We already get taxed on unrealized gains with property taxes. My home is paid off and I have no plans to EVER sell it. This year, our "market appraisal" rose over 200%. I guarantee you my home did not gain 200% more "market value" from last and I'd never be able to sell it for this ridiculous price. The entire county is up in arms. Pleading to our state legislators falls on deaf ears. The grapevine says the feds are looking hard at a 3% property tax in the near future. Not sure how that would work, but it's just another way to tax people out of home ownership.
I have been saying this for years as Texas property taxes are onerous. Many of the neighbors in our little neighborhood bought their houses for very little many moons ago and have slowly been squeezed out due to increased valuations as it is an area near the Dallas metroplex. Sadly many have to move on e they reach retirement as they cannot afford the increased property taxes on the unrealized gain. It is outrageous. Instead of being able to stay where they have lived for so long with little expense, they must uproot. Even commifornia thanks to Prop 13 allows seniors or anyone really to stay in their homes as long as they want as you cannot be taxed on unrealized property gain - no matter how much your neighbors get if and when they sell.
And let us be clear - there is no private property if the government is allowed to tax our homes and our land. They always own part of it through fiat. It is wrong for so many reasons. Property taxes should be abolished - they are simply more government overreach and an excuse for them to continue their frivolous spending.
No offense but property taxes are the bedrock of government. There have been taxes on real estate since the Greeks. If there are no property taxes there are no private property. I agree that we should abolish the USG, but I’m sorry my friend there will never be a time when your property isn’t taxed, only under complete anarchy and/or nuclear apocalypse.
No property taxes, no private property. You're forgetting something, the government do not own the land the people do. The government are elected to work for the people. It's only because of flawed thinking and blind acceptance of rules like 'property taxes' on something you have worked your backside off for ten years to obtain that allows them to tax the hell out of it after you paid taxes on the money you earned and spent on buying the property. That is called double dipping.
I live in a very small, very rural town in West Texas. Our town has NO industry whatsoever. The biggest employer in the county is in healthcare (several "home healthcare" companies that thrive on Social Security and Medicare payments), followed by restaurant workers. Median income for the town is $27k, mostly poor elderly because when the kids graduate HS, they leave for higher education or a good paying job and never return. You have to drive an hour away to have a real career and make any money.
The whole idea of "investing" is hoping you make a good choice and you make money instead of losing it. As with most, if not all investments, it could go either way, and it changes all the time, up and down. It is YOUR money on the line, and the risk is all yours. You might gain, or you might lose. You won't know until you sell your investment. And you don't get money from your investment until you sell it. So why would anyone think its OK to pay taxes on money you haven't really gotten and you don't even know if you will really ever get? What a great way to discourage investment! They should be doing the opposite. And what happens when you lose money after paying taxes on the fake profit? Do they give you back all those taxes with interest? Yeah, right! "Creative taxes" are just scams to take more money away from the citizens and pretend it isn't hurting anyone.
Here we go...Globalist lockstep time yet again. Check out the news on Deputy PM and Finance Minister of Canada -- Chrystia Freeland. She announced very similar moves a few months ago. Went over badly.
I imagine that the UK will make an announcement like this quite soon too. When one puppet group running a Western country pulls off a new stunt....they all do it.
Communism, fascism what ever you call it .. greed and stupidity of politicians.. it’s not just USA, it’s proposed across the world.. who by? we can’t keep supporting these people in the same old corrupt parties..both sides..
And those same people will move their companies out of America. We will lose hundreds of thousands of jobs. True Socialist, go after the rich and eliminate the middle class. 👏 👏 👏
And then Americans can buy those locations for a dime on the dollar and we can be owned by our ppl instead of mega investors from other countries. Half our meat is processed by plants owned by Brazil. We need to end the monopolistic price gouging. The question is do those businesses like JBS pay any taxes here in US?? I'm curious how that works.
US corporations have trillions of untaxed $$ stashed offshore from their global operations. Incentivize them to bring it onshore, say tax-free, to invest in US manufacturing facilities and jobs. Apply requirements for domestic "value added" to finished products sold stateside. Many other countries do the latter. The US government needs to cut back on spending. Nix on the Kommiala's tax idea.
How has that worked so far? Trump gave trillion dollar tax cuts to them. Then he did 14 days to flatten the curve and gave them trillion dollars in PPP $ and locked half the working class down at home. Wrecked the economy.
Then Biden continued the oppression with unwanted mandatory jabs or lose your job and right to go anywhere in public in some states. (Sure, that was up to states but was literally pushed by both presidents) BOTH PRESIDENTS WERE FINE WITH LOCKDOWNS AND SMALL BUSINESSES BEING FOREVER CLOSED. Both were fine with experimental vaccines paid for no strings attached and no consequences for any of the side effects like permanent heart damage, neurological problems, and maybe even cancer.. The Trump tax cuts are still in effect. Did any of those businesses with money stashed overseas bring it back here? Its been almost 8 years. Those tax cuts haven't expired yet.
