The ‘Billionaire’ Minimum Tax: How Harris Could Tax America's Ultra-Rich | WSJ

[@wsj]

How the election results will raise or lower your taxes: on.wsj.com/3YLyU4t

[@benjiboy9907]

Not sure if an unrealized gains tax is the best solution, but there has to be some kind of legitimate enforcement of taxation on wealthy people. It doesn’t make sense that wealthy people can simultaneously not pay taxes on unrealized gains, but also realize their gains through loans against their assets. You can’t have it both ways.

[@jeffmorris5802]

Taxing unrealized gains is monumentally stupid. It would make more sense to tax a loan against unrealized gains. What happens when the stock market goes down, is the Federal Government going to compensate the unrealized losses? Any such policy would be catastrophic to investment markets and the economy.

[@jumboshrimps4498]

They do pay taxes. If they're not then they go to jail. This claim makes no logical sense. Politicians are lying to you.

[@n.c.467]

Simply true.

one could tax loans taken against unrealized assets

[@runwalkroll]

@@jumboshrimps4498 I do not think no one says they do not pay taxes. Even Biden said they pay 8.2%. The question is how they use loopholes in the law to not pay taxes on their wealth.

[@Rackstack234]

Crazy that a bunch of non billionaires are defending them 😂😂😂😂😂😂

[@MyCatChloe]

Buncha sheeps

[@caleb131186]

Crazy cause WSJ is owned by a billionaire 😱

[@ericlee5638]

It’s about defending the principle, not specific individuals. Most conservatives believe that ambition plus voluntary effort leads to success. It would be hypocritical to demand, “Tax the rich!” while excluding ourselves from that equation.

[@_soupnazi]

Yeah it is. It should tell you how dangerous another Trump term would be.

[@Winner5zero4]

@@ericlee5638 but it’s not hypocritical because we non billionaires pay our fair share in taxes.

[@SquizzMe]

I love how WSJ's idea of "billionaires" are always Zuckerberg, Musk, and Bezos. They never post pictures of Oprah Winfrey or Rihanna.

[@aenorist2431]

Neither of which are billionaires.

[@DocBrainiac]

Inventors / innovators vs Showmen .... One of these actually push the society forward while the other just entertain them

[@billyhill434]

@@aenorist2431 Oprah worth 2.5B Rhianna 1.4B

[@RadialSeeker113]

Elong is worth about 150 Rihannas

[@rileyabarker]

My brother in Marx, Oprah and Rihanna don’t even crack into the top 1000 wealthiest people on the planet. Obviously they’re going to exemplify with the richest of the stupidly rich.

[@person35790]

Why doesn’t she just ban using unrealized gains as assets to obtain loans on? That’s the crux of the issue here.

[@tmgclips5300]

So no more home equity loans for the middle class ?

[@nibpicky]

@@tmgclips5300maybe only if you borrow more than 10 million in a year, or primary residences excluded.

[@lucassilvas1]

@@nibpicky much easier to just tax the loans themselves

[@karenkoe7096]

@@tmgclips5300 I think this plan just applies to people worth over 100M. Are yo that well off? Is anyone posting here worth over 100M?

[@ssuwandi3240]

Because loans are banks products. See that's the thing about Kommunist Prez. Garbage in Garbage out!!

[@sa.377]

And this, ladies and gentlemen, is why they don't want her and why they keep on fighting her.

[@Contractor48]

Tax the rich and what? Send to Ukraine?

[@mohan494]

@@Contractor48 Thats exactly what they want to do. No plans to cut deficit and debt

[@xandercruz900]

VP for the past 3.5 years. Apparently Biden didnt want her crazy ideas either.

[@krakenj5237]

They aren't sending money to ukraine. They are sending arms and ammo manufactured in us paid using the tax money. So the money is flowing back to us industries

[@YxYzYx]

Why haven’t they been doing this for 4 years?

[@lakerowen2345]

Now I know why Elon supports Trump🤣🤣🤣

[@xandercruz900]

Because Mark Cuban doesnt exist? Weird how you stop being an "e-vile billionaire" the moment you support a Democrat.

[@johannesaarto1631]

@@sethgerwitz That has nothing to do with it. And Harris has way more Billionairs backing her compared to Trump. For example Bill Gates, Mark Cuban, George Soros etc. Also many large corporations support Harris

[@freelancheer]

​@@johannesaarto1631maybe because this tax is a loophole and benefits them?!!

[@Brianuwu622]

anyone that makes money supports trump, ur obviously on food stamps🤣🤣🤣🤣🤣

[@hello855]

​@@Brianuwu622 Trump won in 2016 because he gained support from the white working class. He flipped voters in the rust belt and counties with some of the worst poverty and unemployment rate in the country. Wall street, silicon valley, Hollywood, academia, and most of the "elite" segments of American society back the Democrats.

[@mack-uv6gn]

Charge a 10% fee on loans against assets for people with 100m or more. They borrow against their assets so they don’t have to pay taxes.

[@Joey-ct8bm]

😂 you do know what effect a interest rate has, right?

[@Elitematt74]

​@Joey-ct8bm what do u mean?

[@mack-uv6gn]

@ all the rich shareholders of stocks, bonds, crypto etc. will borrow against their assets at very low rates to avoid paying taxes. 2% rate on 500m is a lot cheaper than 20%. If the shares go up in value that 2% is not for them to pay. The government gets a 10% fee (tax) on that loan so this way the wealthy pay a fair tax. There are government fees on cell service, cable service etc. why not on securities loans. They are only doing it to avoid paying taxes.

[@mack-uv6gn]

@ and

[@heilonghuangdi3348]

This will never happen since loans aren't considered income. That's why they aren't taxed. Borrowed money isn't taxed by the government. So, they can borrow against their assets whenever they want to avoid taxation. This is legal. ​@@mack-uv6gn

[@FredrikNaevisdal]

We have this tax in Norway, a wealth tax, many rich people have said this is the reason they are moving abroad, but in reality the amount they pay is argueably inconsequentially small and many rich people stay. If their wealth decreases, they are also able to get refunds as mentioned in the video. Outwardly it is culturally seen as greedy to move abroad for this reason, and internaly it is seen as embarassing to apparently not be rich enough to pay this tax.

