Biden proposes a 45% capital gains tax with a 25% unrealized capital gains tax. This would literally tax imaginary money.
If you invested $100, made $100 on the investment in 2024, you’d owe $25, yet if you lost $125 in 2025, you wouldn’t get that tax back. Absolutely insane.
6 comments:
Democrats are famous for their stupidity as regards economics. This is just one more reason atop the several dozen others why rejecting Trump in 2020 was moronic.
Between, this, and his teleprompter gaffe, one can hope that he's shot himself in the foot to the point that he'll start to piss off his "rich" supporters as well.
The very notion that you would tax something that doesn't exist and is fluid is one of the most stunningly stupid proposals I've heard in years.
What may be stupider, is the decision to roll this abomination out now. This is the kind of idiocy that you wait until you are a lame duck to propose.
Taxing unrealized gains is an old proposal for the Dems. This seems to be similar and similarly stupid.
What better position in which to be is the lame duck position! Good people can push goodness, while unfortunately, Dems will push horrors.
It's been around, but I don't recall a proposal as serious as this. Even if it is, the timing is terrible for Biden. It could be something that is in there only to be "sacrificed" in negotiations thereby making the absurd capital gains tax rates look less bad.
The games political people play!
You mean like, pause, politics?
In addition to Biden's many indications of unsuitability, the notion that he'd get away with unveiling two completely ridiculous policies which will piss off parts of his supporters, this shows a complete lack of awareness of reality.
Post a Comment