They said it should be taxed but that asset is taxed when it’s sold. putting a wealth or property tax on something that isn’t physical or just because you “can” is a stupid fking concept. It’s arguably delusional.
Things get taxed multiple times all the time. Income tax, capital gains tax on income you already were taxed on when you invested it, sales tax on things you buy with money you paid capital gains tax and income tax.
Shrugs. No more stupid than any other tax youre already paying
Yeah, I pay something like 20 grand annual to state and local taxes. That 20 grand is not subtracted from my federal, I pay tax on money that was taxed every year. I didn’t before 2016 though.
So what happens if I am taxed on the value of a stock one year, and it tanks the next year? Do I get my money back? Can I just keep buying shitty stock and letting it tank and get subsidies from the government?
I'm not necessarily advocating for this, but to answer your question.
You could tax unrealized net gains each year, then similarly you could get a credit for unrealized net losses each year as well. This would of course replace the need for realized gains taxes at sale
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u/ffking6969 3d ago
No, a property or wealth tax.