[@jeffmorris5802]

Norway is a terrible model for literally anyone to emulate. You're an oil country rich off a sovereign wealth fund. If you count exports, you've probably done more damage to the planet per capita than any other country on Earth.

[@theactivecoconut6077]

The amount is not small and in Norway the wealth tax has such a low threshold that even middle or upper middle class people pay it, and we cant just pick up and move. They should at least exempt your primary residence. The wealth tax is stupid and one of the many stupid taxes we have that need to be abolished. Vote FRP 🇳🇴

[@DrFarris]

@@theactivecoconut6077 wow they included your primary residence as part of the tax? So your residence is double taxed? Property tax, and wealth tax on one primary residence?

[@machlu]

It's small for unproductive rich people who wanna live off their gains, big punch for those that are still productive entrepreneurs that still makes use of their fortune to create companies, or something productive to society, also we're talking about money, wherever your money isn't welcome there'll always be another country where it will be, so it is a waste of time and efforts trying to tax billionaires, they are the best marketing tool a country has to show a reason for people to immigrate, dreaming....

[@NoNameToYou]

I like it

[@auntkami]

Thank you for explaining something I may never personally experience.

[@Rudster14]

But it affects you! This is why billionaires don't pay taxes

[@BreakMyPlate]

Do you own a home? Do you own a car? Do you own own stock under your retirement fund? The question people are worried about is not the bracket of which these taxes occur but how easy they will extend this in the future once it becomes law.

[@bjk837]

@@BreakMyPlate say it again! lol people don’t understand the implications of taxing unrealized capital gains and if they did they would immediately see just how preposterous of an idea it is

[@WatchinVidz]

@@bjk837 it’s more preposterous that one individual can be worth billions, trillions of dollars. These numbers are inconceivable. Something has to be done to prevent hoarding wealth at these high levels. People don’t realize that the country could be doing so much better off if rich people weren’t allowed to run wild. There was a study that showed a number of corporations could have paid all of their employees $30,000 individually, in lieu of paying bonuses to executives. People talk about cost of living, that’s your cost of living right there, going into some millionaires pocket. Imagine if a worker at Home Depot got a $30,000 raise and could actually afford a house and groceries. Look up stock buy back report by “center on budget and policy priorities”

[@bjk837]

@WatchinVidz no…people that work hard and build great companies where people across the world voluntarily give them money in return for the goods and/or services that they provide DESERVE to be worth what WE as the people consuming those goods make them worth. And if that’s billions and or trillions, they in no way should be villainized for it. And you fail to realize that inflation caused by rampant government spending is the reason people can’t afford a decent living. Not the “billionaires and trillionaires” and their bonuses. And if you don’t understand that concept then of course you’ll go on thinking that higher taxation to bring in a few extra billion will somehow fix the problem of rampant government spending by the trillions. And another thing, when you say “worth billions” you do realize that that’s not money in the bank right? Like it’s in asset valuation which is completely valued by the market, be it real estate, stocks, etc. The market meaning you and me.

[@Swimmer326]

500 billion over ten years, 50 billion a year, is nothing. It’s an absolutely inconsequential amount of money compared to Federal spending. It might be more fair, but it is not the solution to wealth inequality, the federal deficit, inflation, or anything else that plagues our nation. And it will dredge up a whole lot of other problems as well, such as mass selling of shares, which destabilizes the stock market. This plan is half baked at best, and absolute disaster at worst, and it doesn’t prevent the loopholes that allow billionaires to put off paying taxes in the first place.

[@AlphaGeekgirl]

Yup... not enough thought put into this. And those who ARE weighing in don't really understand the ramifications.

[@edmondcofie]

@@AlphaGeekgirl the ramifications are already quite dire, so what's your idea?

[@joeasuncion2891]

I agree (that the plan is half baked), but you can't argue both ways. It would generate 50 billion a year (which is nothing), but why would the millionaires and billionaires then proceed to lose money by mass selling their shares? You can't argue that the money is nothing but it's also enough to make those billionaires sell billions upon billions of shares and crash the stock market which further affects them. It is one step in the right direction and I believe that should mean something. If you've got a rebuttal for my point then I'd love to hear it, I'm tired of the strawman arguments that people make on YT videos to try and push their agenda.

[@SuperPerfectMan]

500 billion can’t even found America for a week. It’s a political tax simply

[@SuperPerfectMan]

500 billion can’t even found America for a week. It’s a political tax simply

[@brendencassanova]

Wasn’t mentioned here and it’s hardly ever mentioned but one somewhat of a solution is to fix the death & estate tax and get rid of the step-up basis.

[@akapbhan]

I mean taxing on 401k for unrealized gains will raise huge sums of money.

[@zybon777]

This will trickle down to regular people soon.

[@EvansKeita-we2yv]

Yep

[@frankbijma2748]

In the Netherlands, we have 3 kinds of taxes for income. 1. is labor income (which is mandatory even if you are a company owner (management fee)), 2 is a shareholder tax for majority shareholders of a company (>25%). And 3 is a wealth tax (Which taxes a fictive percentage of your gained wealth). On the last one, the Dutch court ruled that the taxation of a fictive percentage is illegal, and the Dutch IRS needs to calculate the real percentage, which is an impossible assignment to do for everyone. So even if this tax plan of Harris would see the light of day, it would be hard to hold it op in court. Because what are you going to tax? Air? A number? Unrealized gain is still a fictive number. If the stock market crashed like it did in 2008, is the government paying the taxed amount of the unrealized gain back? The best solution to millionaires, billionaires etc. to pay their fair share of taxes is to demand by law to have a normal labor income stream of a certain amount. Which is realized and real to be taxed with. But is would also hurt wealthy democratic voters.

[@shroomkingdom8152]

Well said!

[@alons2431]

You don't have to be a billionaire simp to understand how absolutely stupid this tax proposal is

[@krisshnapeswanipeswani3190]

Uhm it is not stupid. This is Clinton's strategy that worked

[@omergeva6141]

Crazy how dumb they think we are

[@minerbob4334]

@@omergeva6141 Crazy how you think you're smart 🤣🤣

[@Voxet1]

Found the bot

[@somebody2619]

You just have to be economically illiterate to think this tax proposal is stupid.

