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.
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@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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