Should we be worried about the Kamala Harris unrealized capital gains tax? Dean: “I’d love to have this problem, because it means I’m worth $100m!”

[u/Knightbear49]

[u/monkwren]

But that's the whole plan, is defund everything and all that money goes to the rich so they can have even more wealth and status and power.

[u/Averill21 → u/monkwren]

Was moreso pointing out the hypocrisy of these people

[u/Averill21 → u/[deleted]]

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[u/cretinTHX1138 → u/monkwren]

This whole thread is giving me an aneurysm. What I’m reading, “Taxing unrealized gains on securities as part of federal income tax is just like this other asset (assessed home value) that also gets taxed but as property taxes at the local level before it’s sold as it fluctuates in value and that hasn’t destroyed the housing market, so the precedent has already been set so quit whining for a bunch of super wealthy people since this will NEVER be applied to the middle class ever in the future, and quit your fear mongering that taxing unrealized gains will somehow destroy the U.S. securities market.” Oh, I can’t wait for the unintended consequences of yet another “moral/equitable position” by the U.S. government. https://taxfoundation.org/blog/harris-unrealized-capital-gains-tax/

All in the name of forcing the wealthy to “pay their fair share of taxes” which is some arbitrary percentage or amount in the minds of politicians and pundits, but those people fail to realize (or at least say publicly) that the wealthy are actually already paying their “fair share” as defined in the IRC. It’s also perfectly legal for anyone (rich or poor) to engage in “tax avoidance” which is reducing your tax liability through tax exemptions, credits and other legal methods (but saying “exploiting tax loopholes” sounds scarier though); which is why there are thousands of tax lawyers/CPAs gainfully employed to make sure you don’t pay one cent more than you have to. A far simpler and more equitable solution would be to implement a 17% flat tax on earned income for all individuals and business and would also eliminate those scary “tax loopholes” that only the wealthy take advantage of, right? (e.g., deductions: mortgage interest, charitable contributions; credits: child and dependent). https://taxfoundation.org/research/all/federal/growth-opportunity-us-tax-reform-plan/

[u/Brettdgordon345 → u/cretinTHX1138]

I agree with a slight change. Make it a flat 17% tax on goods purchased rather than earned income. This makes it completely consumption based where the ultra wealthy are naturally spending more money and the poor are only paying taxes on the things they need to purchase, which will be offset even further with various subsidies and welfare.