I dont see how anyone can say Trump was good for the economy when our deficit under him ballooned as much under him as it has now under Biden.
Since the RNC, DNC, and all the superpacs are all controlled by their biggest donors, and those are the same corporations and billionaires you are talking about, we have a sham of a Democracy that is really already an oligarchy.
So how is giving them more tax cuts while at the same time most of these billionaire corporations are getting government subsidies and tax breaks already just to do business here,how is that gonna bring their money back into circulation here for the working class?
The answer to that is it WONT. Because in reality it never has worked that way.
Did anyone ask those politicians, "What was the main reason these businesses have become so valuable?"
Probably not, as the resulting video would expose stupidity en masse.
The two biggest reasons for asset price inflation were the issuance of excess currency units, mainly over the last 25 years, and near-zero interest rates.
Was there a legitimate economic reason for the issuance of so many currency units (some people would call them "dollars") over the last 25 years? I would suggest probably not. But the Federal Reserve, under the leadership of Alan Greenspan, felt that the economy needed to be protected from the Year 2000 computer implosion (the infamous Y2K crisis), which never happened. When it fizzled, we saw the infamous internet bubble pop. This prevented Greenspan from pulling the excess liquidity out of the economy, for fear it would create a recession. The excess liquidity found its way into tech companies and real estate, which led to another bubble within the decade. This panic prevented a return to more normal interest rates again.
Long story short: The excess cash and low interest rates kept creating bubbles in different areas of the economy, all of which ended up bursting. But each also caused an increase in asset prices, which act as a tax shelter, because there is no tax paid until the asset is sold.
One major result of this proposal will be an unwinding of asset prices, which will collapse many areas in the nation. And we will see many people sell their homes (or try), which will cause real estate prices to fall in general. After an extended period of this, we will see many local governments in financial trouble, since the value of local real estate supports many local governments. An these price drops will be happening all around the country, and the US government will be powerless to stop it.
You forgot to mention how covid lockdowns and the move of workers from offices to working from home also us having a delayed but huge effect on real estate prices. Commercial mortgages can be walked away from no pain to the loan reciever. Which is opposite of home loans, where the loan taker is responsible for the difference owed to the bank if foreclosure doesn't sell for more than he owes.
Since commercial loans are just now starting to come due, the housing market reversal is just starting to happen. Because the banks will have to eat all the commercial loan losses and the people who can't afford the inflationary mortgage rate increases will start selling regular homes too. (Especially because the required home insurance needed to keep mortgages has gone up the last few years about 17% or more every year due to the increase in natural disasters, AND property taxes are going up everywhere partly due to less federal money for states and also inflation reducing purchasing power) Both things (higher mortgage prices leading to home and commercial real estate foreclosures) will flood the real estate market with real estate and drive down values of real estate, but the banks will no longer be able to afford loans to high risk people.
However the commercial loan defaulted will still be able to qualify for more loans cause they don' get penalized for their defaults.
Maybe the trickle down you hope for will happen when they start buying up all the houses, like Blackrock, Vanguard, & State street and all their subsidiaries already are doing. But I doubt it.
What I mentioned was NOT what I hope will happen; it's my prediction of what WILL happen.
It is true that I left a few steps out of my explanation, because I was trying to be brief and hit the result instead of each step along the way. Major waves of financial unwinding will cause certain effects that neither you nor I wrote about, and we won't see the full effects of disaster until the tide stops washing out.
In a depression, he who loses the least, wins. And you don't know who was swimming naked until the tide rolls out. Those are two famous statements by Richard Russell and Warren Buffett, respectively, about what happens when economic trends reverse toward the negative direction.
Thank you, PaxAlto! Reading so many comments attributing this policy to greed, stupidity, policy ignorance, etc. is deeply frustrating. Sun Tzu counseled that we MUST know our enemies. This is stone-cold marxism/socialism. It is intentional, pointed & strategic: designed to meet their twin goals of chaos & destruction (especially of the resilient middle class aka "the bourgeoisie") which is always their path to power & consolidation of power.
Watch this space. Apart from property prices increasing due to increased demand & lack of stock there are other issues. It will destroy farmers as their land value even if not realised (ie sold) will be rolled into this.
In 2023 Victoria Australia (you know that longest lockdown in the world, harshest vaccine mandates state) introduced a windfall tax on land whilst simultaneously rezoning farm land for residential or commercial development thereby changing the value of it.
Windfall tax will need to be paid at time of rezoning not at time of realisation (ie if they sell which most don’t want to, they just want to farm or live rurally with space). This will destroy farmers & even those who just have their home on larger plots of land.
