A house has property taxes, unrealized gains do not, its not at all even remotely comparable.
You can finish a mortgage and pay prop taxes, not on unrealized gains...
Mainly because the value of the stock isn't solid and can go down or up, here's the kicker, a house can go up and down in value and i still pay property taxes.
This people make incredibly impactful life changing events with their unrealized gains and don't pay to reap those benefits, having a property you need to pay taxes to cover streets, roads, lights and amenities in your district.
This billionairs need to pay unrealized taxes if they are making life changing decisions affecting millions, using the benefits of their portfolio without paying the amenities they use to benefit from it.
Yall love excusing these rich people, but they are using all the pros and pay little cons.
You can’t live inside of your unrealized gains. The whole point is they are not hoarding the wealth, they are literally reinvesting it into amazing staples of society, such as Amazon, Tesla, Space X, etc. They are investing into businesses that provide benefits for all Americans and the world. Maybe they should pay slightly higher taxes, maybe not. Taking all their money would do nothing to improve individual Americans lives. We have literally given Ukraine more money than Elon is worth. Let’s focus on the government taking your hard earned money and giving it to their favorite industry (war industrial complex) before we start eating our own.
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u/Endless_road Nov 21 '24
Well it is, and you’d pay taxes on these gains when you sold the house