? for spence
 

a sincere question-

there’s talk among democrats if taxing unrealized capital gains.

does that tax go both ways? if i have to pay tax on unrealized capital gains, do i get deductions for unrealized capital losses?

Not speaking for Spence But are you a billionaire ?
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nope.

do you EVER answer a question? Ever?

good thing you’re in a union. Because God help you, if you ever had to get by on merit.

also, the constitution says the feds can tax income. how are unrealized capital gains, income?
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You do know the plan is just for billionaires


Merit really


In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It states: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

1 second google search Jim you should try it ..

Congress decides the source they make the laws
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i did that search. that’s why i asked the question.

do you know what an unrealized capital gain is? how is that income? YOU DONT HAVE THE MONEY YET.

if someone gives you an IOU, is that income? or is it i come once you have the money in your possession?
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I believe it would although I haven’t seen the actual proposal.

thanks, it was a sincere question and you answered. i couldn’t find that answer anywhere.
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I’m not sure I support what I’ve read about it either. We do need to change the code so the super wealthy can’t shelter their assets so easily but if it’s too complicated they will just find a new way to game the system.

agreed.
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i was clear that's for congress to decide what's deemed as income ..

not me

is your boat “income”? or your signed copy of Chairman Mao’s Little Red Book?

assets aren’t income.
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If we just take all of their money and assets they won’t be able to afford to pay people to shelter their money and assets
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and that would fund federal spending for a few months.
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You would get a deduction of for unrealized capital losses. The biggest issue is the determining the value of non-tradable assets . I believe they would not be taxed yearly but there would be an interest charge on them which would be paid when those assets were sold.

Sounds very costly for the billionaires to administer. They has to be a better way. They should change the way carried interest is treated.

Elon Musk: Beware! If they can tax a billionaire like me, they can tax you regular people too!

Regular People: We've been paying our taxes this whole time, bro.