This type of tax would destroy our family. We came from nothing and don’t have much. The one thing we did right was invest in a home. But we don’t make the kind of money to be able to afford the current income taxes or the current real estate taxes so that has made it difficult to save for retirement in a way that would allow us to live somewhat comfortably in retirement. So if something like this were to suddenly lower to our middle class income, it would wipe us out in the first year’s taxes alone and leave us with nothing. It would force us to sell, have far less to put down on a retirement property, and then taxes on that new property would put us under again and force us to sell again, and in less than 5-8 years we will be left with absolutely nothing, unable to afford another home or even rent. It’s literal robbery of everything we worked hard for. It’s the stupidest thing I’ve ever heard and I’m not even a financial expert.
They hate us and want us to have nothing, and like it😱Keep praying for a massive R win in November and in addition, make sure everyone you know is registered to vote and votes early!🇺🇸
I think it helped Ron Johnson win in WI last time. It should be adopted by every state government outside the parties. They're supposed to work for us. But that won't happen (I'm in MI; no chance). Bottom line: if you're facilitating the cheating, why would you allow a system that exposed the cheating?
It does seem like this is the ultimate globalist objective. How do you destroy the middle class in the US… it’s going to revolve around destroying wealth … and one of the way middle class Americans rise is through owning a home and growing their wealth.
‘You will own nothing. And be happy.’
Narcissist’s occasionally tell you the truth. If you’re listening carefully.
they’re using the Ukraine model as a template here…
Ukrainians we’re paying 50% of their gross income to energy costs before the invasion… so essentially the middle class was bled dry… hemorrhaging money for gas, heating and cooling and electricity
I know one middle class family that is losing their home… they’re being pushed out …by inflation… they were barely hanging on… and now… can’t keep their home
and this has to be going on all over the country with inflation and rising energy costs!
Yep, got a pal round the corner bought a modest home, here in Florida. Because the market here went crazy for about six months, he can no longer afford the insurance, because it’s got to cover the home at double the price he was paying. His insurance went up by 3x. Nice. Yay Joey.
The Senate passed a bill 23-11 on Tuesday that would help pay for home down payments for illegal immigrants in California, with the newly passed bill going to Governor Gavin Newsom’s desk for either a final approval or veto.
Truthseeker, I believe we are seeing the Tower of Babel in reverse: what God scattered has come together again, for the same purpose, which is to set themselves up in place of God. If this is so, it will not end well for them. It may very well be the beginning of The End. If so, come Lord Jesus!
I will say that we should try this new tax law for a year or two……on them. Unrealized capital gains sounds great, right…right?
Why don’t you show me the way and put your money (the one you didn’t have before you became a politician)where your peanut brain is, this stupid political Rats are unviable. Let’s understand first that they are running out of things to tax, everything is a tax but the worst is the inflation tax which robs you of 30% of your purchasing power every year. It’s compounded theft. The reality is the dollar has lost its value 97% and that’s the biggest tax. Period.
Carlos—excellent idea. A vote for KH/Coach would automatically sign the voter up for their policies. Wonder how big of a landslide would roll to the DJT ticket. Nice dream. Put the policies on the ballot, not the personalities.
I think the INTENT is to get people who have owned their homes for years (eg. Boomers) out of their homes. Blackrock will swoop in, buy them up and voila, MIGRANT and Citizen RENTAL properties, managed by the Government so NOW you are dependent on Government largesse for your home. You will own nothing and be happy. Communism seeps out of every pore of Kamala’s body.
I live in California, and on the radio I have started hearing lots of ads from outfits that say "we want to buy your home". They offer about 75% of the assessed value and claim you don't have to deal with real estate agents, banks, etc. They just buy it outright for cash. I would guess that a lot of homeowners in trouble take advantage of this. And who knows anything about these companies.
Yes, these are the vultures coming in for the kill after the fake pLandemic caused massive inflation and businesses, jobs lost - so many people living off their credit cards for SO long and they are drowning in debt. This is the plan to take down the most powerful middle class in the world. And now illegal aliens by the millions in the country, using education, medical, housing and given debit cards that AMERICANS pay for! Tipping the entire country into chaos. Look at Aurora, CO if you want a look at the near future in your own city or town.
