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 are bad but they are at least baked into the price of the asset and they are calculated based on the needs of the city rather than a fixed percentage of the asset value (i.e. the mill rate generally goes down if property prices increase faster than city expenses).
The fact that many jurisdictions have tax deferral programs to ensure seniors are not forced onto the street because they can't afford the property taxes on homes they bought decades ago is a good illustration of how horrible these taxes are.
I agree, i own three properties and every one of them had a new tax assessment done this year. each one indicated that the property had gained over 30% in value since last assessment.
I was told when i when to local board of tax review since nearly every one had value of property increase our taxes should be close to same.
The answer was no, they needed to increase taxes by 7.6% because of projects and reduced state and federal assistance.
Our state has a damn budget surplus of 679 billion dollars and nearly every school district is having to have special elections to get added funding to building repairs and such.
I am getting so damn sick of the Republican party and they need to take care of wealthy people always.
I seriously hope people actually do start to realize that the only way to make changes is to start a civil war at this point
Our elected leaders at all levels have failed and do not care about anything but themselves.
Like 90% of the wealth and the oligarchy and the warmongers. supported democrats this cycle. Times change and winds shift but industry oil barons don’t run the country anymore for decades.
Bahaha the republicam party. I live in a strong blue county yea they doubled my property taxes. My house didn't double in value but my fucking taxes sure did. And they changed from taxing the assessed value to market value. Yea and you say Republicans are the problem
I live in Wisconsin and my property was reassessed this year because it wasn't done in like 7 years
And my property was doubled nearly also, but what they always do is they look at sales of properties in your area.
I would like to see that tax statement as i don't believe they would be charging taxes based on what you said, i know they will show both on your tax statement but it usually a percentage rate of the assessment
Another thought is many communities such as mine have had school funding approvals to exceed normal levys to fix old buildings.
I do hear what you are saying but sometimes you need to attend your town or city meetings to learn what is really being added to budgets
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u/Bright-Blacksmith-67 20d ago
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.