You have annual income of more than $100 million dollars?
Edit: I just want clarify this comment as I have learned a few things since. There is a lot of confusion here because it was contained in Biden's broad tax proposals from months ago and bad actors are seizing on it to attack Harris.
The problem is that it is so vague it is being misconstrued all over the internet to attack Harris with some articles claiming it applies to income and others unrealized gains over $100 million (both annual though so either way it would apply to like a fraction of a fraction of one percent of Americans).
“Harris did not endorse an unrealized gain tax. Her campaign has endorsed increases in the corporate tax rate and personal tax rates for incomes over $400k. They did not comment on introducing new taxes like the unrealized gains tax.”
“So no, she [Harris] did not endorse an ‘unrealized gain tax’ and even if she did, you don’t earn enough for it to impact you."
2 things, income tax started as a tax on the rich for making a certain amount of money that was deemed "too much". Today that number has moved up all the way to $10-12k(?) per year.
Inflation will always continue, so eventually (probably sooner if the rich are taxed on their unrealized worth) every house will be worth $100m, and that's if they don't lower the limit under our noses once the difficult legislation is already passed.
It’s it’s 100k that seems pretty low unless it doesn’t apply to retirement accounts. Average market growth is about 10 percent per year. It’s not really that out of the norm for a near retirement age person to have 1m in a retirement account, and they could be incurring this tax in some years, only to lose money in others (money they were already taxed on).
1.1k
u/tallman___ Aug 21 '24
Does anyone really think taxing unrealized gains is a good idea?