This plan seeks to raise capital gains to 44.6% and introduces a 25% minimum tax on unrealized gains for Americans with over $100 million in wealth.
Harris is also targeting an increase in the corporate tax rate, planning to bump it up from 21% to 28%.
Jake Johnson, a writer for the left-leaning news organization commondreams.org, delves into the corporate tax hike and the tax on unrealized gains, arguing that these measures will prove advantageous for Americans. “A recent analysis by Americans for Tax Fairness estimated that U.S. billionaires and centi-millionaires collectively held at least $8.5 trillion in unrealized capital gains in 2022—a massive untapped source of federal revenue,” Johnson said as he shared the study, exclaiming its findings.
The news swiftly made waves on the social media platform X by Tuesday afternoon. “Taxing unrealized gains is a literally insane policy and must be fought,” one user declared. Another person posted, “Any proposed policy to tax unrealized capital gains is bad policy.
Unrealized gains are simply a field in a database and not useful until converted into something of value.”
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If you own a house, subtract what you paid for it from the Zillow estimate.
Be prepared to pay 25% of that in a check to the IRS.
That’s your unrealized capital gains taxed owed under the Kamala Harris proposal.
@ParliamentAndyDemocrat2yrs2Y
Wrong. The Biden-Harris plan you are referring to only would tax unrealized capital gains *for people with more than $100 million in net assets*
Seems like an important caveat.
Can’t wait for people to say “she will carve out an exception for us!” That’s never how it works. Communists never stop. She will hit “the rich,” which you think you aren’t, and then she’ll come for your house.
Not true.
1. 25% wealth tax applies ONLY to those with $100M+ in active assets.
2. Primary home value is excluded.
3. Unrealised capital gains tax will apply to assets ACCRUED, meaning it is not retroactive.
@MonkeyHaileyVeteran2yrs2Y
Is that $100 million valuation including the unrealized gains or not? Because the vast majority of people's "wealth" is based on unrealized holdings, not their bank account.
Also, explain how an evil is less evil if it only happens to other people.
Income tax was sold the same way and we all saw how that turned out you crap gargling commie.
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