[@realeestatereaction]

Taxing unrealized capital is economic suicide, thank god she has no way to actually pull this off

[@acmelka]

Hey if they tax billionaires, we could be next! Wait we already pay taxes.

[@benjaminlehman3221]

Unrealized gains tax is immoral in my opinion. It’s why property taxes ares stupid to me.

[@aspiringcaptain]

So is the overseas territory tax. Imagine paying a tax on land that is not even in the US or in any of its territories… never made sense to me.

[@situzifeng]

unrealized gains tax is completely stupid given how volatile certain stocks are and how certain assets are almost impossible to pinpoint on it's real value. just close the buy borrow die strategy by making all your assets realize the capital gains upon death. people pay their taxes on these realized gains upon their death before their heirs gets their inheritance.

[@krisshnapeswanipeswani3190]

Uhm it is their cus billionares take loans on stocks as collateral and therefore dont pay taxes. This closes that loophole. Balances the budget and leaveas enough extra money to expand healthcare and education

[@daveb2280]

@@krisshnapeswanipeswani3190 The money collected from billionaires (some $502 billion) won't even cover 1% of the interest on the national debt let alone balance the budge. You must be another low-educated Harris voter. Delusional. Absolutely delusional.

[@daveb2280]

@@j887276 Because smart people know once Harris runs out of money from the rich-elite then she is coming after the upper, middle and lower classes next!

[@Dear_Mr._Isaiah_Deringer]

Frankly that would be unconstitutional. It's not obvious with a diversified stock portfolio, but you wouldn't force someone to sell their parents art collection. But even more important if say a majority stakeholder dies, say Elon Musk and everybody would know that all of his stocks will flood the market and given some shenanigans a group of investors may prevent the heir apparent to gain control of the company as it would have happened if the stock would have just passed on.

[@CJBroonie]

@@Dear_Mr._Isaiah_Deringerseriously, exactly how is it unconstitutional? What clause is being violated when congress is explicitly given the right to raise taxes?

[@adic8993]

And what happens when those assets go down in value? Tax credit?

[@jerrymcmullan4347]

6:24

[@minerbob4334]

You also lose equity and power over your own company lol

[@KBergs]

Watched the video?

[@xiphoid2011]

​@jerrymcmullan4347 yeah, so tax refund when market goes down? That's where her plan is not realistic. Just ban borrowing against unrealized gain.

[@KBergs]

@@xiphoid2011 That's almost impossible to regulate. It would be easier to tax the spending from that loaned money. The US really needs a VAT.

[@TripleAAA787]

No wonder why Musk is simping for Trump hard.

[@idea1istic]

which is crazy, he'd still be indefinitely loaded beyond belief even if these taxes are implemented.

[@JingJao]

@@idea1istic What do you think those billionares are gonna do? THEYRE GONNA LEAVE AMERICA. They're gonna all move to Mexico and China. ALL our jobs will be gone.

[@Elena-er7zp]

Duh

[@xandercruz900]

And what is Mark Cuban doing?

[@rngnakka9850]

Pretty much every single ultra wealthy americsn who does business in america would be against this policy. Rather than biillionaires though this would affect working class americans even more

[@JC-PSC]

An inheritance tax seems like a much simpler idea to implement. Taxing unrealized gains seems to be logistically tricker, especially if the IRS may have to refund the taxes if the unrealized gains drop down to losses when the market shifts. With an inheritance tax, it’s just done once in the person’s life. It’ll probably gain more conservative buy-in since many see inheritance as unearned.

[@nameisamine]

I feel like there are all sorts of loopholes to evade inheritance taxes as well.

[@John-tx5or]

What U Really Need to Address is The RICH Ppl Who Think When A Homeless Person EATS it Detracts From THEM..

[@IsaiahsAnythingShow]

Real

[@RichardAmesMusic]

Taxing unrealized gains is like jailing someone because he might commit a crime. It's a decision based on speculation and assumptions that often prove to be incorrect.

[@robbrown4621]

Wrong. I have been able to borrow a small fortune on my unrealized gains from banks over the years. That money that I borrowed I used to buy dozens of pieces of realty. So the current system has allowed me and my family to become very wealthy. It doesn't take a rocket scientist to understand that the stock market will return an average 10% per year and realty is almost as good. This is not speculation. This is fact. I double my worth every four to five years. And I have done it all on unrealized gains.

[@sohu86x]

​@@robbrown4621I think you're speaking to someone who doesn't know or have unrealized gains. 😂

[@Cherry-pu4mx]

It's even worse than tht. It's jailing someone for investing in a company tht used the financing to grow tbe company and create jobs. You are jailing someone for doing good to the economy before they even get to see the return on the good they did

[@Cherry-pu4mx]

​@@robbrown4621The problem with this take and why you're a bad investor and likely lost most of your fabricated fortune is tht you think stocks and real estate only ever go up. Unfortunately, this is not true else we would all be rich off the stock market tht anybody can access. It also fails to understand tht when you take a loan out you have to pay it back and if the loan lead to a good investment then tht investment helped not only you obtain a high return but helped the company grow creating jobs, increasing gdp, increasing consumption, increasing innovation and competition. Why jail the working class because you have problems with someone tht made money off creating the jobs for the working class?

[@haomingli6175]

they could borrow money with unrealized gains. banks treat it as if it already has value. so can the government.

[@gerry3631]

You cannot reject a tax on unrealised gains & yet use those gains to borrow loans against them & build more wealth in the process You can't have it both ways.... You want to borrow against your net worth, sure, then allow a tax against it.... Simple

[@bibby3027]

middle class people do this with homes. there’s nothing wrong with taking out a loan and using something you own as collateral. people shouldn’t be taxed for that.

[@Cherry-pu4mx]

No thts nonsensical. Do you realise you pay the loan back? None of tht money is yours. Any gains it obtains by taking on tht risk and investing it somewhere is what is taxed and the tax code works as to incentivise investment becuase investment is why you have tht mobile device you typed this out on, have access to the internet, were able to watch this video and why you have a job tht pays better than most places around the world.

