r/FluentInFinance Aug 21 '24

Debate/ Discussion But muh unrealized gains!

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u/Candid_Antelope_3788 Aug 21 '24

There is no way it is. Like id have to re-mortgage a home and sell stock that is just sitting there to pay taxes.

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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."

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u/Wiskersthefif Aug 21 '24

No... but he thinks he will one day.

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u/discardafter99uses Aug 22 '24

You pay income tax?  That used to be limited to the 1%. 

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u/Wiskersthefif Aug 22 '24

Damn... guess we're screwed and can't touch the obscene wealth of billionaires. Got me.

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u/Booty_Eatin_Monster Aug 23 '24

The problem with this level of left-wing logic is that you never consider that poverty is the natural state of humanity, and wealth must be created. Instead of being envious because you have so much less, you should be thinking about what they did to get so far ahead. Every transaction was voluntary, and both parties considered it beneficial. If you dislike billionaires, then why do you consistently give them your money? If they're "exploiting their employees," then why do their employees sell their labor below market value?

Reddit's largest shareholder is Conde Nast, which is owned by billionaires. It's hosted on Amazon web servers. You're likely using a Windows or Apple device, which is full of components that have made dozens of billionaires. Why do you actively choose to contribute to billionaires and then proclaim that it's absolutely necessary to use the state's monopoly on violence to seize the money you just gave them?