Kamala Harris Supports a 25% Wealth Tax
on Unrealized Gains
Hot Air,
by
John Sexton
Original Article
Posted By: Dreadnought,
8/20/2024 9:24:06 PM
Joe Biden was up to his old tricks last night when talking about billionaires and what they pay in taxes. He has been lying about this for years so why stop now. CNN fact-checked him this morning:
During his speech, Biden asked the audience if they knew what the average billionaire in the United States pays in taxes.
“We have a thousand billionaires in America. You know what the average tax rate they pay? 8.2%,” Biden said.
Facts First: Biden used this figure in a way that was misleading. As in previous remarks, including his State of the Union address in March, Biden didn’t explain that the figure is the product
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Reply 1 - Posted by:
privateer 8/20/2024 9:33:35 PM (No. 1781827)
Way to rake in those huge donations from the billionaires and multi-millionaires. But what about equity? Shouldn't everyone pay the same amount?
27 people like this.
Reply 2 - Posted by:
stablemoney 8/20/2024 9:37:31 PM (No. 1781832)
That will crash real asset prices, and erase bank capital, converting a trending recession into a depression---but Kamala will not know the difference.
52 people like this.
Reply 3 - Posted by:
sunshinehorses 8/20/2024 9:44:53 PM (No. 1781835)
Does that include stocks and bonds? It will make everyone take their gains and not wait out the ups and downs of the market.
31 people like this.
Reply 4 - Posted by:
Rumblehog 8/20/2024 9:48:06 PM (No. 1781837)
Why didn't you do that over the last 3-1/2 years OR within the next 1/2 year?
31 people like this.
Reply 5 - Posted by:
Mcscow sailor 8/20/2024 9:54:51 PM (No. 1781843)
Talk about a full employment for accountants and assessors. Add to that, when asset prices decreases..what happens to the house of cards. Should not pass constitutional muster, if indeed our uberwealthy reps were to call down this tax on themselves
27 people like this.
Reply 6 - Posted by:
VAPMAN 8/20/2024 10:01:45 PM (No. 1781847)
It’s an old democrat strategy to threaten to take away massive amounts of wealth from the very rich unless of course they fill up your campaign coffers (wink wink), which they do. In the mean time you drum up hate against the rich in order to get more of the “little people” vote. Of course you never pass the tax and blame it on republicans.
31 people like this.
Reply 7 - Posted by:
sunset 8/20/2024 10:30:37 PM (No. 1781853)
If not for the joy of killing, Kamala would have no joy at all. Joy of killing the economy, Joy of killing our hopes, Joy of killing our country, Joy of killing babies.
47 people like this.
Reply 8 - Posted by:
Italiano 8/20/2024 11:35:18 PM (No. 1781867)
"Unrealized" means no cash to pay the tax, you moron.
Does that mean that we get to deduct unrealized losses? Cool.
48 people like this.
Reply 9 - Posted by:
DougTN 8/20/2024 11:51:56 PM (No. 1781873)
Dumbest idea ever. When asset holders are forced to sell to pay their taxes it will be devastating to the markets which will make unrealized gains evaporate. Typical Democrat tripe.
34 people like this.
Reply 10 - Posted by:
Lala 8/21/2024 12:11:42 AM (No. 1781875)
Obscene idea, taxing vapor. Unrealized gains are nothing but paper value. It’ll be the final death knell to private ownership of anything, which is what those evil old Marxists have wanted all along.
32 people like this.
Reply 11 - Posted by:
Proud Texan 8/21/2024 1:27:16 AM (No. 1781890)
Just another way to go about confiscating private property.
26 people like this.
Reply 12 - Posted by:
varkdriver 8/21/2024 3:49:48 AM (No. 1781894)
What do Zuck [The Lizard Man], Bezos, and Bill Gates have to say about this excellent idea? Will Lizard Man have to pawn that idiotic statue of his wife?
12 people like this.
Reply 13 - Posted by:
mifla 8/21/2024 4:26:13 AM (No. 1781908)
Proving once again that there is not a Dem on this planet who understands how our economy works.
24 people like this.
Reply 14 - Posted by:
Trigger2 8/21/2024 4:49:58 AM (No. 1781923)
Will Kammie exempt herself from this? How about her adoring rich elitist friends? Will only demonrats be exempt?
