Unrecognized Capital Gains Tax | Democrats’ latest terrible idea in part to pay for the $5 trillion dollar Biden infrastructure;
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Yellen claimed the proposal by Sen. Ron Wyden the lefty Democrat from the left coast on Oregon would be imposed on “liquid assets”
- Who is going to determine what constitutes a liquid asset? Maybe the same team of newly recruited IRS investigators that Uncle Joe wanted to look into bank accounts that show $600 or more of yearly transactional activity because he believes the entire American workforce is comprised of tax cheats.
- Either way, there is currently no tax on unrealized capital gains because the gains on these investments haven’t been realized; in other words, they don’t exist until the investment income is realized.
- You don’t really know if these investments are going to make money, and the last thing you need is a bunch of bureaucrats who never made an investment in their lives determining which are money makers midstream, and which aren’t.
- While we’re at it, supposed such assets in midstream go from an unrealized gain one year to an unrealized loss the next. That’s when those bureaucrats I mentioned above will be scrambling to write checks to people like Elon Musk and Jeff Bezos whose accountants will undoubtedly alert them to the prospect on a government refund paid courtesy of Joe Six Pack.
- The worst part of this inane tax is that it discourages what we need the most in this country: Not investments in the latest crypto, or money losing meme stocks, but money flowing to finance the next Amazon, Apple, or Google: Businesses that create jobs and increase productivity.
SOURCE: NYPOST
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