This is always the argument against actually doing things to tax the extraordinary wealth accumulated in the hands of an increasingly tiny minority.
The fear that those people will suddenly stop opening businesses, or will shut down their businesses because they may have to contribute a tiny fraction of their infinite wealth glitch to the public good.
Itâs also not true, I believe? Kind of runs counter to everything that history has told us.
Yes its fear mongering pedelled, strangely enough, by those same infinitely wealthy people.
And ideologues masquerading as economists.
Assets over $100m is what is being reported.
The idea some normal working guy is going to have a good year in the stock market and then have to sell his long held NVIDA shares to fund the tax he now owes on it is obviously nonsense and says a lot about people who think this is what such a policy would require.
What the proposed policy requires is not a tax on all unrealized capital gains, but a minimum tax on high net worth individuals of 20% that includes the unrealized capital gains they made that tax year. This is being done to address the increasingly common tactic of wealthy people reducing their tax burden by taking compensation in the form of untaxable stock, and often then borrowing against that equity to provide spending money. So someone with a package of 5 million in basic salary and 10m in stock will be required to pay a minimum tax of 20% on the combined 15 million rather than the current 35% (I think) of the common taxable income (3m vs 1.75).
The fact that one of the biggest complaints is that this is a burdensome approach for the IRS to applyâŚfrom people who have fought against and cried about actually funding the IRS (something that pays for itself many times over) is a big tell
Regarding this topic;
Income inequality in the US is comparable to other similar economies before tax.
US tax system is unequal.
There are actually two competing proposals right now, one from the Senate and one that has come out of the House that the Biden admin was behind. This is a decent piece on it, comparing the different approaches and rebutting lots of the common concerns about them
Kinda like the knock-on effect of trickle down economic theory? That worked well.
The ONLY reason that happened was COVID.
That is true from what I can tell, the only reason that we ended up with a net loss of jobs was Covid. Although it should be mentioned that he had the lowest number of new jobs added since 2010 the previous year but I agree not all of this can be levelled as his fault.
The deficit increased by at least $100B (where it was $600B in 2016) in every year of his Presidency.
Deficits only matter when Democrats are in power.
The simple outlook from people that think taxing unrealized gains is frightening. One of the suggestions here that you should just sell off some of you gains to pay taxes and it wonât effect the ability to buy other businesses? I donât understand that logic for multiple reasons. A few:
So many more reasons.
Start with reducing government waste at a federal level, state level and local level.
Was responding to the loss of jobs. Do you think it was something other than the height of COVID? I quoted too much of the op, edited to make it clearer what I was referring to.
Itâs true on the jobs, but the flip side is he managed the pandemic like a fucking moron and that is partly reflected by how a big a downturn we had. He also cannot have it both ways - he cannot ignore the impacts the pandemic had on aspects of the Biden economy (global inflation in which we fared better than anyone else) while using it as an excuse for issues we experienced under him.
The debt/deficit is different though and increased every year under him even before covid and his tax cuts that were not remotely paid for under analysis contributed a large part to the current situation.
It was slowing in 2019, but unquestionably the massive spike was caused by COVID. However, much of that can be blamed on an inept policy response that led to one of the worst job losses numbers in the G20.
Which only brings me to another thing to whack Trump with.
How did he handle COVID?
Apart from drinking bleach and killing it with a shiny light?
He led a country with some of the biggest advantages - scientists, manufacturing, labs, distribution⌠everything you would need to combat a global pandemic as expeditiously as possible.
Only under this buffoon, America ended up amassing the largest pile of dead bodies of any nation in the world. From memory I think it was over 1.1 Million - more than World Wars I & II, Vietnam, and more besides.
People losing their job wasnât even the half of it.
Yes, of course many people would have died in the pandemic, even with a serious leader at the helm. But Trump was the chief culprit in a war of disinformation and ensuing excess deaths.
He is wholly unsuited for office.
The simplest response to any Trump claim about job loses under him being an inevitable aspect of the pandemic that he cannot be accountable for
https://www.news.com.au/technology/science/archaeology/decoded-40000yearold-babylonian-tablets-reveal-detailed-omens-linked-to-lunar-eclipses-predicting-war-and-kings-fates/news-story/451cd2595eb5ad87201c25ef4c01112b
An idiot - a king without claim - will seize a throne, and there will be war in the land
Think that says it all really. Weâre all fucked!
