If you crush the wealthy for certain things, you crush everyone else for the same thing: Ben Narasin

Ben Narasin, Tenacity Venture Capital founder, joins 'Squawk Box' to discuss the tax proposals from Kamala Harris and Donald Trump, how the economic agendas from either candidates will impact the economy, and more.

[@RhondaArmstrong-y4d]

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[@FolarinSodiq]

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[@KarenDuncan-o5s]

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[@RhondaArmstrong-y4d]

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[@KarenDuncan-o5s]

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[@RhondaArmstrong-y4d]

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[@chadbailey7038]

Great questions by Andrew. It literally wouldn’t affect 99% of people! And he has no rebuttal 😅

[@Gmac_Greg_M]

It absolutely would. At one point income tax was only for the rich in the U.S. Now every but the poor is affected.

[@firefighter0585]

It's all fun and games until the come for YOU. They're hiring 87,000 new IRS agents and they won't be going after people with highly paid accountants.

[@Wendywonder123]

Where do you think the rich get their money from

[@Gankez]

i mean he kinda missed the point.. they're taking out a loan against the stocks.. so they gotta pay that loan back.. if youre unable to do that its gonna come back to bite you.. youre taking a risk..why shouldnt you make a profit off it?

[@anthonyword6495]

100mil is nothing now but imagine what it'll be like in 50yrs. Fdic insurance thought $250000 insurance was huge and it only took a couple decades before that became insignificant. Also keep it mind it's only starting at 100mil and wait till it starts lowering the bar to 50mil then 25mil, 5mil, 1mil, etc.

[@zaboe911]

I'm so glad these guys are giving a voice to all of us small folk taking out 6-9 figure loans on unrealized gains

[@HamDarly]

Hahahahahaha atleast you can take out that loan, most of us can’t even take out a 5 figure loan 🙄🙄

[@kazee502]

How about our govt just stop spending so much money and let all citizens keep more with lower tax rates for all

[@thearmorknight1690]

Not even spend how about they don't fund money to other countries

[@SummerBear74]

What are the best strategies to protect my portfolio?, I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.

[@HelenaTichmann59]

There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist..

[@VeniceHew83]

Yes, I agree. I use a financial advisor too. Same person since 2020. I don't worry about whether the economy is going up or down or sideways. I always ride through.

[@HunterZ64]

Oh, really? I have never thought of that as an option. Can I ask who it is you've been working with? I bet I could use some help myself.

[@VeniceHew83]

NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services..... She’s quite known in her field, look-her up.

[@HunterZ64]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@ashtondowling-iq2lo]

'I wish Bloomberg was a better speaker to the common people' So arrogant.

[@Snapcracklepop541]

the debate is great here. No one is personally attacking anyone or threatening anyone, they're just disagreeing and then getting back to talking. Should be how we talk to each other.

[@willtwain1383]

"Crush the wealthy" is hilarious.

[@robcapazzi]

The 1% found a loop whole so not to pay their fair share and these people are defending the 1%. No one needs to defend the 1%, they have enough money to hire lawyers and accountants to defend themselves.

[@ssuwandi3240]

The Raycist DumbeST😊

[@skymoby8882]

Even more than your average guest, this guy is topic-changing GOAT.

[@TylerMoultonCPA]

I think he forgot to mention the unrealized gains tax proposal is only for those with over $100 Million in assets.

[@Tony-go5ql]

That's how it starts. Don't even let the snowball start rolling down the hill

[@SFreije1]

That doesn’t change the fact it is still a terrible idea.

[@gameplayparadiseofficial]

@@Tony-go5ql For real.... when these crooks sees they can get away with this BS, they'll trickle it down to 50k-100k net worth. FK THEM!

[@jobunaga4178]

​@@Tony-go5ql give us one example where that snowball rolled downhill.

[@josephiannotta838]

@@jobunaga4178 Income taxes were originally only applied to the top 1% of the US population. Now nearly 70% pay income taxes.

[@VoiceOfReason5487]

If Dem policies are so bad, how is it that stock market returns have been much better and job creation has been much greater under Dem administrations? The US has historically low tax rates now. The capital gains tax rate and marginal income tax brackets used to be much higher yet the US economy did just fine!

