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While I won't loose any sleep if this passes, I do think it is counter productive and hits the wrong target. I am more of an Adam Smith, Jefferson, Henry George type person. Tax government granted privileges', aka economic rents.
Tillman Fertita was on CNBC yesterday discussing this very issue. First hurdle to get over is valuation. As he said, he could have each of the Big 4 accounting firms audit his balance sheet and they'd all have different numbers. Then you have the liquidity issue.
Just shows that Warren has no common sense when it comes to this proposal, it's just a good sound bite.
Well, to be fair, they'd all arrive at the same cost basis. They would all differ on the current FMV of an asset though. That's fairly speculative.
Lizzie Warren should go back to teaching school...in Russia.
She will make a million CPA's and Tax Attorneys very wealthy and not accomplish jack.
Not to mention real estate, art and jewelry appraisers. Can you imagine the nightmare of having to have everything worth 50k or more appraised every year along with the accounting nightmares? Especially those who have most of their wealth invested in real estate.
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