12 people like this.
Reply 15 - Posted by:
Philipsonh 8/21/2024 6:04:15 AM (No. 1781964)
An idea straight out of Financial H≪ Harris is the stupidest person in the USA. It is a Marxist, Communist, Socialist valley girl misfit.
14 people like this.
Reply 16 - Posted by:
PChristopher 8/21/2024 6:35:50 AM (No. 1781971)
And don't leave out how she going to snatch patents from companies that don't comply..... VERY CCPish. Big donors should bear that in mind.
21 people like this.
Reply 17 - Posted by:
volksford 8/21/2024 7:09:04 AM (No. 1781979)
The inner commie is strong in this one.
14 people like this.
Reply 18 - Posted by:
Venturer 8/21/2024 7:11:39 AM (No. 1781982)
Is there any bad idea she doesn't support?
11 people like this.
Reply 19 - Posted by:
Strike3 8/21/2024 7:28:39 AM (No. 1781993)
One might think that this dimwit is using Atlas Shrugged as her guidebook but one would have to assume that she can read.
15 people like this.
Reply 20 - Posted by:
Hazymac 8/21/2024 7:29:51 AM (No. 1781994)
Pure theft
9 people like this.
Reply 21 - Posted by:
WhamDBambam 8/21/2024 7:45:54 AM (No. 1782005)
Do we get a rebate for unrealized losses?
10 people like this.
Steal your face right off of your head.
4 people like this.
Reply 23 - Posted by:
TCloud 8/21/2024 8:57:27 AM (No. 1782063)
MAGA vs FUBAR!
9 people like this.
Reply 24 - Posted by:
udanja99 8/21/2024 9:00:09 AM (No. 1782065)
“You will own nothing and be happy.”
10 people like this.
Reply 25 - Posted by:
janjan 8/21/2024 9:03:05 AM (No. 1782068)
This is Step 1 in a long term plan to go after the trillions sitting in retirement plans. The Democrats have been eyeing this for a long time. They will sell it as a ‘tax the rich’ plan to stir up class envy. Eventually they will be taking 25% of any gains in your 401K. Losses, of course, will not be covered.
8 people like this.
Reply 26 - Posted by:
JimBob 8/21/2024 9:13:55 AM (No. 1782077)
Sounds to me like a scheme to tax the 'on paper' increase in the dollar value of everyone's home.
9 people like this.
Reply 27 - Posted by:
planetgeo 8/21/2024 9:29:48 AM (No. 1782086)
To make this idiocy perfectly clear so even a Democrat can understand it, say you bought a nice little house for $150,000 20 years ago, and now its valuation stands at $1,150,000 (very possible in many parts of the country). Well, congratulations, sucker, your Kamala Wealth Tax is $250,000. Pay up. Now.
11 people like this.
Reply 28 - Posted by:
MickTurn 8/21/2024 10:04:19 AM (No. 1782121)
As long as govt. is stealing money that wasn't earned YET, how about bankrupting ALL the Leftist Billionaire's?
7 people like this.
Reply 29 - Posted by:
Zigrid 8/21/2024 10:31:33 AM (No. 1782156)
The rats will never turn on their billionaire class...they are the money that the democrats use to buy ads defaming JDVance and President Trump....if congress would propose a flat 10% tax on everyone...rich or poor...WE would get equity...no need for Diversity...Equity...inclusion...because everyone would be treated the same...of course then the rats wouldn't have a group to punish....
7 people like this.
Reply 30 - Posted by:
ronniethek 8/21/2024 11:29:34 AM (No. 1782224)
The constitution says incomes from ‘whatever source’ may be taxed. Taxing unrealized gains in the context of INDIVIDUAL taxation is a departure from any prior standard of income applied in this context . It goes against the idea that people generally do not pay tax on ‘income and gains’ not as yet reduced to cash. If deemed constitutional it will be a disaster for the country and economy.
3 people like this.
Reply 31 - Posted by:
paral04 8/21/2024 11:42:03 AM (No. 1782233)
By the same reasoning unrealized losses should be allowed also.
3 people like this.
Reply 32 - Posted by:
zoidberg 8/21/2024 2:27:21 PM (No. 1782304)
Joe Biden: I've done everything I can for this economy.
Kamala: Hold my chardonnay.
3 people like this.
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