And they know this! Our homes are, for most of us, our biggest sources of wealth. Even in small yards, we can grow enough to achieve food independence. It’s the only place we have the right to defend with lethal force (not sure about you, CA). And (with the help of a proper judiciary) the one place we can forbid the government from physically intruding upon on a whim. That’s a lot of power to allow The Masses, we “useless eaters”. Trump is their proving ground. He is who we are (with the possible exception of a few billions of dollars 😁). He is a lightning rod for government anger upon dissent and the picture of what is coming for us.
I keep picturing that scene from Dr. Zhivago where he comes home to find people occupying his home. I wonder how BHO and his spouse would react if that happened at even one of their mansions.
And they treat the illegal aliens better than their own taxpayers! Real Robin Hood’s only in reverse! And they say Republicans are the party of the rich!
I think that’s the point. Blowing up the middle class. They can’t have people independent of government. They want a dependent class. A dependent class can’t assert autonomy. Then they are open to be colonized by Globo-Cap, turned into digital serfs whose “data” (aka life) can be harvested and sold. It worked so well with social media, why stop at online behavior?
To be GOVERNED is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be GOVERNED is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be placed under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government.
That's why this Orwell 1984 shirt is perfect for these times 👇
Were this ridiculous type of tax to be implemented, it would precipitate civil war in this country. Untold numbers of people, and more particularly seniors, would be unable to pay such a tax and would literally be out of their homes and on the streets. I can't imagine any sane person would vote for this. Or allow this.
Most private sector individuals do NOT owe taxes on earnings. The IRS tax code plainly describes that the income tax is an excise tax that only applies to those who have the privilege of working for the federal government or live in DC. See 26 USC 3401(a) (c).
Read the book “Cracking the Code” free online at losthorizons dot com. There you can look up my complete filing and see a copy of my refund check for more than $63;000. The IRS even corrected a small mathematical mistake we had made in our amended 2021 1040x filing. Do not fear the IRS. Study the tax code. File amended returns for the past three years ( statute of limitations) and claw back the money you paid unnecessarily.
If the Dems win( God PLEASE forbid) I bet Mar a Lago will soon increase in value, likely double what Trump says it's worth. And then they'll charge him with tax evasion. Marchan will randomly be selected to adjudicate
They say in the NY case, that his properties aren't worth very much and cry fraud was committed because he overvalued his property and was overly benefitted by it -- oh no, he was loaned too much money and paid it back! Horrors!
What's to stop them from saying later, Trump was right, it's worth what he said, so we can tax him on the "unrealized gain" between what, $18M and $100M?
This is pure economic nonsense, corruptly-motivated thinking, and "dangerous to our democracy!" (Republic!)
These people are thieves at heart. That's what I believe.
Regarding Trump's loans: Does ANYONE with half a brain really think a bank would loan money in the millions on a property based on the property's owner's belief in its worth? Really? Everyone knows that banks always do their own value assessment and then they they will make a loan based on THEIR determination of value. Trump would have put what he thought the property was worth as a mere starter, and then the bank determined if that was accurate from their point of view as a lender. They always have to know they can recover their money in case of default.
How stupid is the left? How stupid do they think people are?
And to elaborate (and add insult to injury) on the example Jeff laid out for us in the article: there was a GAIN in the first year. Fully taxable. However, there is a LOSS in the second year. Guess what? Capital Losses are only deductible up to $3,000 per year. That is an example of the government having its cake and eating it too!
Tax on unrealized stock gains is STUPID because the following year they will need to issue refunds as stocks fluctuate daily. It just more paperwork and government interference into citizens lives.
and where exactly is the cash to pay the tax supposed to come from - guess the government will be in the business of accepting property to pay the tax - just when you think it can get any more absurd democrats always prove you wrong
They do for the real estate in my IRA. Which I have to do annually. They even accept the tax assessor's figure, which in Connecticut works out to be about 60% of the market value. But, I certainly don't want to have to explain my finances to them, nor do I want to be taxed on the value of the asset twice.
Nice to know I’m in such wonderful company! I’m quite sure it was in Jeff’s mind somewhere (I say affectionately). Even if it was on the bottom of his Stack of Stuff (nod to you, Rush), he snags all the things flying past me at warp speed.