[@DakotaFord592]

Tax the wealthy like it's 1950!!!!

[@RichardKing-sx6xc]

Then they moved and you don't have future income. 😅😂🤣😆

[@DakotaFord592]

@RichardKing-sx6xc oh please. The rich always threatened to go away but they always stay

[@RichardKing-sx6xc]

@DakotaFord592 I literally moved a business to the caribbean because of taxes. California and New York are losing high tax paying esidents, also Noway. You can't tax your way to prosperity.

[@DakotaFord592]

@RichardKing-sx6xc ok and????

[@DakotaFord592]

@RichardKing-sx6xc you are literally only one of the few examples.

[@007SuperSoldier]

Taxing the rich is OK, but lets not pretend the government needs their dollars in order to spend. Dollars come from the government, not rich people. No, nothing you learn about bank lending, the treasury, the FED, or securities changes that fact.

[@Sir_Geoff]

The problem is the step up law that wipes out the capital gains liability on inheritance. Here in Aus, if you inherit assets, you also inherit the associated capital gains tax liability. This stops the loophole of borrowing against assets and having your beneficiaries pay off the loan when you die and pay no tax

[@kynan178]

Misleading video. Most people know that increase capital gains taxs will reduce investment in everything

[@anonymous87654]

Um... you don't chop down an apple tree to harvest the apples. City folk😂

[@abdu_jilani]

😂

[@llaftsewyelrebmik5103]

Great idea, let's make the system even more complicated! No one will figure out a way to work around this one.

[@karenkoe7096]

Why would we, the folks who don't make that much, even need to work around this?

[@clint3868]

Adding alternative minimum taxes makes it harder to work around paying no taxes. It’s worked with corporate AMTs

[@doomtomb3]

Borrowing against valuations (unrealized gains) is REALIZING IT

[@Nonsense116]

Nope, "realizing" is a technical term. It means the gains or losses that happen at the point of sale. When you borrow against an asset you aren't selling it. You are basically giving the bank the permission to seize the asset should you fail to abide by the terms of the loan. Since there's no sale happening, there isn't a "realizing". Same reason why taking out a HELOC doesn't create a realized gains tax. You didn't sell your home, you didn't have any new income generated. So why should you face the tax?

[@erikstarling7390]

Capital gains tax will hurt retirement accounts and retail investors more than billionaires. Also, if unrealized gains are taxed, then we need to stop taxing realized gains, otherwise the government is double dipping and there will be NO incentive for anyone to put their money in the market. Why would I fund a new business if there's no reward? I could just put all my assets into gold and bury it in the yard (maybe not a bad idea right now?) To those who say "they're not doing anything to deserve that money" etc, these accounts are funding the growth of business by investing. It's this giant behemoth of money pushed into new and expanding businesses that allows more resources, more jobs, more opportunities. The big players will always be able to cut through red tape, it's the little folks that suffer. If we want consumer power, there should be more standardized costs for labor.

[@BubbaHead1]

IF I CAN BORROW AND PROFIT, INVEST, OR PURCHASE AGAINST AN UNREALIZED AMOUNT, THEN I SHOULD BE TAXED. CRYING ABOUT PAYING TAXES MAKES YOU A PATHETIC TRAITOR. IF YOU LIVE IN AMERICA, YOU'RE USING THOSE TAX DOLLARS EVERYDAY. SO YOU SHOULD PAY, JUST LIKE ME.

[@MildlySpiffyParrot]

But they won’t be paying just like you. They’ll be paying on money they don’t have. It’s like if your boss says you’ll get a promotion but the paperwork isn’t done yet and the IRS comes to tax you on your promotion’s salary not your actual salary.

[@CompoundingTime]

What homes? Multimillion dollar homes and those 50+ million dollar apartments in NYC that no one lives in.

[@twittertwice]

Millionaire billionaires, You’re gonna have to pay your taxes to the country in which you have gained all your wealth. You poor babies!

[@Twist_UAP]

Unrealized gains tax would crash the economy and the stock market.

[@Brianuwu622]

the top 1 percent pay 50 percent of all taxes while dems are sending billions to ukraine

[@damianvalencia7356]

Work like you’re broke

[@hop3studio511]

They simply leave, and then the unrealized tax will come to you the poor

[@tylerhorn3712]

I like how tax policy expands to "normal" people. Income tax in the USA was originally for the rich, but expanded to everyone. We need to fix the economy, so we need to take more money from everyone. If we start with the rich, people will think its fair.

[@richardgrant418]

Hence … Elon Musk spending millions getting Trump in.

[@hotdad2631]

yep those money could be going to tax soon 🤣

[@daveb2280]

Hence...Mark Cuban and George Soros spending millions getting Harris in.

[@Brianuwu622]

while dems are sending billions to Ukraine

[@itzlion6529]

How about mark cuban?

[@Brianuwu622]

@@itzlion6529 and beyonce 😂

[@fhd89234n8f43n7]

Why does the government need an extra $50 billion per year? What is it going to use that money for? The government already wasted so much money, while billionaires don’t exactly stuff this money into their mattresses. They provide investments to new companies, hire workers, start businesses, etc. I question the value of giving an extra $50 billion to the government…

[@johnapple3471]

They already pay the highest taxes of all, the problem with her is that she has NO other plans that would generate even MORE revenue. That's all she is. Put the blame on the people who are CREATING the jobs.

[@TH-lu9du]

So basically fix the inheritance tax for the ultra-wealthy.

[@jessetorres8738]

I will never get tired of writing this: I once saw this image that said that if someone lived for 80 years and earned an average of $5,000.00 every day of their life, they still wouldn't be a billionaire, but rather have about $150,000,000.00. At the bottom of the image was a line that said that no one works to become a billionaire. So yeah, we should be taxing multi millionaire and billionaire individuals and corporations in this country more then we currently are!

[@omghowcuteify]

Thank you!

[@Montoursz]

Why don't you start paying more tax yourself?