[@xtinabay]

Joe is exactly the type to wring his hands when the GDP drops by 0.1 and say the sky is falling.

[@WScott-gd2mj]

also the type to reduce Trump's myriad demonstrated failings as a few "mean tweets."

[@zbigniewkolpak4753]

There is simple solution. You do not pay taxes on unrealized gains till you take a loan against them . If you do not take a loan, you do not pay tax till you sell. If you do, you pay tax right away. simple. All this is just talking about minor issue. This will not solve our budget problem. In any case system needs to change as it is not working for larger and larger section of the population.

[@allenmorgan4309]

That's why they need to have a flat tax. Everyone pays the same percentage and the government collects more money. It could be that simple.

[@MrRchou]

Not that simple, a lot of our real estate is built on leveraging assets to build liquidity. From the biggest real estate developer to the individual who takes out a home equity line of credit. Taxing people leveraging their assets would hurt a lot of people

[@richardhoner7842]

Only the very, very wealthy would ever pay this tax.

[@ConcealedCourier]

@@MrRchou No it would teach them not to be fiscal drunkards.. Every time they take out HELC they are inflating the money supply. This is how we got into the mess we're in right now. They all took out loans during covid, they bought a crazy ass amount of goods and assets. BOOM: hyperinflation.

[@thearmorknight1690]

People thinks loan is free and the interest doesn't matter. They should removed the cibil score system instead and give high interest to everyone. Banks need to give out loans to survived.

[@PelosiStockPortfolio]

The wealth gap between the top 1% and everyone else has grown exponentially in the past 20 years. This guy just wants it to continue growing exponentially

[@ssuwandi3240]

You never own a startup I guess. Or learn 101 accounting. This is an easy subject 99% of corporate finance folks get the basics

[@PelosiStockPortfolio]

@@ssuwandi3240 Which part of my statement was wrong?

[@ssuwandi3240]

@@PelosiStockPortfolio growth is exactly Unrealized gain. He's still fine timing the startup product and you assumed his improvement costs should be taxed now as if he already received the income That's not how accounting PRINCIPLES worked. That's why he sounds upset

[@ssuwandi3240]

@@PelosiStockPortfolio everyone is entitled for what he / she has worked for. Not the rest who are sitting around idle, like Border Czar.

[@PelosiStockPortfolio]

@@ssuwandi3240 You are not addressing my original statement.

[@illegalsmirf]

The only Americans who matter are the wealthy Americans. At least both political parties can agree on that much.

[@ssuwandi3240]

You get what you've voted for.. ,Dumb and Dumber.

[@DDMSakb48]

The poor people also agree on that

[@Starreelynn]

They failed to mention the $100 million threshold. The super wealthy can leverage their assets (stocks, properties, etc.) to acquire more wealth. When they die, their heirs inherit these assets at the current market value, avoiding taxes on the gains. This allows the wealth to keep growing tax-free through generations. In contrast, a middle-class American who inherits property often has to sell it due to the financial burden of maintaining it and then pay capital gains tax on the sale. Wealthy heirs can simply hold onto these assets, pass them on, and continue avoiding taxes, perpetuating wealth inequality.

[@christopherwinnie9545]

The trick is that in 1912 when income tax was created, it was only meant for the wealthy. Last I checked, I'm not wealthy and I pay income tax

[@thearmorknight1690]

Then change the inheritance policy so every American should pay 90 percent inheritance tax then your children can sleep easy and govt can fund other countries.

[@ArH1371]

It is very easy to understand 🤷‍♂️ An increase in investment "CREATES JOBS", increases the production of goods and services, "REDUCES INFLATION", generates wealth, and finally, in general, leads to the growth of the economy. Tax reduction is an incentive policy to attract capital and investors to the market, and tax increases will cause capital and investors to flee the market

[@pdxwino]

It’s ridiculous that the Federal Tax Rate top out at $735K. So the guy making $750M is at the same rate as the guy making $750K. Yeah, that makes sense 😂

[@Nate_K111]

Don’t make us pay taxes like everyone else! You’ll be sorry… ?that’s the argument

[@donaldkinsey5245]

No one else pays taxes on EXPENSES! We pay taxes on income. A loan is not income. The appraisal value of your property is not income.

