Americans are freaking out on the internet at the potential that Kamala Harris has approved Biden’s tax on “unrealized gains.” And there’s a solid reason why Americans are freaked out: such a move would send the US economy back into Depression-era territory. So, what exactly does taxing unrealized gains imply? The short explanation is that taxing unrealized gains requires you to pay money to the government because whatever you own is suddenly worth more, even if you haven’t sold it yet.
It sounds reasonable, doesn’t it? #sarcasm This is what many people believe Kamala Harris intends to do, and it is spreading like wildfire throughout the internet.
VISIT OUR YOUTUBE CHANNELlmao, kamala wants to tax unrealized gains like 22 percent
so if you hold stock and it goes up that year and you haven't sold it, they want to tax you for the gains you haven't even taken profit from somehow
— 🏛 Aristophanes 🏛 (@Aristos_Revenge) August 20, 2024
And it won’t be just contained to stocks, crypto, and other financial investments as such, oh no. Suppose you purchased your house for $300,000, and a few years later it’s now worth $415,000. That’s a $115,000 gain over what you originally paid for the house. And even though the current value is highly subjective based on your area’s current market comps and snapshot speculations of what you could get if you sold it today, you would have to pay tax on that $115k every year. Dementia Joe was talking about a 40% capital gains tax.
Let’s just use 25% for the sake of this example. This would imply that Kamala’s regime would tax you $28,750.00, or 25% of the $115,000 you have not yet received. And that’s just for the current year. You would be taxed each and every year for that money. And the tax burden would rise whenever the value of your home rose in perceived market value.
Of course, to stop the pitchforks and torches of the masses storming the DC castle, the Democrat communists would say anyone making under $400,000 would not be taxed. (Where have we heard that lie before?) but like Biden’s empty promise, eventually, everyone would be subjected to this evil communist theft scheme.
I would venture to say that most middle class Americans wouldn’t have an extra $28k to pay for Kamala’s political schemes and so they would have to either sell off assets to pay this tax burden or sell their home.
But the globalist Great Resetters already have that worked out. A bunch of hedge fund guys are planning to buy your house at below market value and then lease it back to you so that you don’t have to move out. Isn’t that nice of them? So, you would own nothing, but you would be happy to coin a Hitlerian figure from the World Economic Forum.
The idea of taxing unrealized gains is, unsurprisingly, horrifying to many people, including Senator Mike Lee (R-UT). It’s communism through and through.
From Senator Lee:
1. Kamala’s proposed tax on unrealized capital gains would be unwise, harmful, and unconstitutional. It’d be a direct tax which, under the Constitution, must be apportioned among the states based on population.
Me if Kamala comes for our unrealized gains pic.twitter.com/Hd46qconEi
— Geiger Capital (@Geiger_Capital) August 20, 2024
2. Any apportionment requirement would make such a tax essentially impossible to implement. Such a requirement would essentially force states with zero billionaires to contribute revenue from this tax, which isn’t possible if no one there has unrealized gains.
3. To be sure, a direct tax need not be apportioned if it’s a tax on income, as that is allowed by the Sixteenth Amendment. But it’s effectively (and constitutionally) impossible to count a gain as income if it hasn’t been realized.
4. Even if that were somehow possible to count an unrealized gain as income—which it isn’t—imagine the chaos that would ensue from such a policy! The government itself, rather than the market, would ascertain the value of an investment relative to the initial purchase price.
5. That simply wouldn’t work. No one can truly know for certain what an investment is objectively worth until it’s sold. That alone would make this unworkable. And it’s practical in workability only underscores the fact that an unrealized gain simply is not income.
6. A tax on unrealized gains would, moreover, have a severe chilling effect on investment in America. That, in turn, would chill job growth, innovation, and economic growth.
7. Such a tax might create a short-term, economic windfall at the outset. But any benefits would quickly be replaced by a severe drag on the economy, resulting in less revenue flowing to the government.
8. Like nearly all of Kamala Harris’s policy ideas, this one would be a disaster—especially for America’s poor and middle class, the very people Kamala tries to appeal to when she shortsightedly proposes bad ideas like this one.
9. This would, of course, make America’s progressive Democrats happy, as it fulfills the Marxist aim of fomenting class conflict, culminating in the forced redistribution of wealth.
10. But herein lies Marxism’s inexorable weakness: it doesn’t work—for many reasons, including the simple reason that Marxist policies so dramatically reduce the total amount of wealth, that there’s less for literally everyone.
11. Reject Marxism. Reject the Harris-Walz campaign’s empty promises of a socialist utopia. Elect Trump!
A vote for Kamala Harris is a vote for your own demise.
#taxunrealizedgains #economicdisaster #resistsocialism
