SoylentNews is people
SoylentNews
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: 2) by legont on Monday April 08 2019, @12:29AM
We already have some unrealized capital gains taxed at supposedly mark to market. Namely real estate taxes are going up as values are assessed by the local government. Note that when prices are going down, no adjustments are made.
In my case I am still a quarter million down, while my taxes are up. In 2009 they simply adjusted the value twice down, while increasing the taxes twice up to end up with approximately the same dollar number and increase it ever since.
Meantime I lost $250K and my bank wants it back and refuses short sale deal because I can pay. The story of the rich right here. It'd be nice if I could deduct all of it from my income.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.