[@greglarson6293]

@@donaldkinsey5245Trying to explain economics to a liberal is virtually pointless.

[@80SWoods]

@@greglarson6293Agreed! They use “feelings” to decide which is destined to fail. Just read Atlas Shrugged.

[@SFreije1]

Spoken like someone who has no idea what is being discussed.

[@ssuwandi3240]

Why don't you learn something specific to finance. Embarrassingly.desperate for Democrats at this point..

[@richardhoner7842]

Trump paid $750 in federal income tax on here twice. Anyone think that is right? Fair? 90% of the tax breaks in 2017 went to the top 1% in wealth. I think Harris’s tax plan makes far more sense and will be far less inflationary.

[@PeterParker-wj3cr]

Politicians know the average person is malleable. This is why populism is so efficacious. When Biden/Harris talk about increasing the tax on the wealthy. They know that is music to the ears of the common man. When Trump says he is going after the establishment. He knows that is music to the ears of the common man. Voters are so credulous, we make it easy for politician to basically say almost anything.

[@juandilan2321]

Look, everyone should pay their fair share. Why not tax the loan used against unrealized gains ?

[@donaldkinsey5245]

The rich pay MORE than their fair share. 70% of all federal income taxes are paid by the top 10%. It’s a talking point to fool people into thinking the rich don’t pay their fair share.

[@joeb1522]

Taxing a loan doesn't make sense, and no country in the world does this. That's like taxing someone on a 200k mortgage when they buy a house. Do they get to then deduct the 200k when they pay it back?

[@ssuwandi3240]

So your fair share would be the Unrealized property tax you still owe too. How's about that.. Plus your Unrealized interest of student loans that you owe.. Excellent👍

[@wisdomsprince2506]

​@@joeb1522taxing loans seems to have support in this chat...if you replace loan for "mortgage" im sure it would have less support because all of a sudde it's not taxing "THEM". Mortgages are you borrowing against the value of your house people!

[@scottc6946]

Or make loans against unrealized gains not possible

[@GeorgeSchneider8889]

Do billionaires pay their fair share? Billionaires in the U.S. pay a smaller tax rate than most teachers and retail workers. Thanks to a tax code that favors income from wealth over income from work-and a slew of tax-avoidance strategies-the richest among us end up paying a smaller percentage of their income to the federal government than most working families. Here’s what we know: U.S. billionaires are 46 percent, or $1.6 trillion, richer than they were in 2020. According to a 2021 White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent. According to leaked tax returns highlighted in a ProPublica investigation, the 25 richest Americans paid $13.6 billion in taxes from 2014-2018-a “true” tax rate of just 3.4 percent on $401 billion of income. That’s not paying your fair share. Instead of rewarding wealth over work, our tax system should ensure that billionaires play by the same set of rules as the rest of us. It’s good for the planet, and it’s essential to the preservation of our democracy

[@bigman2564]

A lot of rich people fail to realize that someone in their family was poor before they got that money

[@ocampbell1954]

We don't have a rich people problem in America. We have a government spending problem.

[@backcountyrpilot]

A very small percentage of millionaires inherited their wealth. Most own a small business, such as a laundry, or restaurant. Wealth rarely survives past the 3rd generation. The children of millionaires saw how their parents used discipline, but the children’s children did not. They think money grows on trees and they blow it.

[@StimParavane]

"Soak the rich" - what a joke. The greed of these people is monstrous.

[@willtwain1383]

Businesses are only logical about greed.

[@PeterParker-wj3cr]

A business has one function. It's to make money. Our pension funds rely on that greed you speak of.