So if unrealized cap gains applies to homeowners, how does that work when the bank really owns the property (mortgage still in play)? And what if the mortgage is under water (if homes dump in value)? And what about 401ks? And other tax sheltered monies?
Would the government accept the owner’s opinion of the property value? Ask President Trump.
This type of tax would destroy our family. We came from nothing and don’t have much. The one thing we did right was invest in a home. But we don’t make the kind of money to be able to afford the current income taxes or the current real estate taxes so that has made it difficult to save for retirement in a way that would allow us to live somewhat comfortably in retirement. So if something like this were to suddenly lower to our middle class income, it would wipe us out in the first year’s taxes alone and leave us with nothing. It would force us to sell, have far less to put down on a retirement property, and then taxes on that new property would put us under again and force us to sell again, and in less than 5-8 years we will be left with absolutely nothing, unable to afford another home or even rent. It’s literal robbery of everything we worked hard for. It’s the stupidest thing I’ve ever heard and I’m not even a financial expert.
Sounds a lot like "you'll own nothing and be happy". Not too sure about the "be happy" part, though.
More like “you will own nothing and we will be happy”
You will be "joyful". The new mantra of Cackles and the Coach.
You won’t own anything so you won’t have to worry about anything
Except eating bugs
"...because we will own everything"
Indeed.
Indeed. I've started changing that to: you will have nothing and you will be happy, or else!
You will own nothing and we don’t give a damn I think is closer to the truth
They hate us and want us to have nothing, and like it😱Keep praying for a massive R win in November and in addition, make sure everyone you know is registered to vote and votes early!🇺🇸
Unfortunately it doesn't look like they have fixed our elections. It seems like it is going to be rigged again like in 2020 and 2022.
Can someone make me feel better?
attorneys are workign hard on cleaning up the swing states voting apparatus. please vote. and encourage everyone else to.
thanks.
MI and WI are going to keep RFKJr on the ballot to thwart the plan for those votes to be cast for DJT. Pray without ceasing!
It's up to RFKJr to convince his voters in crucial states to NOT vote for him as a way of showing their support.
True. I trust he has a plan.🙏🏻
At least MI is also adding other "minor" party candidates, Cornell West and Jill Stein. Maybe they will dilute the Democrat votes.
I seem to recall Hillary complaining that Jill Stein diluted her votes in 2016 and got a recount done in one state relating to this claim, but no JOY.
MI is fighting to get Cornel West off the ballot and keep RFK Jr on the ballot.
Everybody's on:
https://www.ntd.com/rfk-jr-s-name-will-remain-on-michigan-ballot-official_1013546.html?utm_source=ntddailynoe&src_src=ntddailynoe&utm_campaign=ntd-2024-08-29&src_cmp=ntd-2024-08-29&utm_medium=email
The votes don't have to be cast for RFKJr just because he's on the ballot.
Agree but his supporters who are not solid with DJT will vote for him. If he were not on the ballot then the obvious choice is DJT.
They don’t, but people who hate Trump more than they care about America will vote for RFK just to keep Trump from winning.
Why would they do that? Just vote for Cackles.
I'm sure the Demos gremlins are already collecting mail in ballots for the nearly or absolutely dead.
https://www.omega4america.com/ shows exactly how that's being done.
Maybe they'll flip some Trump ballots to RFK Jr just to screw with us too
It will bring about the long needed revolution, if they do.
Sorry, this will make you feel worse: https://www.omega4america.com/
Hi John, do you think omega4america and fractal is making a difference? Which states have taken it serious?
I think it helped Ron Johnson win in WI last time. It should be adopted by every state government outside the parties. They're supposed to work for us. But that won't happen (I'm in MI; no chance). Bottom line: if you're facilitating the cheating, why would you allow a system that exposed the cheating?
And often.
Do like the dumbocraps. Vote early and often.
They want us dead and they want our stuff. I believe there are a couple of commandments that cover this.
LIKE
It does seem like this is the ultimate globalist objective. How do you destroy the middle class in the US… it’s going to revolve around destroying wealth … and one of the way middle class Americans rise is through owning a home and growing their wealth.
‘You will own nothing. And be happy.’
