Elon Musk attacks Biden’s unrealized
gains tax — as his wealth soars
New York Post,
by
Will Feuer
Original Article
Posted By: earlybird,
10/26/2021 2:10:20 PM
Tesla CEO Elon Musk slammed President Biden’s proposed tax on billionaires’ unrealized gains, which would target ultra-wealthy entrepreneurs like Musk and Amazon founder Jeff Bezos.
(snip)
Responding to a tweet that urged people to write to their political representatives in protest of the proposal, Musk said, “Exactly. Eventually, they run out of other people’s money and then they come for you.”
The proposal, which would likely apply to fewer than 1,000 of the nation’s wealthiest citizens, would tax unrealized gains on billionaires’ assets, like stocks and real estate. People’s ownership in stocks is currently only taxed when they decide to sell.
Reply 1 - Posted by:
Birddog 10/26/2021 2:24:44 PM (No. 958039)
Using this "Logic" everyone with a college degree should be immediately Taxed at the average rate for those EMPLOYED with the same degree, Masters and PHD holders working as Baristas and Uber drivers? Tough...you need to pay what "Normal" people pay...just to be "Fair"
Next question: How many of these "New Tax" victims donated to Biden and Democrats?
How many of their Companies are "registered" in Biden's Delaware to advantage the Tax Haven status there?.
8 people like this.
Reply 2 - Posted by:
sw penn 10/26/2021 2:26:29 PM (No. 958042)
So now they want to tax money you haven't made yet,
to pay for Gain of Function Research they wasted tax money on yesterday,
that's killing you today...
Are you never gonna learn?!
17 people like this.
Reply 3 - Posted by:
Cardsfan 10/26/2021 2:36:07 PM (No. 958046)
What happens when the market goes down the next year? Does the IRS issue a refund?
This will never fly, but Biden can say he tried to get the rich to pay their “fair share”, and when his wild spending drive up the deficit he’ll blame Congress
10 people like this.
Many of you have already pointed out one basic problem with this tax. Another is that it will cause the value of whatever is subject to this tax to go down in value because these people will have to sell some of their assets in order to pay the tax. This lost value will hurt the small investor more than it, or the tax, will hurt the people this tax is aimed at.
10 people like this.
Reply 5 - Posted by:
chance_232 10/26/2021 3:18:23 PM (No. 958080)
Oh no..... I absolutely will not be writing my republican reps to oppose this. If I do anything, it will be to encourage them to stand aside and let the democrats fight it out internally and or pass it.
I'm completely in favor of "this" tax plan. For one very simple reason. Almost without exception, the very people targeted by this plan endorsed, funded and promoted the very party that wants to gore them now. So don't come crying to the very people that warned you this would happen expecting them to fix it for you. Just so that you can go back to supporting, funding and endorsing them next election.
You worked for it, you funded it, you earned it, you deserve it. Enjoy the suck.
2 people like this.
Reply 6 - Posted by:
janjan 10/26/2021 3:19:16 PM (No. 958083)
Yet another wealth redistribution tactic dressed up as ‘taxing the rich’. Before the liberals get too giddy they may want to ask how this impacts their 401K’s and IRA’s.
5 people like this.
Reply 7 - Posted by:
Jesuslover54 10/26/2021 3:22:52 PM (No. 958092)
I thought it's only worth what you get for it, when, and if, you sell.
4 people like this.
Reply 8 - Posted by:
planetgeo 10/26/2021 4:10:36 PM (No. 958124)
This is absurd. "Unrealized gain" isn't income and doesn't become income or capital gains until one sells. Don't be fooled by their claim that it will only apply to about 1,000 billionaires. That's only when it STARTS. Just play this little scheme out to see where it is likely to lead. You know they will eventually keep ratcheting this down to even the middle class once they have the system in place.
For example, how would you like to pay taxes on your unrealized gains in your 401K plan every year? But don't stop there. How about paying taxes every year on the unrealized gain in the value/equity on your home? Pretty scary isn't it?
It's bad enough that they are raising the taxes on realized capital gains and pretty much everything else, but unrealized gains? Ridiculous. Confiscatory. Flat out communist.