[@willtwain1383]

@@PeterParker-wj3cr That is not true. Pension do not require greed. Responsible corporations would be much better for pensions. Pensions are bad for profits. Greed hates pensions. It reduces pensions, and must. Your mind is brainwashed

[@PeterParker-wj3cr]

@@willtwain1383 Let's be adults. No need for ad hominems. I'm far from brainwashed. Just say you disagree. Now that i got that out the way. I guess the question is a subjective one. What's your definition of greed? When i brought up businesses sole purpose is to make money. That's what makes investing into private or publicly traded business a viable option. If you're a small or large business owner, you want to maximum profits, grow revenue. Improve on the top and bottom line. The job you currently have. If you want a lucrative pay increase. The money comes out of company profits. Which is why you want a business to make as much money as possible. Which is why i brought up pensions. You as an investor benefit from that, which you call greed. Which brings me back to my earlier question. What constitutes greed?

[@willtwain1383]

@@PeterParker-wj3cr Truth is difficult. You are totally hypnotized. Excess profits that hurt people and the environment are greed.

[@leonlee877]

Wholefoods does not match prices to Trader Joes......this guys is out of touch

[@wwrussell180]

I like the balance Sorkin brings to the debate because he is reasonable in his tone. But, that stated, he is totally wrong on economics.

[@djee02]

If you don't let billionaires evade taxes by borrowing against their equity then where does it end? Soon enough multimillionaires will have to pay a normal tax rate. Is that the kind of world you want to live in?

[@SirGenesis206]

I actually liked Romney too. And I really don’t like either candidate now. Prefer Trump’s policies, but he’s a little too dangerous to be in office for me. Hate portions of Harris’ tax policies, but it’s significantly quieter/safer when Trump is not in the White House (referring to the amount of anti-minority rallies, crimes, fake police calls, etc. in Massachusetts during and immediately after his tenure). So for me, I’m stuck choosing between policy and peace, and unfortunately that choice is simple each time.

[@justwatchingrandomly]

How is Kamala the choice for peace when here we are with a couple of wars during Biden-Harris admin. There was no single war during Trump’s time.

[@drboyce]

I wonder if those two guys secretly hate each other.

[@js-mv7ly]

Why should I pay my fair share?

[@shirazpervez2405]

Wow! Andrew is the only one sane on this panel. "Yes you borrow money and live, it's just normal life?" Andrew: 99% can't do that....I can't believe this. The rich live in a different universe and how dare anyone question them ir ask them to pay a little more

[@manuelmorales6773]

Coming from Cuba this is disgusting! Go trump !

[@davidwthomson9641]

I AGREE the policies from Harris make no business sense..

[@imacuser101]

I like this guy

[@derekbryan28]

If the asset you borrow against drops in value due to a market crash or a company failing then you are left with a debt with no asset held against it. That is the risk. Pretending their tax code change will be targeting the rich, who will get loop holes to bypass it, will leave this tax targeting the middle class. If you own or are buying a home, each year it goes up in value that is an unrealized gain. They need to cut spending.

[@gdavidson6360]

people leverage up on margins in their equity accounts, take out home loans against equities and use credit cards. None of that is income.

[@Gatesunder]

I'm putting all my money into the stock market so that I can one day retire a little earlier than a few years before I die. Trying to make up for my past mistakes in life. If they tax the billionaires on unrealized gains, they'll crush my efforts to get ahead in life as a lower middle class worker.

[@russianfool1]

TAX THE FRIGGIN UNREALIZED CAP GAINS! YES WE ARE THE PROLETARIAT. YOU HAVE DONE IT TO US! WE'RE COMING FOR YOU

[@phylodude]

He gets it and knows... and has accepted the people who don/t.

[@phillipmatthews8341]

It’s comical that Harris talks about economics when she is a Marxist

[@steveguillory7568]

Ok, his assertion “if you ever make any money…” is ridiculous. The proposal on unrealized gains is for those with wealth in excess of $100M. This impacts so few people and I highly doubt that those start ups are hitting that mark. While her proposal is likely not the best solution, there has to be some way to get those high wealth individuals to pay their proportionate share. Why is that asking too much?

