jdm667
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It is foolish beyond belief for at least 2 reasons:What do you all think of Biden's plan to tax unrealized gains? It seems that some people are saying it is unconstitutional.
Biden to Include Minimum Tax on Billionaires in Budget Proposal (Published 2022)
The tax would require that American households worth more than $100 million pay a rate of at least 20 percent on their income as well as unrealized gains in the value of liquid assets like stocks.www.nytimes.com
1. They are not creating new tax revenue, they are just stealing it from the future.
2. It will create more red tape and increase expenses/bureaucracy.
Think about real estate property taxes at the local level. They are ad valorem (based on value) and are essentially an ongoing wealth tax on just one asset (your house). Each town needs staff to value properties (assessing), send out tax bills, take tax payments, process appeals, deal with lawsuits, go after delinquents, etc.
The same infrastructure will be needed for an unrealized gains tax. Who will decide on the values, do the accounting, send out tax bills, decide on appeals, and take assets if the taxes are not paid? These people cost money and hiring thousands would make a tight labor market worse (not to mention making government more bloated).
If the taxpayer is responsible for calculating tax owed (as is the case with income tax), who compensates them for the extra time and money spent complying with this law?
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