{"id":67571,"date":"2024-04-25T16:02:13","date_gmt":"2024-04-25T21:02:13","guid":{"rendered":"https:\/\/olduvai.ca\/?p=67571"},"modified":"2024-04-25T16:02:13","modified_gmt":"2024-04-25T21:02:13","slug":"taxing-unrealized-gains-would-obliterate-the-u-s-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=67571","title":{"rendered":"Taxing Unrealized Gains Would Obliterate The U.S. Economy"},"content":{"rendered":"
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Taxing Unrealized Gains Would Obliterate The U.S. Economy<\/a><\/h3>\n

The reasoning is so simple, a fifth grader could understand it – which is probably why the Biden administration doesn’t.<\/strong><\/p>\n<\/div>\n

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Having used up all of the rest of the batshit, insane, counterintuitive economic dirty tricks left in the “we’ll literally do\u00a0anything\u00a0<\/em>but cut spending” bag, the Biden administration is pushing what could be the most destructive idea for our country since prohibition: taxing unrealized gains.<\/p>\n

As part of its\u00a0budget proposal for the 2025 fiscal year<\/a>, the Biden administration is trying to raise an addition $4.3 trillion over 10 years in the worst way possible:\u00a0imposing<\/a>\u00a0a minimum tax equal to 25 percent of a taxpayer\u2019s taxable income and\u00a0unrealized capital gains<\/strong>\u00a0less the sum of their regular tax, for taxpayers with wealth over $100 million.<\/p>\n

Putting aside the fact that this high-risk idea only amounts to a pittance, $430 billion per year (25% of which we just sent to foreign nations over the weekend in one fell swoop of a pen and it\u2019s only April), the introduction of taxing unrealized gains could be one of the worst slippery slopes we ever dare to roll our country\u2019s economy down.<\/p>\n

I mean, shit, we could save $1 trillion\u00a0just by not sending $100 billion a year to other nations<\/em>\u00a0for starters. But I digress. For an outline of exactly what an unrealized gains tax is, here’s the\u00a0American Institute on Economic Research<\/a>:<\/p>\n

A tax on unrealized capital gains means that individuals are\u00a0penalized for owning appreciating assets<\/strong>, regardless of whether they have realized any actual income from selling them.<\/p>\n

If you purchased a stock for $100 this year, for example, and it increased to $110 next year, you would pay the assigned tax rate on the $10 capital gain. You didn\u2019t sell the asset, so you don\u2019t realize the $10 appreciation, but must pay the tax regardless.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Taxing Unrealized Gains Would Obliterate The U.S. Economy The reasoning is so simple, a fifth grader could understand it – which is probably why the Biden administration doesn’t. Having used up all of the rest of the batshit, insane, counterintuitive economic dirty tricks left in the “we’ll literally do\u00a0anything\u00a0but cut spending” bag, the Biden administration […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[34367,22733,20223,783,827,34366,834],"class_list":["post-67571","post","type-post","status-publish","format-standard","hentry","category-economics","tag-asset-appreciation","tag-capital-gains","tag-quoth-the-raven","tag-taxes","tag-united-states","tag-unrealised-capital-gains","tag-us"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67571"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67571\/revisions"}],"predecessor-version":[{"id":67572,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67571\/revisions\/67572"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}