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posted by martyb on Sunday April 07 2019, @12:19AM   Printer-friendly

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


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  • (Score: -1, Flamebait) by Anonymous Coward on Sunday April 07 2019, @01:03AM (3 children)

    by Anonymous Coward on Sunday April 07 2019, @01:03AM (#825577)

    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.

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  • (Score: 2) by stretch611 on Sunday April 07 2019, @04:01AM (1 child)

    by stretch611 (6199) on Sunday April 07 2019, @04:01AM (#825634)

    From the WSJ Article:

    There would be exemptions for the sales of primary residences and retirement accounts like 401(k)s, Mr. Wyden’s office said.

    --
    Now with 5 covid vaccine shots/boosters altering my DNA :P
    • (Score: 0) by Anonymous Coward on Sunday April 07 2019, @09:12AM

      by Anonymous Coward on Sunday April 07 2019, @09:12AM (#825700)

      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

    by Anonymous Coward on Sunday April 07 2019, @04:29AM (#825646)

    They're not brain-dead. They know exactly what they're doing.

    They're not stupid. They're evil.