Narcissist’s occasionally tell you the truth. If you’re listening carefully.
https://m.youtube.com/watch?v=SqzepGBatWo
they’re using the Ukraine model as a template here…
Ukrainians we’re paying 50% of their gross income to energy costs before the invasion… so essentially the middle class was bled dry… hemorrhaging money for gas, heating and cooling and electricity
I know one middle class family that is losing their home… they’re being pushed out …by inflation… they were barely hanging on… and now… can’t keep their home
and this has to be going on all over the country with inflation and rising energy costs!
Yep, got a pal round the corner bought a modest home, here in Florida. Because the market here went crazy for about six months, he can no longer afford the insurance, because it’s got to cover the home at double the price he was paying. His insurance went up by 3x. Nice. Yay Joey.
OMG
BUT demonscrats are for the middle class!!! oh wait
I feel like I need an exorcism after watching this video. Pure dystopian evil dressed up in "for your own good" platitudes.
It's also why they want illegals to have guns, but not for legal citizens.
That helps them to get rid of the legal citizens and replace them with illegals.
Not to mention this insanity
Illegals… who are working and paying taxes in CA can join a lottery for $150k free down payment on a house
While US citizens are losing their homes.
https://www.foxnews.com/politics/california-close-approving-150k-loans-illegal-immigrants-help-purchase-homes
The Senate passed a bill 23-11 on Tuesday that would help pay for home down payments for illegal immigrants in California, with the newly passed bill going to Governor Gavin Newsom’s desk for either a final approval or veto.
Now- will corrupt Newscum veto it?!
Illegals… who are working and paying taxes in CA …. Illegals shouldn’t be able to work here; they are lawbreakers by being here.
Don’t hire lawbreakers; I wouldn’t trust them.
Makes sense they would want to force people out of their homes. For most people, their most valuable asset is their home.
Truthseeker, I believe we are seeing the Tower of Babel in reverse: what God scattered has come together again, for the same purpose, which is to set themselves up in place of God. If this is so, it will not end well for them. It may very well be the beginning of The End. If so, come Lord Jesus!
I will say that we should try this new tax law for a year or two……on them. Unrealized capital gains sounds great, right…right?
Why don’t you show me the way and put your money (the one you didn’t have before you became a politician)where your peanut brain is, this stupid political Rats are unviable. Let’s understand first that they are running out of things to tax, everything is a tax but the worst is the inflation tax which robs you of 30% of your purchasing power every year. It’s compounded theft. The reality is the dollar has lost its value 97% and that’s the biggest tax. Period.
AGREE
Carlos—excellent idea. A vote for KH/Coach would automatically sign the voter up for their policies. Wonder how big of a landslide would roll to the DJT ticket. Nice dream. Put the policies on the ballot, not the personalities.
The Creature from Jekyll Island: https://www.etsy.com/listing/1513820769/the-creature-from-jekyll-island-a-second?gpla=1&gao=1&&utm_source=bing&utm_medium=cpc&utm_campaign=shopping_us_-books_movies_and_music-domestic_low&utm_custom1=_k_f76f7da516e014127c841b7437fc9808_k_&utm_content=bing_412372832_1297424018643266_81089064872669_pla-4584688616398187:pla-4584688616398187_c__1513820769&utm_custom2=412372832&msclkid=f76f7da516e014127c841b7437fc9808
I think the INTENT is to get people who have owned their homes for years (eg. Boomers) out of their homes. Blackrock will swoop in, buy them up and voila, MIGRANT and Citizen RENTAL properties, managed by the Government so NOW you are dependent on Government largesse for your home. You will own nothing and be happy. Communism seeps out of every pore of Kamala’s body.
I live in California, and on the radio I have started hearing lots of ads from outfits that say "we want to buy your home". They offer about 75% of the assessed value and claim you don't have to deal with real estate agents, banks, etc. They just buy it outright for cash. I would guess that a lot of homeowners in trouble take advantage of this. And who knows anything about these companies.
Yes, these are the vultures coming in for the kill after the fake pLandemic caused massive inflation and businesses, jobs lost - so many people living off their credit cards for SO long and they are drowning in debt. This is the plan to take down the most powerful middle class in the world. And now illegal aliens by the millions in the country, using education, medical, housing and given debit cards that AMERICANS pay for! Tipping the entire country into chaos. Look at Aurora, CO if you want a look at the near future in your own city or town.