[@13Bravo77]

That's only the beginning, then they'll want to tax it all

[@Mreyna310]

I used to think this way, until I realized that it’s just the foot on the door for incompetent and money promising politicians. They start at the top, and then it’ll trickle down to rest of us to keep funding foolish projects or irresponsible gov spending. Gov doesn’t deserve a dime more from taxpayers until we fix all the waste and cut unnecessary programs.

[@donaldkinsey5245]

Paying your “Fair Share” is talking point used by the Left to gaslight folks who don’t know business or economics. The top 10% of taxpayers pay “70%” of all federal income taxes. Does that sound fair to you? If you look at ANY USA tax structure the rich pay much more than their fair share of taxes relative to the income they make. It’s just pure Marxism! Separating us by class and telling the poorer folks that your “bad’ lot in life is because of the rich class.

[@Mreyna310]

A better proposal should be to tax how they borrow against their assets to fund their living. Do they pay tax on that? From what I understand, that’s egregious.

[@steveguillory7568]

@@Mreyna310 while I don’t disagree with you about wasteful spending, that issue never seems to get resolved. In the interim, shouldn’t the ultra wealthy be expected to pay taxes at a rate similar to you & I? At the very least, maybe those additional funds could push Social Security solvency further.

[@Believe768]

We are all fighting for the wealthy here in the comments

[@Nassuvian_Celtic]

It’s amazing how these “highly intelligent, business people” try to simplify complex policy ideas.

[@bobevans6468]

Everyone that owns a home can take an equity loan and don’t pay taxes on that loan. That is the same thing that Harris wants to tax

[@TaroBigHead]

Spread it all to newcomers. We are free country when you enter usa u can have everything free. Thanks for the rich people

[@CrypticFoxGaming]

They should just consider the use of shares as collateral for a loan as a “deemed disposition”. Tax then at the current value rate and establish a new adjusted cost base for the shares. Later if you have to sell the shares in actuality you realize the gain or loss from there, but you take away the ability for people to just take endless loans and live tax free when everyone else is paying income taxes. 🤷‍♂️

[@zachdarwish3776]

The problem is that even if the government taxes the rich HEAVILY, it's not like the poor are going to see any of that money. It will just get spent on military, foreign aid, climate change, etc. Then once the wealthy are crushed, the pain gets sent down to the poor. It's just a horrible idea altogether.

[@TheEsisia]

Wrong! It will help gov reduce its debt. Its crazy that people who praise Trump tax cuts are complaining about national debt and inflation that are the results of that exact policy.

[@nataliesnyder695]

All you have to do is remove the step up in cost basis for heirs to the estate. I also think capital gains should be adjusted for inflation for taxation, although that’s a different conversation.

[@jasc6864]

In this show, the anchors debate the points rather than let the guest speak.

[@hartlandandrews5441]

Kernan has guts- admirable unlike Andrew and Becky

[@brianirvine6562]

Once Kernan jumps in and Sorkin inevitably follows, things always go downhill and the guest fades to the background.

[@vijjreddy]

all those debates is unnecessary, Lincoln famously said one has every right to reduce their tax liability with all the remedies provided, it is legal, what is illegal is evading the taxes. Unrealized gains in any asset actually is - WEALTH TAX, and that did not work... so go back and study for what reasons wealth tax did not work, and then see how you make the unrealized gains taxable.

[@sideshowamit]

Everyone who owns a home can refinance and take extra money out based on the homes value (if it increased), which is not taxed. So a lot of people can take loans on their assets

[@hawaiisbroker]

"99% of people don't and cant borrow against their equity"?! What about HELOCs, cashout mortgage refinances? I would think nearly 50-60% of the country has the ability to do that and as we saw during the low mortgage rates as a result of COVID, many people took advantage of this strategy by doing a cashout refinance which as you know, is pulling out equity of your property without paying taxes on your gains.