[@whatisahandle221]

👍

[@whatisahandle221]

Tom Cook of Apple has been given over $80M per year in compensation for the last 2 years. IF he “worked” a 6 day work week 50 weeks out of the year, that would be over $260,000 per day. With 160,000 Apple employees, Tim Cook is taking $500 per employee. If you and each of your friends & family would like to each send me a $500 check annually, I’ll gladly donate 50% of those checks to the federal treasury to pay towards the debt (helping all citizens and our descendants.)

[@patriot9487]

@@Montoursz subhumans like you are part of the problem.

[@AndyDoodle]

Just create legislation for a ultra wealthy death tax. Once assets of 100 million or more are distributed to the heirs of said deceased person that should constitute a "taxable transaction" where those assets unrealized gains become realized and taxed. Also create a stock compensation tax for wealthy earners. Say stock compensation of 2.5 million or more in a single year has an income tax of 20%. You could also add a payroll tax on the company side. Unrealized gains is just to hard to use as a metric.

[@djp1234]

This is what we used to have back when America was great.

[@thedriver4038]

Every homeowner will be taxed so heavily, they will be forced to sell their homes.

[@MisterJerry34]

Top 1% pays 42% of the total federal income tax

[@Winner5zero4]

You don’t really believe that, right?

[@corgg2]

Let's look at the top 0.1%. The top 0.1% have an extremely outsized amount of the wealth in the US. They own more than the bottom 50% of America by a factor of 5! Taxing their unrealized gains and property is not going to substantially harm them. Top 0.1% wealth: 20.87 Trillion Bottom 50%: 3.82 Trillion This has increased from 1990 where the difference in wealth was a factor of under 3 compared to the bottom 50%. (1.8 Trillion vs. 0.73 Trillion)

[@holycrapchris]

@@Winner5zero4 Is there a reason to distrust the data provided by the agency that collects income tax? With the highly progressive individual income tax system the US has, this is the expected outcome. This has been consistent for the past 30 years or so, across several different administrations with many tax tweaks along the way. You can easily find the number by searching for the terms: individual income tax returns by agi percentile.

[@jonahstaples6210]

They also own 30.9% of wealth in the United States. They should be paying more

[@jonahstaples6210]

AND the bottom 50 percent own 2 percent of the wealth the disparity is insane

[@hattorihanzo8707]

If it's not possible, I'd settle for a 50% tax on just Elon and bezos

[@wwxyz7570]

What about property tax, real estate is unrealized as well but we have to pay tax based on assessed value? Isn’t that unfair?

[@angelaguilera600]

Yes

[@johnsamuel1999]

Those are taxes for local municipal services which directly influence your property values. For example a place without a fire service would tank the homes value

[@wwxyz7570]

@@johnsamuel1999 But many places don’t have high property taxes, they can still provide ample public services and housing price is high, e.g. California

[@TheRealDionysos]

funny thing is in germany they had a tax on unrealised gains. The highest court canceled it because it was not fair compared to house owners. You could put your money in a house and would not need to pay the tax, but it is also an investment just like stock. It was considered unfair so it never got back.

[@temotskipuri3151]

It is. It makes it so you perpetually pay rent to the government on your property and thus makes it so you don't really own your property.

[@Reza1984_]

Easy, don't tax unrealised gain, but make it illegal to trade unrealized gains for anything other than money. This would prevent the exchange of stock for houses, cars, other assets, or stocks.

[@WillieFungo]

The democrats don't actually want to solve the problem. They just want to look like they are by proposing outlandish policies that they know will never pass.

[@doug774]

Everyone is struggling and ultra rich are not paying their fair share of taxes

[@Sir99156]

Exactly how much is fair??? 10,25,35 ,45 or 55 percent???

[@Censortubes]

Something a child posts.

[@benjiboy9907]

@@Sir99156 8.23 certainly doesn’t seem fair to me. The people with the most money should be the ones paying the highest tax rates. They can afford it.

[@Sir99156]

@benjiboy9907 Ok first, you still haven't answered the question. I have noted it to be a common occurrence amongst the tax the rich fanatics. it's always "their fair share" and never a specific percentage or figure. Secondly, Elon Musk like almost every other Billionaire, individually pays more Tax than any other individual and brings in more business and investors than almost every other individual to the U.S. You could argue that the business they bring in and the jobs they create are more than enough to compensate for that, couldn't you?

[@corgg2]

@@Sir99156 Elon Musk and the top 0.1% of wealth is 5 times greater than the bottom half of the US in wealth. We do expect he pay more if they are that much of the wealth and they can borrow against that wealth tax free.

[@jeffinjohnson17]

Unrealised gains tax is when you pay on your asset that grew but you haven’t still made any money on. It’s ridiculous if you don’t want a loan.

[@RichD2024]

I'm not against higher taxes as long as those taxes go to help the American people, not to wage more illegal wars and to gift billions to the likes of Israel.

[@ninjanerdstudent6937]

The billionaires are just complaining about peanuts. They can afford to pay so much more.

[@CJay-pn9hy]

I’m still voting for TRUMP !!! MAGA

[@Erc294]

Ok, sheep. Remember to get your Elon paycheck for voting Trump.

[@sethgerwitz]

@@Erc294elons literally just paying people to register to vote. Not about dem or rep

[@MyCatChloe]

Sheep

[@kevinthomson5965]

Paying people to register is illegal under federal law, Seth.

[@sethgerwitz]

@@kevinthomson5965 I don’t study law. I have no idea if it’s legal or not

[@Deksingburi]

If we have an unrealized capital gains tax, more people may leave the country or go underground by holding assets like watches, paintings, luxury bags, and gold bars instead.

[@Censortubes]

Remember when they said no taxes? Yet her entire plan is based off taxing and spending?

[@I_lovesushi738]

Kinda how a government generates revenue and spends on services 🤪

[@bjc8248]

She said no taxing under $400K. That's what she has said from the beginning.

[@I_lovesushi738]

Well done for learning basic economics & civics 👍

[@Censortubes]

^ when the govbots post and don’t get it

[@SentenceIsNot]

So, I have a house and it raised in value. Tax man comes and ask me to pay Taxes. Ridiculous 😂

[@user-lh8zz6st5r]

The house is 100 m’s?