Blackrock and Vanguard.
Blackrock
It's happening all over the country. I get those letters every few weeks.
Exactly.
And they know this! Our homes are, for most of us, our biggest sources of wealth. Even in small yards, we can grow enough to achieve food independence. It’s the only place we have the right to defend with lethal force (not sure about you, CA). And (with the help of a proper judiciary) the one place we can forbid the government from physically intruding upon on a whim. That’s a lot of power to allow The Masses, we “useless eaters”. Trump is their proving ground. He is who we are (with the possible exception of a few billions of dollars 😁). He is a lightning rod for government anger upon dissent and the picture of what is coming for us.
Yes, you can grow your own food unless Whitmer bans the sale of seeds again. 🤬 Buy booze or lumber but not seeds?
Make sure to buy heirloom seeds, so you never have to buy seeds again.
The "Dissenter-In-Chief"
LIKE
Excellent analysis. Thank you.
To kamala & obama - this is a way to ‘spread the wealth’ - even to those who haven’t earned it. A form of 'reparations' if you will.
Waiting for Moushell and Barry to give up their pieces of the pie so others can have more....
I keep picturing that scene from Dr. Zhivago where he comes home to find people occupying his home. I wonder how BHO and his spouse would react if that happened at even one of their mansions.
And they treat the illegal aliens better than their own taxpayers! Real Robin Hood’s only in reverse! And they say Republicans are the party of the rich!
You are right, Juju! Praying it doesn't come to that.
I learned the work ethic from my mom and dad, too. We were raised to be self-sufficient, responsible, and ethical.
The government needs to be self-sufficient, responsible, ethical, and to work hard, too, instead of robbing the poor to feed the rich.
It's a pure unadulterated land and money grab scheme, and it's heartless, cruel, and sociopathic, from what I can see.
I will not be hypnotized into thinking their smiles are "JOY."
I have seen behind the curtain of their facade smiles and I can't unsee it.
Kamala is just lipstick on the swine.
Look at the Maui fire… large land grab in progress. They’re drooling over the possibility of Lahaina, Maui being the first smart city in the US …
governor said it… ‘the government is looking for ways for the state to acquire the land’
As I said above,
Narcissists sometimes tell the truth- if you’re listening closely.
AGREE
Same here. As a matter of fact, ALL tax is THEFT.
I think that’s the point. Blowing up the middle class. They can’t have people independent of government. They want a dependent class. A dependent class can’t assert autonomy. Then they are open to be colonized by Globo-Cap, turned into digital serfs whose “data” (aka life) can be harvested and sold. It worked so well with social media, why stop at online behavior?
… all while Kommila is approving a $25K free down payment on housing for ILLEGAL IMMIGRANTS while paying for shelter (housing) food, medical care, cash, bus and airline tickets and these illegal border crossers are costing we the people taxpayers last calculated $451 BILLION per year thank you Alejandro Mayorkas and a corrupt DHS https://www.nationalreview.com/news/border-crisis-costs-american-taxpayers-451-billion-annually-house-gop-report-claims/?fbclid=IwZXh0bgNhZW0CMTEAAR0Jlder7zOI2UNjs_J7qe5Z_EJlxceOScAzfGz0wl5GMnDgo_FYeELM9eQ_aem_8U8MbcYPhrZ9MjebfQcv1w … all of this “you’re being replaced” in our face coup ( a sudden appropriation of power; a takeover) of every aspect of American freedoms, financial stability and liberties…. more than a slap in the face to legal American Citizens. Scary unacceptable uncertain times….
MayJokeus and his (GO Fk Yourself, I'm doing a GREAT JOB ---for SATAN) grin...sinister hateful eyes glaring staring and soulless ghoulish evil man
Exactly WPW… they have no souls… evil personified…
I could just scream sometimes. We're led by morons.
they are not morons. Their agenda looks insane to us, but it is very methodical.
They don't plan for years, they plan for decades.
I'm sure the illegals will declare the $25k to adjust their cost basis when their tax is due . . .
Well since they don't usually pay taxes anyway....
To be GOVERNED is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be GOVERNED is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be placed under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government.
That's why this Orwell 1984 shirt is perfect for these times 👇
t.co/EKkMWeTAPG
You almost had me with all those adjectives…until you exposed yourself as a shill selling t-shirts.
