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April 2, 2019
Sen. Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee, announced today that he would soon release a proposal to eliminate massive tax breaks enjoyed by the wealthy on their capital gains income. If successful, the proposal would ensure that income from wealth is taxed just like income from work.
His plan, which he has promised to flesh out in a white paper in the coming weeks, would tax the appreciation of assets owned by the very wealthy as income each year, an approach known as mark-to-market taxation. It would also subject that income to ordinary tax rates rather than special, lower income tax rates that apply to capital gains.
https://itep.org/sweeping-reform-would-tax-capital-gains-like-ordinary-income/
https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-capital-gains-11554217383
(Score: 5, Insightful) by Anonymous Coward on Sunday April 07 2019, @12:48AM (10 children)
If your house doubles in value, you need to pay the government. If you don't have the money to pay... you need to sell your house.
Idiots are in favor of this.
(Score: -1, Flamebait) by Anonymous Coward on Sunday April 07 2019, @01:03AM (3 children)
And if your house falls in value, the Democrats will keep your money. So it's "heads they win, tails you lose". Fucking brain-dead Democrats.
(Score: 2) by stretch611 on Sunday April 07 2019, @04:01AM (1 child)
From the WSJ Article:
Now with 5 covid vaccine shots/boosters altering my DNA :P
(Score: 0) by Anonymous Coward on Sunday April 07 2019, @09:12AM
Just like the income tax started out as only for the .1%...
(Score: 1, Insightful) by Anonymous Coward on Sunday April 07 2019, @04:29AM
They're not brain-dead. They know exactly what they're doing.
They're not stupid. They're evil.
(Score: 2, Disagree) by darkfeline on Sunday April 07 2019, @02:27AM (2 children)
Assuming this is implemented "sanely", whatever that means, you would no longer need to pay the government when you sell your house.
I'd much rather pay taxes on my house doubling in value over the span of a decade than all at once when I sell it, due to progressive tax brackets. Also presumably this would mean you get tax deductions when you house drops in value.
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(Score: 1, Informative) by Anonymous Coward on Sunday April 07 2019, @04:12AM (1 child)
(Score: 2, Touché) by Anonymous Coward on Sunday April 07 2019, @07:00PM
Correct me if I'm wrong, but isn't the whole point of the stock market that the stocks change in value?
(Score: 0) by Anonymous Coward on Sunday April 07 2019, @02:42AM
Houses, like all other property subject to a property tax, is already exempt from any CGT, realized or not, as long as your position doesn't remain liquid for a couple months. That is one of the reasons why the rich love boats. They can keep selling and buying boats and none of that is subject to the CGT because they never stay liquid long enough for the taxable event to arise. Well, none arises until they lose value, then they are more than happy to write off the loss on their taxes.
(Score: 1, Touché) by Anonymous Coward on Sunday April 07 2019, @07:44AM (1 child)
If your house doubled in value and you haven't sold it you're the idiot.
Though practically speaking, if everyone is facing this same predicament, the increased supply will lower the demand and your house won't suddenly rise in value.
That's to say, if anything, this law will deliver a critical, possible final, hit to the real-estate bubbles without hurting the middle class at all.
(Score: 1) by khallow on Sunday April 07 2019, @02:43PM
The portion of the middle class that doesn't hold real estate, that is.