[@user-lh8zz6st5r]

You already do with property taxes in your mortgage

[@franciscob.2547]

Income tax started at only 3% for the wealthy and now we all have to pay. Taxing unrealized gains NOW is only targeted to the wealthy however..... history doesn't repeat but it rhymes

[@KBergs]

Income taxes are only paid by the top half of incomes and they support far more infrastructure and public services than we used to have as an agrarian culture. Times change. Not to mention that dems are the only ones looking to lower the tax burden for working people.

[@patron7906]

HARRIS WALZ! HARRIS WALZ!!!! HARRIS!!! WALZ!!!! America must have Harris and Walz!

[@jeffmcallister7040]

The best way to to it would be to take the cap off of social security taxes.

[@darinherrick9224]

it's a great start.

[@laneralph8154]

As of September 17, 2024, there were 801 billionaires in the United States, with a combined wealth of $6.22 trillion. This is a decrease of 11 billionaires from April, but the total wealth of the billionaires has increased by $500 billion over the previous five months. According to Americans for Tax Fairness, the billionaires in the United States control 3.8% of the nation's wealth, while the bottom half of American families control only 2.5%. The United States has around 22 million millionaires, or roughly one in every 15 Americans. This is a slight decrease from 2022, but the U.S. still has the largest number of millionaires in the world, accounting for 38% of the global total. Here are some other statistics about millionaires in the U.S.: The top 5% of Americans have a net worth of over $1 million, while the top 2% have a net worth of around $2.4 million. The median American household is worth $192,700. The U.S. population of millionaires has grown 35% in the past five years, which is nearly double the rate of China's growth. The age breakdown of millionaires is 2.4% under 35, 9.8% 35 to 44, 15.7% 75 and older, 18.7% 45 to 54, 25.4% 65 to 74, and 27.9% 55 to 64. The racial breakdown of millionaires is 85.6% White non-Hispanic, 7.7% Asian, 2.9% Hispanic, 2.6% Black / African American, and 1.3% Other. The educational breakdown of millionaires is 75.0% College degree, 14.7% Some college, 9.5% High school diploma or GED, and 0.8% No high school diploma/GED. americansfortaxfairness.org/?doing_wp_cron=1730532102.0332350730895996093750

[@TheDarkrebel131]

That’s why billionaires are fighting tooth and nail and they got poor Americas to vote for billionaires like you know if they worked for trump they would hate it😭

[@MyVlogTubes]

Its rare that most rich elites are supporting her 😂😂😂

[@jrgq]

Inequality is not a big problem, someone will always be more successful. The government need to give poor people opportunities and responsibilities, from that point they should be able to have a life, maybe not a rich life, but a lot of rich people created businesses that didn’t even exist before, so they worked for their money. The billionaires mentioned in the video provide services all across the globe.

[@boogus1670]

There’s no point in defending people who are making more money than any human needs, don’t be a boot licker

[@YxYzYx]

“Could” 😂 she hasn’t and she won’t

[@krisshnapeswanipeswani3190]

Uhm she cant. She is vp . Pay attention in civics . She has litterly no nob but to break ties

[@YxYzYx]

@ Your excuses are adorable. You sound like a Harris primary voter! Oh wait 😂

[@Censortubes]

@@krisshnapeswanipeswani3190she’s been the tie breaking vote each time that sent us into this issue govbot.

[@krisshnapeswanipeswani3190]

@@Censortubes uh ad what was that?. ifrasturee rebulidng and capping the price of medicines that saved tens of thousands of lives

[@Censortubes]

@@krisshnapeswanipeswani3190 thanks for admitting I’m right short bus govbot.

[@icmull]

Its more like you buy a little apple tree. It grows and drops apples you pay tax on the apples. But the tree could randomly die and it would be worth nothing. But if sold you pay tax. Drinking the juice from the apple was stupid af. It is just borrowing using the tree as collateral you still pay interest on the loan.

[@Kalinga_3]

How about a Capital loss refund ?😂

[@Samirustem]

She is talking as if she is not in their pocket

[@edemehtawardhana5962]

"You'll own nothing and you'll be happy" - Ida Auken, 2016

[@person35790]

😂 this will affect .05% of the population. A billionaire losing a million dollars will make no tangible impact to their quality of life

[@darinherrick9224]

Quoting this makes you look like an idiot.

[@NoNameToYou]

You already own nothing and won’t no matter who gets elected.

[@nobullfake1169]

So disgusting I’m against bs tax

[@munyumbamutwale2985]

I am a capitalist who hates government but logically what I would like to ask is if you can tax people on the value of their home (which is their balance sheet equity and also captures unrealised capital gains) through property taxes then why can you tax people's equity portfolios and paper assets. If you are logically allowed to tax someone on the unrealised value of someone's home then why cant you tax the value of their stocks, bonds, mutual funds and others (NON-PENSION RELATED). Why are houses taxed but paper portfolios which are easier to partially liquidate not taxed?

[@whatisahandle221]

It does make sense that property requires local physical resources: roads, fire, police, and basic city services. A home suggests the need for additional services like education, elderly, public health, etc. The real leverage is that capital can be leveraged with other capital to purchase more capital … and THEN, with ownership of rentals, corporations, property, manufacturing businesses, etc, owners, stockholders, board members, and executives can gift themselves ever increasing rent, dividends, stock buybacks, stock options, bonuses, and (just for show) some “income” while others do all the work. Corporate revenue, stock options, stock buybacks, dividends, golden parachutes, rent, and all the more elaborate schemes for siphoning wealth (Eg Healthcare private equity robber barons 🤑, financial instruments, Trump-like pretend company games) should all be either taxed and not allowed to be written off or hidden from taxes. Oh, and near zero inheritance tax is a boondoggle, too-and also detrimental to equality in our country’s future.

[@kvlsh]

I would say instead of tax on unrealised gains you should tax those loans on those gains.

[@krisshnapeswanipeswani3190]

This could balance the budget like clinton did

[@xandercruz900]

You mean with GOP majorities in both Houses of congress?

[@sathivv950]

@@xandercruz900 Deficits have gone up much faster under Republican administrations since Reagan. This is an easily looked up fact. The deficit and debt soared during Trump's presidency when republicans controlled all 3 branches of government. Trump left us with the highest unemployment since the great depression. Tell me, if Republican politics are so great why are the blue states the ones with all the majority of countries wealth? Where is the economic miracle of Kentucky or West Virginia?

