The solution here isn't to tax unsold goods, it's to tax the banks on all the income they're getting from these loans.
this post was submitted on 06 Jan 2024
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The solution here isn’t to tax unsold goods
Why not? People are taxed for unrealized gains on a house. Why should stocks be any different?
One argument could be that anything that incentivizes people to sell their stocks isn't a good thing
The more people buying and selling at any given time, the more volatile the price could become, it's so easy to buy and sell stocks that we already have to have high frequency trading disincentives by having a really high capital gains tax on stocks that were held for a short period of time
Property is a lot less volatile, and there's already a rather large natural incentive to hold on to it for long periods of time (moving is a pain), and taxing unrealized gains on it (essentially, paying estimated taxes on a theoretical future sale) is unlikely to really motivate anyone to sell their house
This is just pearl clutching for billionaires and an economy that doesn't work for the majority of U.S. citizens.
The solution is simple. Murder them and all their heirs. Begin a new Bastille Day.
"But what if I become rich... I should vote against my best interests just in case."
In terms of unrealised gains, that's kind of a tricky one. They certainly do benefit massively from unrealised gains though, like anyone would on paper.
Do these nimcompoops realize that the existing wealthy elite, few in their number, got that way by exploiting social safetynets and taxpayer funded infrastructure for their gains?
So cleary, if we want to be able to generate more wealth and more millionaires/billionaires, better social programs and infrastructure will get them there. Imagine how much easier it’ll be to become wealthy if you don’t have to give employees insurance, or tuition reimbursement? Or if there’s an amazing system of roads, rails, and ports to move your goods to consumers? God, you could become a successful businessman and still have a conscious. Best of both worlds.
TBF we are talking about unrealized gains. Their investments are worth more on paper, but until they sell them, the actual profit or loss will fluctuate. It would be an accounting nightmare to figure tax on unsold investments every year. I do, however, think capital gains should be taxed at the same rate as wage income.
They should be forced to sell, that is the point. Accounting is complicated because people want to hide wealth. None of this is actually complicated it's just been made complex.
It's a good thing ZERO Justices have taken luxurious trips and gifts paid for by these same exact billionaires that could inject literally TRILLIONS into our communities!
This is how you get nobility. Before Reagan, wealth typically dissipated by the third generation. We are heading toward the old European model, where families are rich for a millennium.
Exactly. They may not call themselves nobility but their influence is the same if not more.
Hopefully we can also head for the other old European model of dealing with them that the French popularized.
Billionaires are the real welfare queens
And yet people who want raises are the drag on the fucking economy.
When has the US turned into a regime led by the supreme court? All my life, whenever something was up, you heard what the president did or tried to do or whatever. Nowadays, all headlines about the US are about something the Supreme Court with it's undemocratically elected judges gets to decide over all lawmaker's heads.
The Supreme Court has been powerful for a long time.
Since the early 19th century.
https://www.history.com/news/supreme-court-power-john-marshall
roughly 64,000 ultra-wealthy households
Get your forks and knives ready, fam. We'll be eatin' good, soon.
There are only a bit over 3,000 billionaires. That would hardly fill us up.
But afterwards, I've heard...we eat cake.