Funny Political Picture Thread

[rogue06]

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If it passes get ready for the left to start talking about a whole bunch of "unintended consequences"

[rogue06]

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[rogue06]

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[Sparko]

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If it passes get ready for the left to start talking about a whole bunch of "unintended consequences"

Taxing unrealized gains would mean taxing stocks before you sold them. So if you invested $1M in Apple and it grows to $3M, it would just be on "paper" - You don't actually have $3M until you sell it. It could also go down later. So Biden wants to tax them on money that is not even "real" yet. Yeah that would destroy the economy. It's only income if you sell the stock. You could even find yourself in a situation where you owe more on unrealized gains than you actual have liquid to pay the tax! If you owe taxes on $1B in unrealized gains (at the top rate of 37%) you could owe $370 Million! And if you don't have that laying around in cash, you would actually have to sell the stock just to pay the taxes. And do it again next year. It would basically mean your stocks would have to consistently earn more than 37% a year in order to even make a profit. Most stocks don't make nearly that much. Anything less and you lose money. No investments means businesses will fail. No businesses means no products, or jobs for non billionaires.

[rogue06]

Taxing unrealized gains would mean taxing stocks before you sold them. So if you invested $1M in Apple and it grows to $3M, it would just be on "paper" - You don't actually have $3M until you sell it. It could also go down later. So Biden wants to tax them on money that is not even "real" yet. Yeah that would destroy the economy. It's only income if you sell the stock. You could even find yourself in a situation where you owe more on unrealized gains than you actual have liquid to pay the tax! If you owe taxes on $1B in unrealized gains (at the top rate of 37%) you could owe $370 Million! And if you don't have that laying around in cash, you would actually have to sell the stock just to pay the taxes. And do it again next year. It would basically mean your stocks would have to consistently earn more than 37% a year in order to even make a profit. Most stocks don't make nearly that much. Anything less and you lose money. No investments means businesses will fail. No businesses means no products, or jobs for non billionaires.

Those are just some of those "unintended consequences" that the left will be shocked over when they happened and insist that nobody could have predicted it.

[Sparko]

Those are just some of those "unintended consequences" that the left will be shocked over when they happened and insist that nobody could have predicted it.

I don't think they actually want it to pass. It is just virtue signalling, so they can claim, "see? we wanted to tax the rich but the Republicans wouldn't let us" -- They purposefully came up with taxes they knew nobody would pass. Heck if they did pass it they themselves would be in deep doo-doo. Can you imagine them having to pay unrealized capital gains on their own stocks and real estate? Every time their mansions go up in value they would end up having to pay taxes on it.

[Ronson]

"Unrealized gains" is what prompted the Prop 13 revolt in California, which then spread across the country. Retirees on fixed incomes were getting heavy tax increases based on the appreciation of their home values. Biden and his econo-flunkies never got that memo.

[rstrats]

Every time their mansions go up in value they would end up having to pay taxes on it.

That's the case now - every time our real estate assessments go up so do the taxes.

[rogue06]

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[rogue06]

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[rogue06]

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[rogue06]

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[rogue06]

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[rogue06]

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[rogue06]

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