[@p.h.2673]

then what happens to unrealized loss?

[@jamsbong]

Musk has a great proposal. Reduce government spending. Then you don’t need to tax people as much.

[@whatisahandle221]

Except for large federal contracts for billionaires’ corporations: got to keep the GDP high by subsidizing capitalism.

[@jamsbong]

@ subsidies and freebies to generate business and use it to prop up the country’s GDP numbers are fake economy. That’s one of the ways to ruin the value of a FIAT currency.

[@MrRhomas913]

So why not just tax a percentage of loans they obtain when using their assets as collateral?

[@davidkelvin5856]

All I could see this doing is affecting the market negatively. Taxing unrealized gains would mean those billionaires will be selling their company holdings to pay taxes, which would cause the stock to go down, which affects everyday shareholders. This sounds like a tax that doesn’t solve anything.

[@samuraijack1371]

And you know this cause you are an expert or you read this on zfox news. It’s crazy how the right has convinced avg Joe that it’s better for everyone to have billionaires pay no taxes

[@NPAMike]

how about a scenario where a billionaire has a made 5 billion and paid 1 billion in capital gain taxes, in some unforeseen scenario the company tanks like many of these high value EV stocks that then eventually tank, now the stock is worth 0 but now the IRS owes him a billion dollars. How can you even have a federal budget with that kind of fluctuation.

[@icmull]

That guy sucks at explaining cap gains. Got it wrong...

[@AtlanticEast305]

Surprising that she still wants to go through with this, considering her wealthy donors such as Soros, the Obama's, and Oprah would be effected

[@Marcmoody1990]

They are millionaire, not billionaire.

[@colliderule]

Bill gates donated 50 million to her campaign. The reason why billionaires support this tax is because it doesn't work, go look at France. It's just a distraction.

[@MarkZuuka]

@@Marcmoody1990no soros networth is 7 billion and oprah's is 3 billion

[@Marcmoody1990]

@MarkZuuka not every billionaire like the ones you mention are upset with paying more in taxes. Many good billionaires are in philanthropy and job growth.

[@techcafe0]

yeah so, and those billionaires you just mentioned are not opposed to paying higher taxes. Obama, by the way is not a billionaire; the Obama's latest estimated net worth is around 70 million.

[@MrVTeta]

They should be allowed to give payment in kind for shares. Up to taxpayer, pay in cash, or transfer ownership of shares of equivalent value. That way the share price would not come crashing down. This way the government would turn into a minority share holder just like so many sovereign funds such as Norway and Singapore. Just limit how much the government can own per company, majority government owned companies tend to become very inefficient.

[@JhosueRey]

Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..

[@JhosueRey]

Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

[@JocsanAgath]

Same here waking up every 14th of each month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera

[@AthensPatao]

Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Evelyn Vera.

[@Omen-id6xg]

I do know Ms. Evelyn Vera, I also have even become successful....

[@EzechuHeadd]

After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.

[@cr082080]

People working at Mcdonalds pay more than nurses when you adjust for income.

[@digitalplayland]

Only greed is infinite. Any tax should be maximum 10 per cent.

[@Erosis]

Absolutely not. No society could function with that.

[@Censortubes]

We shouldn’t be paying taxes short bus.

[@sylvianblade75]

Why dont we simply tax the land on which the Apple tree is planted instead? Its literally not impossible to tax land.

[@DrFarris]

This tax would kill small business growth completely. Because no startup founder who owns shares in their small business would want to grow or hit unicorn status because that capital gains would be taxed even though they will never realize the asset. The tax is based on paper money, not cash. If you are taxed on paper money, then the return would be based on paper money. This would hurt the treasury, not help. Because every billionaire would figure out how to record a loss and get a return

[@palmerthompson9571]

I can’t imagine how delusional you have to be to think that people won’t want to be successful because taxes will be slightly more for people with more than 100 million dollars.

[@DrFarris]

@ did you even listen to the video? It’s not dollars, they are not talking about cash. Did you not comprehend that at all? They are talking about valuation. Valuation is what unrealized capital gains are, they are a capital growth difference that has yet to be realized. Meaning there is no actual value to the capital gain if the valuation goes down. That means a start up company on its third raise that gets a valuation of a 1 billion, these are called unicorns, the owners of those shares would have to pay taxes on the growth in valuation. Even though they may never receive any cash at all from the valuation growth. That’s capital gains!!! It’s a phantom tax. Please learn what you are talking about before you comment and make yourself look dumb. The guy literally said the tax would be juicing the apple before it even grows to maturity to harvest.

[@AY-uf4oz]

Long overdue. As Warren Buffett said we coddle our billionaires in the U.S.

[@larryhenry2070]

Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️

[@parkereric6397]

I'm 37 and have been looking for ways to be successful, please how??

[@larryhenry2070]

Sure, the investment-advisor that guides me is..

[@larryhenry2070]

Mrs Kathy lien

[@CharlesDLuckey]

Same, I met Kathy lien last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Kathy lien

[@henrymartin9168]

Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!

[@brajeshsingh2391]

The tax has to be on NAV, net asset value. That would remove complications. Of course taxing illiquid assets would be a challenge. Like paintings, vintage cars, memorabilia, antiques and of course jewelry and ornament. I really do not see much impact on liquid assets like securities and bonds. As US capital markets are really efficient. But when you say top 0.1% what do you mean ? It would be really challenge to identify the top 0.1%. Identifying people like Elon Musk and Mr. Jeff Bezos or the large tech magnates is easy. But when you get down the ladder it could be challenging. Let us see how this unfolds.

