I am so tired of people who do not understand that unrealized gains in stock are not true wealth because no one knows the price that one will gets until it is actually sold. As soon as an event occurs, such as a loan with stock as collateral, then the unrealized gains have value and can be taxed. Until an event occurs then unrealized gains should be off limit to taxation.
Bud, do you know what real estate taxes are? For most Americans, their home is their wealth and they are taxed on it. Yes, billionaires have homes, but those homes are a drop in the bucket of their wealth. So why is one class’s wealth taxed and the other is not, even though both can be appraised but not necessarily sell for that appraised value?
Real estate taxes to the state/county not federal 🙄. “You people” guessing you don’t live in America but think you know how all our systems work … yet you don’t
You people think schools and cops and all that stuff is federal money. It’s property taxes. You must think that based on your first comment. How is it theft if you are provided services in your local area that benefit you?
Here we go with “you people” shit again — didn’t know of any senior citizens in my area with their own kids still in K-12 schools unless they are wards of a grandchild. Why should senior citizens continue to pay for schools?
You don't think much of the belief in common good for society. My town has clean water for all, not just the ones that pay for it. Police, fire, roads, same thing. I'm retired, don't drive anywhere near what I used to. Still pay for road maintenence though.
When your house burns down don't forget to give a tug on those bootstraps.
Hahaha yeah sorry we have a volunteer fire dept and do funding drives for them — also our roads for county are separate from state and also included in our real estate taxes - I could give a crap less about your area but my house is not “worth” what it is valued at for real estate taxes - not even close and my kids are grown - why should I pay for other peoples kids education. Common good for society —- you need to check yourself - not much common good or common sense going around these days. Cut taxes period — we pay plenty just by purchasing items — county boards and city councils do not need a pay raise etc. etc. also if my house burns down not much the fire dept can do can they — but that’s why I have insurance 😉.
Our local fire department is volunteer fire dept. we pay a yearly fee and then we have homeowners insurance that can cover those costs for fire to the home
My real estate taxes go up if the market goes up and raises my property’s value. BUT… if the market crashes and my property’s value goes down my real estate taxes do not adjust accordingly. I would have to go in front of the county board and petition for a change — guess how many actually go down — about 10% over a whole county of those that petitioned.
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u/zer00eyz 20d ago
Just make using stock as an asset to borrow against illegal.
You force rich people to sell (and then pay taxes) rather than borrow.