7 people like this.
Reply 9 - Posted by:
Philipsonh 10/26/2021 4:15:28 PM (No. 958126)
If this idiotic proposal is ever passed into law, it will help destroy the stock market.
Every Nov-Dec stockholders with gains will sell because why pay taxes on gains thatmay become losses if they hold. They would have in effect paid taxes on stock 'losses' if they held over to the new year. The last two months of the year would be a blood bath for the stock market, actually causing those that held their shares to take a probable loss because the whole market would move down.
4 people like this.
Reply 10 - Posted by:
earlybird 10/26/2021 4:35:24 PM (No. 958134)
Ir’s pretty clear that some do not understand what “unrealized gains” are, although even the posted intro gives a pretty strong clue. No one who understands it should be for it. Imagine a home that you live in, appreciating every year. Imagine stocks in your account that are gaining in value. They wouldn’t be waiting for you to sell these assets (the normal basis for taxation).
4 people like this.
And he SHOULD attack it. I am no fan of Musk at all, but taxing phantom gains based upon a year end balance sheet is complete garbage. If Musk takes the profit, then you can tax the capitol gain.
Are you going to refund money to everyone that suffers a loss on the year-end balance sheet?
Janet Yellen, like all Keynesians, needs to be fed to the buzzards. They destroy economies wherever they go. Does anyone think, when this doesn't produce a fraction of what they say it will, they won't lower the threshold and go after our 401ks and IRAs?
6 people like this.
Reply 12 - Posted by:
vesparado1 10/26/2021 4:47:42 PM (No. 958141)
Naturally they can write off unrealized losses? And if the super rich can do that, why not the rest of us?
3 people like this.
Reply 13 - Posted by:
Schnapps 10/26/2021 5:22:56 PM (No. 958171)
Elon Musk has spoken out in favor of a universal basic income for everyone in the USA because "work will become a choice." This is how it's paid for, Elon.
3 people like this.
Reply 14 - Posted by:
JimBob 10/26/2021 6:05:13 PM (No. 958197)
Gee, didn't the Income Tax start out as 'Just Applying to the Very Rich" or some such Bovine Scatology?
IF this were to get put into law, the next thing you know the Feds will be coming to collect the TAX on the Estimated Gain in Value on MY house, YOUR house, Everyone's House.
I may have been Born in the Night, but it wasn't Last Night!
3 people like this.
Reply 15 - Posted by:
MickTurn 10/26/2021 6:13:29 PM (No. 958202)
Income/Capital Gains taxes are on REAL Income, not projected or imagined.
Pound Sand FJB!
3 people like this.
Reply 16 - Posted by:
Starboard_side 10/26/2021 6:21:49 PM (No. 958209)
Funny thing, they only claim it will capture around $250 billion, which is $1.75 trillion short of the $2 trillion they want.
How do you make up that shortfall, you expand it, to include millions and millions who have 401-k, IRA and Roth IRA accounts.
Or, what's been sustaining the stock market rise over the last 30 years.
Then, when they've spent that, they'll come to everyone with a pension, a savings account, stock portfolio,and then the equity in your home.
4 people like this.
Reply 17 - Posted by:
NYbob 10/26/2021 6:52:09 PM (No. 958227)
Don't worry congress will EXEMPT themselves, their staff and their largest contributors. All of it possible because of an evil media.
3 people like this.
Reply 18 - Posted by:
udanja99 10/26/2021 6:55:27 PM (No. 958229)
First it’s billionaires. Then it’s millionaires. Next thing you know it’s your very own retirement plan.
4 people like this.
Reply 19 - Posted by:
lakerman1 10/27/2021 12:40:46 AM (No. 958404)
#9 may be on to something.
The underlying goal may be to force wealthy stockholders to sell their stocks near year end, and pay capital gains on those stock sales.
1 person likes this.
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I won’t say “but they’re billionaires”, because they already pay taxes. No one should be paying taxes on “unrealized gains”. Taxing these people just opens the door to moving the bar downward. I won’t be tricked into Biden’s class warfare. Sooner or later it bites the rest of us.