The latest Democrat Attempt At Stealing From Americans

[Rightguide]

Democrats’ latest terrible idea — taxing profits that don’t exist
By Charles Gasparino
October 25, 2021 5:09pm Updated

If you need further proof that a vote for uncle Joe Biden actually was a vote for socialist Bernie Sanders, look no further than the loopy proposal the administration is now floating that will tax people on profits that don’t exist.

No, I didn’t just make that up.

To pay for the $5 trillion love letter to progressives, the Democrats have floated taxing “unrealized capital gains.” Essentially it’s a way to tax people based on their wealth, not their income. Profits, or so-called capital gains on investment income, are taxed at a lower rate than regular income (from 15 percent to around 28 percent but only if the investment is held more than a year before it’s sale) because we want to encourage people to invest and create jobs.

It makes sense to entice rich people to take a risk with their money and fund startups and other entrepreneurial ventures that employ so many working-class people. Otherwise they will just put their money in tax-free muni bonds and clip coupons as they sip margaritas on some tropical island.

But why take the risk at all, if the Democrats pass the “unrealized” idea? It would force people to pay a tax on their investments that have increased in value, even if they didn’t cash those investments out.

More here:

https://nypost.com/2021/10/25/democrats-terrible-idea-taxing-profits-that-dont-exist/

 

[WillJ8787]

Nothing will come of this floating of an idea...to many wealthy folks on both sides of the aisles will be opposed.

 

[Rightguide]

Nothing will come of this floating of an idea...to many wealthy folks on both sides of the aisles will be opposed.

Senators Warren and Sanders, and the Squad are behind the unconstitutional idea.

 

[WillJ8787]

Senators Warren and Sanders, and the Squad are behind the unconstitutional idea.

It is easy to be behind something that they know will fail.

 

[ShyBiGuy954]

https://64.media.tumblr.com/29e489eaee1af90a3640db63436678fd/f220eb95a13ca4ae-b4/s540x810/5ea49d59d35f4691706fe961003e57e3e895bcce.jpg

https://64.media.tumblr.com/5c539a96e97c86b5963abd47aa271781/f220eb95a13ca4ae-59/s540x810/b4008568394080585ee76bff8dd6a44587c77e1d.png

https://64.media.tumblr.com/f9587281aaf482328e30d51e280596fb/6fde9aaf61ac0f20-ed/s540x810/9770e8d98bf4a52246066738cdba27e46a2ff3a3.jpg

https://64.media.tumblr.com/84c2388dbbe3406b7450a7044d6de2ba/2ff6d3247f561cee-b8/s540x810/11f702da5adfa8fc0246e08ac3ae5136b4a0a341.png

 

[pecksniff]

Essentially it’s a way to tax people based on their wealth, not their income.

Excellent idea, so stated.

 

[Bud_Spencer]

Excellent idea, so stated.

If you want to destroy society, sure.

 

[Sean Renaud]

Senators Warren and Sanders, and the Squad are behind the unconstitutional idea.

Can you point out what exactly is unconstitutional about it?

 

[pecksniff]

If you want to destroy society, sure.

It is wealth inequality more than anything else that is destroying our society. There will always be a socioeconomic pyramid, but it could and should be a lot flatter than it is now.

 

[pecksniff]

Can you point out what exactly is unconstitutional about it?

N.B.: The USG levied an income tax during the Civil War. It was constitutional even before the 16th Amendment expressly authorized it.

 

[Bud_Spencer]

It is wealth inequality more than anything else that is destroying our society. There will always be a socioeconomic pyramid, but it could and should be a lot flatter than it is now.

Then do something about the lower end.

 

[Bud_Spencer]

N.B.: The USG levied an income tax during the Civil War. It was constitutional even before the 16th Amendment expressly authorized it.

Wealth =/= income.

 

[ShyBiGuy954]

Excellent idea, so stated.

Spoken like the true marxist / communist you are.

 

[pecksniff]

Wealth =/= income.

Exactly. We need to start taxing wealth. High concentrations of wealth are the problem.

"We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."

-- Louis Brandeis

 

[pecksniff]

Then do something about the lower end.

The free market won't. So what else do you suggest?

 

[WillJ8787]

It is wealth inequality more than anything else that is destroying our society. There will always be a socioeconomic pyramid, but it could and should be a lot flatter than it is now.

Spot on!

 

[Bud_Spencer]

The free market won't. So what else do you suggest?

Of course it will. It always has.

Taxing wealth will crush the middle class, too.

 

[ll74]

Capital gains as they are called have been one of the easiest ways for people to park and hide money. The laws are convoluted and make it easy for people with extra cash to get out of paying taxes.

Those laws need to be scrapped and rewritten to be more specific and transparent

 

[Bud_Spencer]

Exactly. We need to start taxing wealth. High concentrations of wealth are the problem.

"We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."

-- Louis Brandeis

Wealth is about doing smart things with the money you do make. Dave Ramsey courses would do far more than a thousand of your federal purse-snatching programs.

 

[ShyBiGuy954]

Capital gains as they are called have been one of the easiest ways for people to park and hide money. The laws are convoluted and make it easy for people with extra cash to get out of paying taxes.

Those laws need to be scrapped and rewritten to be more specific and transparent

So says someone who is openly admitting they are nothing, have nothing, and will amount to nothing in their lifetime.

 

[Sean Renaud]

Of course it will. It always has.

Taxing wealth will crush the middle class, too.

We don't really have a middle class in any real sense of the word. That being said a wealth tax, depending on how its implemented, will do absolultely nothing to the middle class.

Wealth is about doing smart things with the money you do make. Dave Ramsey courses would do far more than a thousand of your federal purse-snatching programs.

Wealth more often than not is about being born to it. Sure decisions can help depending on how large your income but still.

 

[Bud_Spencer]

We don't really have a middle class in any real sense of the word. That being said a wealth tax, depending on how its implemented, will do absolultely nothing to the middle class.

Wealth more often than not is about being born to it. Sure decisions can help depending on how large your income but still.

Two paragraphs, two belches of nonsense.

The middle class will be crushed when the "wealthy" go to liquidate their assets to pay the wealth tax. Prices will plummet, and nest eggs will collapse.

Only a small portion of America's wealthy were born to it. If you haven't made it there, ask yourself why.

 

[pecksniff]

Of course it will. It always has.

Not in this country, in the past 50 years.

Taxing wealth will crush the middle class, too.

What distinguishes the middle class from the upper is that the former has income, not wealth. We're not talking about any measure that's going to cut into your homeowner's equity, which is pretty much all the wealth the average middle-class family has.

 

[pecksniff]

Wealth is about doing smart things with the money you do make.

No, wealth is about wealth, full stop.

Dave Ramsey courses would do far more than a thousand of your federal purse-snatching programs.

Nobody in the working, working-poor or poor classes would get anything useful out of a money-management or investment course.

 

[Bud_Spencer]

Not in this country, in the past 50 years.



What distinguishes the middle class from the upper is that the former has income, not wealth. We're not talking about any measure that's going to cut into your homeowner's equity, which is pretty much all the wealth the average middle-class family has.

We need to control immigration if we want the wages of the working class to rise. Even Biden's top economist knows that. But the political needs of the Democrat Party far outweigh the material needs of low-class voters.

It's not hard to accumulate wealth, it just takes a little focus. I have friends that have made similar income as I and don't have a pot to piss in. I do, and more, because I lived below my means and invested. Like I said, a Dave Ramsey course would do wonders for them.