[@hivelx]

She won't be able to tax the rich. Because she won't be President 😂

[@DonRua]

I’m an outsider to American politics, but here’s my perspective: Trump has always been outspoken, often unwilling to compromise. His goal has consistently appeared to be improving the U.S. economy. Even in the 1980s, he criticized trade practices, particularly Japan’s economic gains at the expense of the U.S., telling Larry King, 'This has to stop. We can’t keep running a trade deficit.' His message has remained similar over the years: America needs a stronger position in global trade. Trump has substance in his arguments, though his approach can be abrasive, often using shock value to make his point. Yet, his intent has never seemed malicious. On the other hand, Democrats have demonstrated a strong organizational machine, able to navigate and leverage the political system effectively. This includes rallying around candidates, even those who might not seem ideal, with a unified strategy. Republicans, after having four years to address concerns about election fraud, still find themselves facing similar questions. From an outsider’s view, it seems they may miss an opportunity again, as Democrats are relentless in managing the fine details that push initiatives forward. The “Make America Great Again” concept is powerful, but Republicans often focus on broad strokes and can overlook the importance of detailed follow-through. Democrats’ meticulous attention to every step in the process is one of the reasons they maintain an edge in these battles. Going forward, Republicans may benefit from focusing on these details to turn their big-picture ideas into lasting policies. The world would love to see Trump win. But … Democrats is just more superior in manufacturing something out of NOTHING. This is not a fair fight.

[@Truth_not_deception1]

If you like paying higher taxes, vote for Harris… If you like paying lower taxes, vote for Trump…

[@StevenS.-up2pp]

Yup, TRUMP 2024

[@chasemartin4450]

Who do I vote for to pay higher taxes in exchange for better social services and public infrastructure (such as world-class public transportation systems and universal healthcare)?

[@philliphartman2381]

an unrealized capital gains tax is a nightmare to implement and enforce. Even the current capital gains tax is a big mess with so many ways to cheat it. The fairest and easiest taxes are head taxes, property taxes (by area not value), and tolls/tariffs. Sales taxes and income taxes are bad taxes because they discourage good behavior (working and consuming) and they have to be enforced by a third party (employers and retailers).

[@sethgerwitz]

I am a democrat but her stance on unrealized gains is what made vote for trump this election. I can’t stand that guy one bit but this policy will destroy the stock market/all retirement accounts

[@kevinthomson5965]

Do you have 100 million dollars? If not this doesn’t touch you. Instead you voted for the guy who intends to cut social security, so have fun realizing your mistake in the future.

[@sethgerwitz]

@ no but it pulls money out of the stock market

[@fajarcahyono3693]

​@@kevinthomson5965it only affect directly for above 100 mil guys, but the indirect effecy will be hit hard the middle class and lower income people because of trickle down effect of rich people pulling out their assets out of the stock, bond market and economy to move overseas. You must see it from multiple perspective to avoid ignorance in a serious issues like this

[@migueljauregui242]

@@kevinthomson5965Not voting this election but you do realize that the economy is interconnected. If you think taxing unrealized capital gains for billionaires won’t affect anyone in the broader economy then you’re very mistaken. Also social security should be scrapped or at least severely restricted. It’s gonna collapse on its own if left unchecked and it’ll be my generation that spend its hard earn money not receiving any. I’d rather pay no social security tax and not receive any benefits then pay for the richest generation in human history just to still not receive anything back

[@fajarcahyono3693]

​​@@kevinthomson5965sometimes ignorance is disastrous. And I don't care what happen to those rich above $100 million guys if the effect is felt by those guys only. But not! The effect will be disastrous for the job market (which is the working class people) and business confidence (including under $1 million dollar small business)

[@benjaminlehman3221]

6:47 the fact you have to pay refunds when the value goes down it makes no sense. WAY to complicated to implement in my opinion

[@roxstix]

What about Unrealized Loss? Can we take a deduction if our stocks are in the red?

[@xRiddleMeThisYouTube]

It would cost at least $250bn/year in order to pay into her small business loan proposal. But that just means with millions of new small businesses around the country, the number of billionaires in the country goes down, therefore there is no one to tax to pay for the small business loans in the future.

[@MildlySpiffyParrot]

The number of billionaires won’t go down

[@boogus1670]

You’re looking at it skewed, with more small businesses the possibilities of the businesses growing or expanding will balance everything out. Not everything should be placed on the shoulders of a few super billionaires

[@MildlySpiffyParrot]

@@boogus1670 no… this follows from actual thinking about the market inefficiencies this will make. Most normal people have pension plans and their money is invested in the market. If the market isn’t operating efficiently they lose money. To someone in the middle class 10% lost is the determining factor between being able to retire when they planned on retiring or 5 years later. Think

[@everetth07]

How can literally anyone be against this

[@Nonsense116]

Because taxes require money. Say you buy a piece of land and ignore property/land tax for a moment. You buy the land as an investment for let's say $10,000. You get really lucky and a couple of years later it jumps to $25,000. Current tax law says you don't pay taxes on it until you sell it. Once you sell it, you have the cash in hand to pay the taxes on the gain ($15k). You've "realized" the gain so now it's time to pay uncle sam. The new concept means, say you aren't selling the land. You want to keep it. But if you did sell it you could possibly make 25k. You haven't sold it but uncle sam wants to get paid for that 15k increase in value. So where do you get the money to pay the taxes??? Hopefully you have that extra money lying around somewhere. Maybe you'll have to be forced to sell the land, even though you don't want to, but you need to realize the gain just to cover the tax for the unrealized gains. Which is what some economists speculate, that the new law will encourage selloff. So that's why so many people (including myself) are against it. The only way to pay a tax is with cash. Therefore the only time a tax bill should ever arrive is when there is a cash transaction happening.

[@everetth07]

BIGGG difference between getting $15k taxed unrealized (which is not what Kamala is proposing) and getting the billions of dollars of stock that billionaires own taxed (which IS what Kamala is proposing). I think that billionaires can spare some cash for those taxes, and if they sell, they sell.

[@HuguesJunior1]

Taxing unrealized gains is completely unfeasible. How is unrealized gain calculated? Who would be doing the calculation? What about if gains became losses, when will the IRS refund the taxes? What about if when the IRS is sending the refund cheque, the gains became positive again? What if campaign donors gets taxed? What would happen then?

[@jakelamotta7904]

Oh brother just seeing them talking about that topic just shows how stupid society actually has become

[@congdinh140]

this is good for the common workers, i really don't understand why people are going against taxing capital gains.

[@hpham5589]

Inheritance on the top .01% or 1% should be taxed heavily for sure