How Democrats are targeting billionaires with new wealth-tax plan

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[PatHaskell]

The amount of spending our government is doing is unsustainable. The first law of business when you have an imbalance in your books is cutting costs but government won’t do that because the people that promise the most to the masses are the ones elected….eventually the coffers run dry!! Greece.

[cdevidal]

“Only billionaires will be taxed.” And then hyperinflation makes everyone a billionaire -_-

[mrgyani]

How can you tax unrealized gains? This is madness..

[MeGawOOt]

If the government is going to tax 'unrealized' capital gains, I should get a tax credit for my 'unrealized' kids that I don't have.

[DukaSongCrafter]

They sure are trying to raise a lot of money for something that costs nothing.

[letitrip]

The fact that 775 people made enough money in 1 year to cover the entire cost of the infrastructure bill is crazy

[frankthecat]

I’m beginning to think the only way forward is without the Democrat party.

[skyheart]

Why they call it billionaires tax? It’s targeting everyone. The whole bill is destructive when you compare pros and cons. It will totally destroy your financial freedom too. It should not pass at all.

[PatHaskell]

The government should first look at how to reduce spending.
On the federal level:
1) Reduce or eliminate foreign aide
2) Keep our military out of everyone’s business(quit being Barney Fyfe)
3) Eliminate pork barrel spending

State/Local:
1) Somehow control ridiculous spending by school board members.
2) Eliminate tax breaks to lure business(no one seems to recognize that the more your community grows the higher the taxes)

[Augustus_Imperator]

and that's how you destroy a wealth creating market

[googlebanmetoomuch]

How can we steal more money to pay for our spending?...?

[tacotator]

If you think the government is going to stop at taxing billionaires on unrealized gains, then you should just give your money to charity at take a tax exemption. 5 yrs from house went up in value by $25, 000? Unrealized gain!

[orlandorodriguez]

Taxing a gain that hasn't been realized? That is crazy. The government simply will never have enough... They have taxed everything in sight and still have a deficit.

[tshirtnjeans]

This is the dumbest thing I've ever heard. Taxing unrealized gains would crash the market. Ultimately, it hurts pensions and mutual fund holders

[alainleger]

What a great idea, killing the goose with one master stroke! No billionaire would hold more than a few millions in cash, and would have to sell much of his shareholding, especially if the market value collapses before he can sell, as a result of the tax, Iincrease capital gain tax and more to be sold for this, and so on.
Why stop wit he goose, go for the goslings as well, and apply this to any one who owns anything, and no more inequalit, no more anything

[marcmini]

tax unrealized gains.. so u have to sell ur stock to pay for the tax. to then get taxed again on selling the stock? not only this, but u have to sell owniship in ur company that the profdits of that company get taxed as well? wtf is going on here

[miopera]

What they don't tell you is that through history when Kings or BIG GOV in this case, place a big tax on those making a living out of money lending the way these lenders pay for the tax is by selling to .GOV the liabilities.
This is nationalization and ALWAYS ended up through history with the lenders leaving or getting expelled.

[marcb]

Could you imagine 200BN dollars leaving the market every year

[kquo]

You’re all naive as hell if you don’t think this isn’t a gateway bill to go after the middle and lower class and tax you 10-20% in the next decade or less on everything you own.

Billionaires will sell their liquid assets, collect fat unrealized loss checks from the IRS after market crash due to this and they’ll amend this law to target you, your car, your home, your retirement, your social security that’s taken out of each check and anything you own or want to invest in

It’s something like 200 billion dollars they’d get over 10 years after this bill is passed in its current form, that doesn’t even begin to pay for a fraction of their nonsense purposeful spending bills they are trying to pass full of woke “feel good” garbage that’ll collapse this economy in a year


“You’ll own nothing, and you’ll be happy”

Enjoy your great reset

[ahamed]

the income tax first started with the rich. I doubt they would only keep it on the rich.