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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: 0) by Anonymous Coward on Sunday April 07 2019, @02:00AM (2 children)

    by Anonymous Coward on Sunday April 07 2019, @02:00AM (#825592)

    Yes sirree, this here plan is going to be MONUMENTAL.

    Let's see: rich people will either look for long term returns overseas (good for the world economy, just not the US) or flip all assets like crazy, or strategically use depreciation to kill their tax burden. Win-win-win!

    Poor people don't have assets anyway, except for long-depreciated clunkers and grandma's old firetrap house in the sticks that nobody wants to buy and is just sucking up the property taxes, and they can't sell for anything more than a song and dance anyhow.

    The only ones this will nail will be business owners and retirement fund members. And fuck a whole bunch of those guys!

    Assholes, all wanting to build businesses and retire and shit. Who the fuck do they think they are anyway?

  • (Score: 0) by Anonymous Coward on Sunday April 07 2019, @02:34AM (1 child)

    by Anonymous Coward on Sunday April 07 2019, @02:34AM (#825603)

    Assholes, all wanting to build businesses and retire and shit. Who the fuck do they think they are anyway?

    Err... might they be "assholes"?

    :-)

    • (Score: 0) by Anonymous Coward on Monday April 08 2019, @01:36AM

      by Anonymous Coward on Monday April 08 2019, @01:36AM (#826030)

      Assholes, all wanting to build businesses and retire and shit. Who the fuck do they think they are anyway?

      Err... might they be "assholes"?

      :-)

      Ya mean we are all assholes? Well, OK. I guess it has a certain logic to it. Sort of.