending money now comes 100% from long term cap gains, so this would raise my effective tax rate from "lower than most wagies" to "about the same as wagies making the same kind of money." The horror.
>>58428236True, but greedy oligarchs like Elon Musk don’t deserve to live even.
>>58428294>Taxes are the price we pay to live in a civilized societyImagine if the State had a specialized institution that is responsible for development and investments that held shares in funds and national champions and increased the government budget with huge dividends the commoner would subsequently enjoy substantial tax cuts as a result.
>>58431856Not leftists but libtards— huge difference. If one wants to go against the elite then one has to learn what means the rich use (e.g. financial, media, lobbying/political, etc.) and popularize them.
