Yellen just said that unrealized capital gains is income (legal, Obama, lobbyist)

[TMSRetired]

Originally Posted by Vlajos

which scares me endlessly

Then Americans will do what they did when FDR raided the banks and took all the gold....

"First National Bank of the Mattress"

The underground economy is estimated to be near $3 trillion dollars.

[rso092]

Originally Posted by Vlajos

It's like leftists sit around all day coming up with ways to tax people. They love other people's money. It's nothing but greed and envy.

At this point I’d prefer them to just rob me the old fashioned way. At least then I could have a better chance at resistance.

[Take a History Class]

Originally Posted by TheGoodTheBadTheUgly

Taxing unrealized gains is insane. If you own a $400k house, it appreciated in value to $600k the last year, you could owe $60-100k in taxes.



https://dsjcpa.com/yellen-about-tax-...ealized-gains/

So can I conversely deduct unrealized losses?

[Jstarling]

Originally Posted by TheGoodTheBadTheUgly

Taxing unrealized gains is insane. If you own a $400k house, it appreciated in value to $600k the last year, you could owe $60-100k in taxes.



https://dsjcpa.com/yellen-about-tax-...ealized-gains/

There are no (0) capital gains on a home that is your primary residence.
Yes, if you are a houseflipper, you owe a tax on the difference between what you bought for and sold.

[Jstarling]

Originally Posted by ottomobeale

All gains should be realized at death of both spouses. No living forever through trusts.

The true elite will always just buy the laws they want so I am not holding my breath.

True enough.

[tamajane]

Originally Posted by bluesjuke

Why be taxed on something that has put no money in your pocket?

Like inflated property taxes? Sure the value goes up but it's the place you live and sleep, you just keep paying the government more and more to keep living and sleeping in it, sometimes so much you can't afford to do it anymore.

[Listener2307]

Originally Posted by TMSRetired

It's not insane when you are over your head in debt and need more revenue.

I hear ya!
Being a citizen of a financially desperate country is going to be no fun.

[MPowering1]

Originally Posted by TMSRetired

It was just a matter of time before they went after "wealth" along with income.

Reminds me of an old Richard Pryor line about divorce attorneys: 'You have any dreams? We want those, too.'

[TMSRetired]

Eventually they will take your entire paycheck and all your assets and dole out a monthly "allowance".

Never say never as they say.

Congress had some hearings years back on doing just that with retirement accounts. The thought of them no able to touch tens of trillions of dollars just sitting in retirement accounts led them to have a 3 day hearing on it. Thankfully nothing happened.

[MPowering1]

Originally Posted by TMSRetired

Eventually they will take your entire paycheck and all your assets and dole out a monthly "allowance".

Never say never as they say.

Congress had some hearings years back on doing just that with retirement accounts. The thought of them no able to touch tens of trillions of dollars just sitting in retirement accounts led them to have a 3 day hearing on it. Thankfully nothing happened.

If they ever did that, I think we'd see both right and left uniting to tear DC down.