[@GeorgeSchneider8889]

A series of massive, permanent tax cuts have created large federal budget primary shortfalls and continue to exert upward pressure on the debt ratio. In other words, the current fiscal gap-the growing debt as a percentage of the economy-stems from legislation that cut taxes, disproportionately for the very rich. While it is true that the Great Recession and legislation to fight it, along with the costs of responding to the health and economic effects of COVID-19, pushed the level of debt higher, these costs were temporary and did not change the trajectory of the debt ratio. If Congress wants to decrease deficits, it should look first toward reversing tax cuts that largely benefited the wealthy, which were responsible for the United States’ current fiscal outlook****

[@oshanewilliams8865]

Taxing unrealized gains is a wholly stupid idea that absolutely makes zero sense for a few reasons. The only possible way this could work, would be to impose a special tax on loans that are borrowed against stocks. However, the investor should be exempt from paying capital gains tax on the same principal amount in the future when he cashes out of the stock market.

[@motimoti92]

what about unrealized gain in your 401K or other very common investment vehicles that 90% people use…

[@karmasutra4774]

Roll it over to an IRA and if needed buy immediate annuities and go enjoy your life … doubt it will happen. They would have to give you money back if the gains become losses the next year…way too messy to recalculate as the market changes …talk about messy accounting 😊

[@j.r.5964]

Do you have $100 million in your 401k? If not, you'll be exempt

[@dpt4402]

@@j.r.5964 Who will stop it from evolving into the middle class? Tax's are the one example of tricking down. Property taxes are exploding now based on new evaluations. Who is stepping up for the elderly on a fixed income in their small homes now? As aways no one. The rich are always the poster child for future taxes on the middle class but the selling point is usually successful as many people are inherently jealous and thus blinded how it will impact themselves.

[@j.r.5964]

@@dpt4402 but you're just expressing fears about what "could" happen in the future, not about anything being proposed right now. Look at the estate tax - one could adopt your line of thinking and say "it will eventually apply to everyone," but that hasn't happened and it may never happen (because it would be incredibly unpopular). In fact, Trump raised the limit so it now applies to even fewer people. The same could happen with this tax, who knows! In theory, elected reps could lower any tax threshold so it applies to more people, but doing so would likely get them thrown out of office

[@BORNGEARHEAD]

​@@j.r.5964Like income taxes?! Gtfo here

[@Bigjoe99]

The old narrative of lets forget the personality and vote on policies is OUTDATED. The country has out of control debt, it has fundamental foreign policy problem, immigration and and other issue are constitutional challenges. What is needed are leaders WHO KNOWS HOW TO FIX PROBLEM, SOLVE IT..WE NEED BRILLIANT LEADERS IN WASHINGTON AND THEY ARE FULL OF MEDIOCRITY..Bloomberg should have been in 2016..

[@citizenjustice-el9pe]

I think Republicans have about 15 really good people. Democrats are stupidly riding the progressive train. Most Americans are NOT PROGRESSIVE.

[@P2Wealth]

Buy, Borrow, Die is possible for EVERYONE. And I’m writing the book about it

[@arisgod2749]

Look at these people trying to say what a horrible horrible tax plan is socialist Kamala is proposing without coming out and saying exactly that.

[@richardhoner7842]

That sounds like it might be true but during the period of greatest growth and prosperity taxes on the wealthy were sky high and those on others were negligible.

[@nicholas5396]

Considering the gap between the top and bottom has been widening at an extraordinarily unsustainable rate, coupled with the fact the middle class is disappearing faster then the the dodo, i cant see an argument for sustaining the status quo. Trickle down economics hasnt worked ever. The economy is an ecosystem where the majority of wealth has to be down with the masses in the middle or else it will crumble. Having more money in a few billionare pockets doesnt charge an economy. But middle class families will purchase homes and cars and clothes, etc, causing jobs to be created ir sustained. Its not rocket surgery..

[@hartlandandrews5441]

Does Harris and Andrew even know what they are talking about?

[@stlsensimilla]

"I wish Bloomberg were more effective as a speaker for the common man" 😂 yeah problem with that, Einstein, is that Bloomberg is a billionaire, not a common man. That's why his "let the rich do whatever they want" platform polls at 1%

[@Toby-oq8cg]

I’m not rich and don’t care about the rich. It’s a dumb idea. The loan tax is reasonable

[@derekcaan7686]

"businesses are highly logical entities" - who are they kidding? If that was the case why do we have some form of rescue or market failure every couple of years in some form or the other?

