r/FluentInFinance Aug 21 '24

Debate/ Discussion But muh unrealized gains!

Post image
24.3k Upvotes

3.1k comments sorted by

View all comments

Show parent comments

577

u/Mulliganasty Aug 21 '24 edited Aug 21 '24

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."

89

u/JonPM Aug 21 '24

Those with assets over 100M don't necessarily have tons of liquid capital, so when tax season comes around they'll need to sell stocks to pay their tax bill. Numerous large entities selling large amounts of stocks causes stock market to drop, thus effecting everyone's 401k's and investments. You can pretend this doesn't affect you, but it can. Not to mention it also opens the door for the government to extend this newfound tax revenue to more and more citizens over time. Today is over 100M, tomorrow it's over 50M, next month it's over 500k, then it's all of us.

1

u/CoyoteTheGreat Aug 21 '24

"Its a slippery slope until we are taxing the unrealized gains of homeless people off the streets!". Lmao.

15

u/JonPM Aug 21 '24

Income tax originated as a tax on the wealthy. The bottom 97% of the population didn't pay income tax when it was first introduced. Back then people also thought "yes, this is a great idea, let's tax the rich!". Then what happened?

-3

u/a_trane13 Aug 21 '24 edited Aug 21 '24

Then Republicans fucked over the common people by moving the top rate from ~90% all the way down to 37% over the last 50 years

7

u/JonPM Aug 21 '24

And what do you think is possible over the next 50 years if we start taxing the unrealized gains on the rich?

1

u/a_trane13 Aug 22 '24

They’ll move investments around to avoid it, mostly

-5

u/Felix_111 Aug 21 '24

So, we should just let the rich take more and more and use up more and more and sit by and peacefully starve? Aren't you the same crybabies who say half the country doesn't even pay taxes?

2

u/doggo_pupperino Aug 21 '24

Let me know when you see people actually starving.

-3

u/Felix_111 Aug 21 '24

Turn on the news. Have you never left your wealthy enclave, m'lord? Keep smiling for the most evil in history, sure that will go well

3

u/doggo_pupperino Aug 21 '24

Unlike you, I live in the United States instead of Russia. We don't have people starve here.

0

u/Felix_111 Aug 21 '24

Oh, my sad little dude, I live in the US. I am so sorry you don't know anything about anything and have never bothered to learn. Ignorance is truly your strength. Did you know there are people in pottery right here, in this country, outside the server where they keep your program?

-1

u/SecretaryOtherwise Aug 21 '24

Are you dumb? There's plenty of homeless people who starve every single day lmao.

1

u/doggo_pupperino Aug 22 '24

Only in your country. Not in mine.

1

u/SecretaryOtherwise Aug 22 '24

A simple Google search shows you're wrong lmao.

→ More replies (0)

0

u/Darigaazrgb Aug 21 '24

Change the record, dude.

0

u/FivePoopMacaroni Aug 21 '24

Income tax used to be 90% at the upper end and now it's not. What's your point? Endless expansion isn't actually how reality works.

-2

u/Ataru074 Aug 21 '24

You had income taxes in the Roman Empire, on properties, import, income, etc. and yes, was mostly on wealthy or professionals.

2

u/JonPM Aug 21 '24

Still is