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2023-12-03 -Land of the Free
Democrats introduce 'billionaires tax' on unrealized capital gains
[Washington Examiner] Sen. Ron Wyden (D-OR) and other Democrats introduced a proposal on Thursday that would tax the unrealized capital gains of billionaires and very high earners.

Wyden has spearheaded an effort to make a mark-to-market proposal law for years, and the new legislation is the latest iteration of that effort. The plan would affect those with net worths of over $1 billion. It would also apply to high earners who made more than $100 million in three consecutive years.

If it were to become law, the plan would be a massive departure from how the United States handles federal tax policy, as it would apply levies on the unrealized gains of assets such as stocks and bonds for the wealthiest people.

The bill targets legal investment and spending strategies that billionaires use to shield themselves from tax liability. Wyden’s office said the legislation goes after a strategy dubbed "buy, borrow, die." Wealthy taxpayers can invest in appreciable assets such as stocks and real estate and then borrow against the untaxed appreciated value of those assets to fund other purchases.

"America’s tax code is riddled with loopholes that allow the ultra-wealthy to get away without paying their fair share while working families have to play by a different set of rules and pay taxes out of each paycheck," Wyden said.
Loopholes you wh0res wrote
The proposal differs from the current tax regime because gains would be taxed even if not realized. Under the tax code, billionaires whose investments increase in value are taxed on that growth, known as capital gains, when those investments are finally sold off.

"You can only have a successful economy if you have a tax code that treats everyone fairly," he added. "My billionaires income tax will make that a reality by ensuring those at the very top start paying their fair share, just like the rest of us."

Co-sponsors of the legislation include several senators on the Left: Sens. Elizabeth Warren (D-MA), Bernie Sanders (I-VT), John Fetterman (D-PA), and Jeff Merkley (D-MA).
Posted by Besoeker 2023-12-03 02:21|| || Front Page|| [11135 views ]  Top

#1 
Yep! Another TAX the RICH, BS PR story for elections.

If history repeats itself, like it has for the last 100 years, that the Federal Income Tax has existed.

The Rich will donate $$$$ to certain politicians and family members.

Then the TAX THE RICH bracket will become full of Loop Holes and end up taxing the Middle Class more, as usual.
Posted by NN2N1 2023-12-03 06:33||   2023-12-03 06:33|| Front Page Top

#2 Federal income tax began as a 'rich man's' obligation as well.
Posted by Besoeker 2023-12-03 06:37||   2023-12-03 06:37|| Front Page Top

#3 It never ends. From each according to their ability, to each according to their needs. In the latter case, politicians who live to spend other people's money.

How about a sizable tax on congresscritters and their family members who profit from inside trading. Add in the annual 'unrealized gains' from reelection funds that they get to covert to personal money when they leave Congress.
Posted by Procopius2k 2023-12-03 07:26||   2023-12-03 07:26|| Front Page Top

#4 /\ 'Term limits' are very badly needed.

* A blinding flash of the obvious.
Posted by Besoeker 2023-12-03 07:45||   2023-12-03 07:45|| Front Page Top

#5 @#2 - Precisely.

Just another nail in the bag in preparation for the coffin of this dying/walking dead republic.
Posted by DooDahMan 2023-12-03 09:09||   2023-12-03 09:09|| Front Page Top

#6 Leave it to the Democrats to invent a tax on something that doesn't exist.
Posted by Raj 2023-12-03 09:46||   2023-12-03 09:46|| Front Page Top

#7 Do you get to deduct losses if your stocks, real estate, or whatever loses value?
I didn't think so
Posted by Rambler in Virginia  2023-12-03 11:05||   2023-12-03 11:05|| Front Page Top

#8 They’re aiming it at Donald Trump, but if it ever actually passes it’ll hit the numerous Progressive tech billionaires even harder.
Posted by trailing wife 2023-12-03 11:38||   2023-12-03 11:38|| Front Page Top

#9 back 30 years or so quite a few countries had a 'wealth tax'

it is down to only a few now: Colombia, France, Norway, Spain and Switzerland. Each of these is plagued by problems of valuation and capital flight.

By the way, in 1999, Donald Trump proposed a one time tax on wealth. See link embed or below

https://www.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html?_s=PM:ALLPOLITICS
Posted by lord garth 2023-12-03 12:23||   2023-12-03 12:23|| Front Page Top

#10 Talking Point Noise for use this election season to keep the clueless morons in the base on the plantation. As long as the billionaire class overwhelming supports the Progressive's it will just be blather. To quote an old Scottish Proverb: "You don't sh*t where you eat" !
Posted by NoMoreBS 2023-12-03 13:27||   2023-12-03 13:27|| Front Page Top

#11 Leave it to the Democrats to invent a tax on something that doesn't exist.

What's that?
Healthcare or Income?
Posted by Skidmark 2023-12-03 23:31||   2023-12-03 23:31|| Front Page Top

14:31 Regular joe
14:28 trailing wife
14:25 magpie
14:18 Elmerert Hupens2660
14:14 Regular joe
14:10 Super Hose
14:08 Super Hose
14:08 Regular joe
14:02 Super Hose
14:01 trailing wife
14:01 trailing wife
13:58 trailing wife
13:56 Super Hose
13:54 trailing wife
13:51 Super Hose
13:44 Elmerert Hupens2660
13:22 Difar Dave
13:20 alanc
13:19 swksvolFF
13:17 Difar Dave
13:00 NN2N1
12:59 alanc
12:51 swksvolFF
12:46 Skidmark









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