[@jimywealth4628]

govt effeciency aka layoff 80% govt employees ? FU!

[@globalraider2796]

Sorkin is the real deal.

[@gregblum7484]

That's a stupid way to vote, it's a wasted vote and don't give us your opinion

[@stlsensimilla]

I love all these old school Republicans with their protest votes. 😂nobody cares about your little feelings, but thanks for helping elect a Democrat. Working people appreciate it!

[@KungPowEnterFist]

How about a 50% tax on share buybacks and 50% capital gains tax on non-homestead property.

[@Gmac_Greg_M]

That’s dumb. You want to tax companies for buying back their own shares!? How about we tax 50% of your income? Put your money where your mouth is.

[@wisdomsprince2506]

50%?!? Investements don't have to happen in the states. Investements will be made in countries that don't have a 50% capital gains tax. Just because America is the most advantageous country to to invest in NOW doesn't mean it HAS to be tomorrow.

[@user-bt9cm7ze4c]

How about we tax your income 50 pct every week. Bottom line is you should be willing to pay what you propose on others.

[@KungPowEnterFist]

@@wisdomsprince2506 Share buybacks were illegal before 1982, and people invested here anyway. What companies will do is eliminate share buybacks and instead start paying dividends. If you don't like it, then don't invest here. But you will, because you are addicted.

[@KungPowEnterFist]

@@user-bt9cm7ze4c The top end of my household earrings is already taxed above 50%, and, mind you, we live in a state/local that does not tax income. This is our reward for producing an outsized quantity of goods and services that society needs. Investors produce no goods and services. The government should tax the bejesus out of mouse click money.

[@Vincent_Morrow]

Simple. Get taxed when you borrow against it.

[@cano21]

That would essentially reduce the amount of the loan you're receiving. Unintended consequences.

[@MilanTobdzic]

⁠@@cano21 true, but how is than an unintended consequence? You pay tax on your paycheck (that reduces how much you earn). On lottery winnings. Sales tax increase the price of a good. Same thing.

[@cano21]

@MilanTobdzic Many are asset rich but cash poor. They'd have to borrow more money just to pay the taxes the government demands. Plus, when you pay capital gains, you pay it once when the gains are realized. How many bites at the apple does the government get going after unrealized gains? Is it yearly? The ripple effect (unintended consequences) from this policy would be devastating. Virtually all economists agree on that, even staunch progressive ones.

[@pduran880]

Stocks can go DOWN too, then what? That loan you took is a huge RISK. That’s also a factor

[@wendywilson1537]

Romney is a total joke 🤣🤣🤣

[@stevem8602]

Joe doesn’t care about our republic

[@993mike]

He’s not wrong about Mitt Romney. I’d take him over either of the two bozos we have to choose from in November. Only other candidate I would have loved to have seen run - Condoleezza Rice

[@Sams911]

Why Mike? What exactly is wrong with Trump other than his personality? What policies scare you? As Joe said, is it because he's a mean tweeter?

[@ssuwandi3240]

Yuk... they're all criminals like Barry... The King of Fraud President

[@Faliangwan]

It’s hard to borrow against private equity, if not impossible, if not at very high interest rates. The entrepreneurs will have to liquidate their holdings to pay the tax on the unrealized gains. Also, andrew’s point of borrowing against public listed shares causes unfairness doesn’t hold up. Loans carry interest. How much will one pay in income tax for selling $1M? 20% or a little more assuming his original cost was zero(unlikely) . However, a couple of years’ interest will easily exceed that 20% of tax savings. So why would he want to borrow instead of selling his assets? Apparently not for the benefit of saving tax. After all, what’s the point of saving tax but at the same time paying extra interest? They want to keep investing! Same things happen to the house investors, who borrow against home equity. They do so mostly not for tax purposes but for keeping their properties. Back to the guest’s point, taxing unrealized gains will crush the economy by discouraging investment.

[@the_investor9836]

Tax share buybacks at the same rate you tax dividends and you fix the “how do you tax that” issue without any silly unrealized gains policies. My view is don’t tax dividends by more than buybacks.

