If you think this approach of taxing unrealized asset gains would stay limited to billionaires once it has been implemented and normalized, it is you who's living in a fantasy.

the feds debunked themselves by spreading the tax the rich narrative, but then proposing to track all bank accounts over 600 dollars

its not a contradiction, they are telling the middle class that 600 bucks will make you rich when they are done with you

Because of certain loopholes it is increasingly becoming a necessity.

Those gains are realized when you take a loan against it and use that to live the billionaire lifestyle

"You will own nothing and you will be happy"





There has to be a solution that does not create the slipperiest of slippery slopes. Creating a taxation scheme that can raise huge amounts of money for the government to spend, and then trusting the political left to not try to expand the circle of affected persons over time - that's like tasking the fox with protecting the henhouse.

so what, the assets people borrow against have been paid for by income that has been taxed already and things like real estate are still creating revenue for the state, property tax etc

this stupid idea is attacking the very concept of personal property itself, which is the intent btw

its not a loophole when people work hard for assets and then use them

Wow, getting paid to cross border illegally

precisely. the 81+ million who 100% unequivocally support this see in the headlines “tax billionaires on unrealized capital gains” and say this is great not realizing once it doesn’t ‘produce enough revenue’ that a couple small lines on page 2838 of the 3500 page tax bill (or whatever) has provisions to change the terms and conditions of capital to be every asset above what the “average person” has


that wasn’t on the Trump/Pence ticket when they ran in 2016 or 2020. Nor did Trump say this ever

massive overhaul (see: increases) of the tax system to “fix” parameters such as ‘climate change’ and ‘stock unrealized gains inequality’ were on the (D) ticket. in fact other than ‘shutting down covid’ (failed) this was a primary goal of the (D) ticket. 81+ million people said they were fine with this as long as trump would not be the one doing the signing into law

we all know that any new tax with a ceiling can and will eventually have that ceiling lowered

That isn't a loophole, it's how tax law is intended to work. What Wyden is proposing is a wealth tax, not an income tax, and would certainly be struck in court.

under what? the individual mandate is constitutional as per roberts. he will be supported by kavanaugh, who will say while this tax is unconstitutional it is temporary because people eventually die, and it would do more harm than good to strike it down

Of course its how its intended to work. Billionaires have basically written the tax code lol.

They keep loopholes like being able to take low interest loans against stock to effectively cash out tax free for a reason.