tl;dr The top Democrat on the Senate’s tax-writing committee wants to tax long-term investments like other types of income, raising rates and requiring the wealthiest people to pay taxes on their unrealized gains each year.
https://www.wsj.com/articles/top-democrat-propose…
Thoughts on this? "The plan would significantly reshape the U.S. tax code and make wealthier households that are more likely to have investments pay more in taxes. Among households making more than $10 million in adjusted gross income in 2016, the most recent full year for which data are available, capital gains accounted for 46.4% of income, while it amounted to just 0.7% of income for households making less than $100,000 annually, according to the nonpartisan Tax Policy Center."
Why should I have to pay taxes on income that I haven't realized yet?
Next they're gonna propose an annual tax on my unborn grandchildren's future income
Hey Senator Wyden, you nasty delusional old fool, I've already paid taxes on my initial investment (ie. income). Get your disgusting government hands off my money.
Also known as the Illiquid Asset Valuation Professionals Full Employment Act.
Odit neque libero nesciunt accusantium. Iure assumenda illo ut eum mollitia suscipit. Earum voluptatem porro dignissimos repudiandae. Dolor quas nihil sed vitae. Facere corrupti maiores ut neque possimus unde.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...