[@MrTom-kl7hy]

These guys are living in a fantasy world...

[@goodbooks5134]

Targeting successful 1%? How about making a good policy for 99%?

[@wisdomsprince2506]

What the 1% does affects the 99%. The device you're using to make your silly comment wouldn't exist without a 1%er

[@thenewbanker1225]

They literally use exery tax loophole under the sun to barely pay 10% in taxes. Calm down Karen

[@digantasarkar]

Increase legal immigration but shut down the southern border - we can get GDP growing but not in an insane way.

[@BrianPaul-v8m]

People take loans and don't pay tax on them.

[@bobslate7231]

You have to pay back the loans with interest and you pay tax on your profits. Nobody at this point pays taxes on unrealized capital gains. If I own a property goes up value 50K I only pay taxes on gain.

[@donaldkinsey5245]

So your advocating for people who take out loans, and have to pay back the principle plus interest, should also pay taxes? It’s not income. It’s an expense!

[@ssuwandi3240]

Democrats love the first Blek Indian President😊🤤

[@saitejagutta5338]

@@donaldkinsey5245 You can do it when they put stocks as collateral but I assume there are loopholes around that also.

[@rajpar7186]

Its reasonable to fix this loophole - but overall tax on unrealized gain is ludicrous

[@TheEsisia]

Give us tax cuts we promise it will trickle down😏😉 😂

[@godofgaps-w2n]

contrary to some beliefs, money is finite, when it goes to billionaires, it can't go to ordinary people

[@StimParavane]

"Crush the wealthy" - how massively arrogant.

[@jimywealth4628]

sure that is why the wealth gap is highest in history. Complete and utter bs. Bunch sociopaths

[@xy4859]

Damn the host's bracelets and rings 😂

[@TorukMaktoDracarys]

If we grow the economy at 7% or more none of this nonsense would be necessary, taxing Unrealized Capital Gains is the Dumbest Idea I've heard from a politician

[@darshuetube]

taxing unrealized gain is very stupid. That can impact everybody from rich to middle class, small business, investment in businesses. Tax the loans of people with networth more than certain thershold or some metrics. For example, EM is considered successful and if he takes out loans to fund lifestyle, maybe tax that. But maybe if you take out money to fund businesses, maybe no tax. There are nuances and more complicated than that...

[@handymancon]

If we got rid of the Electoral College, then you would have a popular vote. It makes no logic when we don't even have proportional voting when voting for the President.

[@Rainy_Day12234]

Republican form of government requires geographical dispersion of political power, and the Electoral College is essential.

[@hartlandandrews5441]

Everything Andrew says is wrong.

[@billchun5243]

you pay a fee for index/etfs for the whole amount. so unrealized gain tax is possible.

[@craigbuckley7603]

If people give the money to the government that means less money in the stock market that means less money buying stocks Stocks go down its that simple And the real question is what the government going to do with it throw in over sea in an endless war like ukraine or the mideast

[@ssuwandi3240]

That's Harris doomed policies like Bidenomics. Not Trump's

[@Dmindthinker011]

The best guest so far

[@ssuwandi3240]

I hope he's not Democrats

[@davemiller5839]

Consideration must be given to “unrealized losses” being tax deductible if this nonsense gains traction.

[@randyharmon717]

Its a clear example that the rich won’t be crushed they’ll screw over the underclass. This is an example of Joe losing it man needs mental help how much is TRUMP and Elon paying this guy? It’s becoming obvious that the people are putting the pressure on this guy to resign or maybe be fired. Remember if it’s necessary to call for medical emergency or law enforcement don’t hesitate I wouldn’t want to be in his shoes. A man needs to know his limitations.

[@dl2839]

Taxing people for money they haven't earned, the hallmark of evil.

[@Watcher1-jr5lo]

"Give me control of a nations currency, and it matters not who makes the laws" Mayer Rothchilds

[@erickjulianmorales3143]

Kamala she is a big liar😂

[@ronsilva7394]

Bloomberg ?

[@rickwindham2888]

The average homeowner can borrow again there home tax free. If go down the road this guy is thinking then those home equity loans will be taxed too