If I buy a house for 100$ then that house is now worth 100$, as that transaction set the market value at the time of purchase. 5 years later an assessor from the AHJ comes by and informs me it’s worth 150$ because “market”. My property tax burden has now increased as its percentage based on the market value of the house. I now owe higher taxes on unrealized gains.
If it works in property why not stocks? Is it the risk that makes the difference?
The risk the American tax payer has been forced to burden since we’ve bailed major institutions out of insolvency since 2008 (and before).
We are/have been allowing the ultra wealthy to create a system where they mitigate all their personal financial risk and then the people philosophize why it would be “unfair” to level the playing field. I don’t get it.
Yes, it might appear silly in the above hypothetical to be taxed on the same dollar 5 times but that isn’t the discussion. We are talking about a one time set rate tax on billionaire assets because it’s obvious that this game is rigged and something needs to be done.
Unfortunate, this didn’t pass as it might have been a proof of concept for the rest of the nation.
Because you are a person and a business is not.
If I buy a house for 100$ then that house is now worth 100$, as that transaction set the market value at the time of purchase. 5 years later an assessor from the AHJ comes by and informs me it’s worth 150$ because “market”. My property tax burden has now increased as its percentage based on the market value of the house. I now owe higher taxes on unrealized gains.
If it works in property why not stocks? Is it the risk that makes the difference?
The risk the American tax payer has been forced to burden since we’ve bailed major institutions out of insolvency since 2008 (and before).
We are/have been allowing the ultra wealthy to create a system where they mitigate all their personal financial risk and then the people philosophize why it would be “unfair” to level the playing field. I don’t get it.
Yes, it might appear silly in the above hypothetical to be taxed on the same dollar 5 times but that isn’t the discussion. We are talking about a one time set rate tax on billionaire assets because it’s obvious that this game is rigged and something needs to be done.
Unfortunate, this didn’t pass as it might have been a proof of concept for the rest of the nation.