Stop using SS comments to make sales pitches.
Were this ridiculous type of tax to be implemented, it would precipitate civil war in this country. Untold numbers of people, and more particularly seniors, would be unable to pay such a tax and would literally be out of their homes and on the streets. I can't imagine any sane person would vote for this. Or allow this.
Most private sector individuals do NOT owe taxes on earnings. The IRS tax code plainly describes that the income tax is an excise tax that only applies to those who have the privilege of working for the federal government or live in DC. See 26 USC 3401(a) (c).
Read the book “Cracking the Code” free online at losthorizons dot com. There you can look up my complete filing and see a copy of my refund check for more than $63;000. The IRS even corrected a small mathematical mistake we had made in our amended 2021 1040x filing. Do not fear the IRS. Study the tax code. File amended returns for the past three years ( statute of limitations) and claw back the money you paid unnecessarily.
They won't even accept the opinion of professionals who understand far more about property value than do bureaucrats. Again, just ask Trump.
If the Dems win( God PLEASE forbid) I bet Mar a Lago will soon increase in value, likely double what Trump says it's worth. And then they'll charge him with tax evasion. Marchan will randomly be selected to adjudicate
Markets set values of property not governments.
Unless it's a socialist government.
OMG-hadn't thought of that-but, you're right.
That's just what I was thinking!
They say in the NY case, that his properties aren't worth very much and cry fraud was committed because he overvalued his property and was overly benefitted by it -- oh no, he was loaned too much money and paid it back! Horrors!
What's to stop them from saying later, Trump was right, it's worth what he said, so we can tax him on the "unrealized gain" between what, $18M and $100M?
This is pure economic nonsense, corruptly-motivated thinking, and "dangerous to our democracy!" (Republic!)
These people are thieves at heart. That's what I believe.
Regarding Trump's loans: Does ANYONE with half a brain really think a bank would loan money in the millions on a property based on the property's owner's belief in its worth? Really? Everyone knows that banks always do their own value assessment and then they they will make a loan based on THEIR determination of value. Trump would have put what he thought the property was worth as a mere starter, and then the bank determined if that was accurate from their point of view as a lender. They always have to know they can recover their money in case of default.
How stupid is the left? How stupid do they think people are?
And to elaborate (and add insult to injury) on the example Jeff laid out for us in the article: there was a GAIN in the first year. Fully taxable. However, there is a LOSS in the second year. Guess what? Capital Losses are only deductible up to $3,000 per year. That is an example of the government having its cake and eating it too!
"That is an example of the government having its cake and eating it too!"
Actually, I think it should be called "The government having YOUR cake and eating it too ".
Tax on unrealized stock gains is STUPID because the following year they will need to issue refunds as stocks fluctuate daily. It just more paperwork and government interference into citizens lives.
No... the tax is a one-way street. You get no refund if your asset drops in price the next year.
😡
Nope, no refunds.
capital losses are only deductible up to $3,000 maximum per year (current law). Gains are FULLY taxable.
and where exactly is the cash to pay the tax supposed to come from - guess the government will be in the business of accepting property to pay the tax - just when you think it can get any more absurd democrats always prove you wrong
Oh the bank will lend you more money on your house and in the end, Blackrock will own it and you will be a renter in your own home.
Exactly!
They do for the real estate in my IRA. Which I have to do annually. They even accept the tax assessor's figure, which in Connecticut works out to be about 60% of the market value. But, I certainly don't want to have to explain my finances to them, nor do I want to be taxed on the value of the asset twice.
I get it, same here
Markets settle property values not the government.
HA!!! Exactly
I thought the EXACT same thing. I was kinda surprised Jeff didn't make a sarcastic remark about it.
Nice to know I’m in such wonderful company! I’m quite sure it was in Jeff’s mind somewhere (I say affectionately). Even if it was on the bottom of his Stack of Stuff (nod to you, Rush), he snags all the things flying past me at warp speed.
I can only HOPE the government would so grossly undervalue MY PROPERTY
❤️
So if unrealized cap gains applies to homeowners, how does that work when the bank really owns the property (mortgage still in play)? And what if the mortgage is under water (if homes dump in value)? And what about 401ks? And other tax sheltered monies?