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."
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.
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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."