Sickening the way the parasites in government, who never did an honest day’s work in their lives, are always trying to find more ways to steal from people who are actually successful in what they do. Pure envy and petty jealousy.
We already get taxed on unrealized gains with property taxes. My home is paid off and I have no plans to EVER sell it. This year, our "market appraisal" rose over 200%. I guarantee you my home did not gain 200% more "market value" from last and I'd never be able to sell it for this ridiculous price. The entire county is up in arms. Pleading to our state legislators falls on deaf ears. The grapevine says the feds are looking hard at a 3% property tax in the near future. Not sure how that would work, but it's just another way to tax people out of home ownership.
I have been saying this for years as Texas property taxes are onerous. Many of the neighbors in our little neighborhood bought their houses for very little many moons ago and have slowly been squeezed out due to increased valuations as it is an area near the Dallas metroplex. Sadly many have to move on e they reach retirement as they cannot afford the increased property taxes on the unrealized gain. It is outrageous. Instead of being able to stay where they have lived for so long with little expense, they must uproot. Even commifornia thanks to Prop 13 allows seniors or anyone really to stay in their homes as long as they want as you cannot be taxed on unrealized property gain - no matter how much your neighbors get if and when they sell.
And let us be clear - there is no private property if the government is allowed to tax our homes and our land. They always own part of it through fiat. It is wrong for so many reasons. Property taxes should be abolished - they are simply more government overreach and an excuse for them to continue their frivolous spending.
CA fixed that with Prop 13. Maybe TX should consider that not all things CA are bad.
No offense but property taxes are the bedrock of government. There have been taxes on real estate since the Greeks. If there are no property taxes there are no private property. I agree that we should abolish the USG, but I’m sorry my friend there will never be a time when your property isn’t taxed, only under complete anarchy and/or nuclear apocalypse.
No property taxes, no private property. You're forgetting something, the government do not own the land the people do. The government are elected to work for the people. It's only because of flawed thinking and blind acceptance of rules like 'property taxes' on something you have worked your backside off for ten years to obtain that allows them to tax the hell out of it after you paid taxes on the money you earned and spent on buying the property. That is called double dipping.
Well David / Then let’s try anarchy and see if that works. Along the way we’ll grab some nukes in case it doesn’t.
No property taxes meaning no private property is a non-sequitur by the way…
Wrong. In Texas, property taxes on homes TO FUND PUBLIC SCHOOLS (where the most egregious abuses come from) wasn't started until 1979 with SB 621.
They always use "for the children" as an excuse to rip away more money or rights.
https://www.facebook.com/share/p/hw6Vr6nprzFozt98/?mibextid=oFDknk
I live in a very small, very rural town in West Texas. Our town has NO industry whatsoever. The biggest employer in the county is in healthcare (several "home healthcare" companies that thrive on Social Security and Medicare payments), followed by restaurant workers. Median income for the town is $27k, mostly poor elderly because when the kids graduate HS, they leave for higher education or a good paying job and never return. You have to drive an hour away to have a real career and make any money.
The whole idea of "investing" is hoping you make a good choice and you make money instead of losing it. As with most, if not all investments, it could go either way, and it changes all the time, up and down. It is YOUR money on the line, and the risk is all yours. You might gain, or you might lose. You won't know until you sell your investment. And you don't get money from your investment until you sell it. So why would anyone think its OK to pay taxes on money you haven't really gotten and you don't even know if you will really ever get? What a great way to discourage investment! They should be doing the opposite. And what happens when you lose money after paying taxes on the fake profit? Do they give you back all those taxes with interest? Yeah, right! "Creative taxes" are just scams to take more money away from the citizens and pretend it isn't hurting anyone.
Because we already do it with property taxes....
Isn't that Democrats full intention? To crash our economy. Doing an awesome job so far!
So do we get credits when we have unrealized losses as well?
Yes - and refunds from the tax department when the gain from last year on which tax was paid evaporates.
😂🤣😂🤣😂🤣
Here we go...Globalist lockstep time yet again. Check out the news on Deputy PM and Finance Minister of Canada -- Chrystia Freeland. She announced very similar moves a few months ago. Went over badly.
I imagine that the UK will make an announcement like this quite soon too. When one puppet group running a Western country pulls off a new stunt....they all do it.
Communism, fascism what ever you call it .. greed and stupidity of politicians.. it’s not just USA, it’s proposed across the world.. who by? we can’t keep supporting these people in the same old corrupt parties..both sides..
And those same people will move their companies out of America. We will lose hundreds of thousands of jobs. True Socialist, go after the rich and eliminate the middle class. 👏 👏 👏
And then Americans can buy those locations for a dime on the dollar and we can be owned by our ppl instead of mega investors from other countries. Half our meat is processed by plants owned by Brazil. We need to end the monopolistic price gouging. The question is do those businesses like JBS pay any taxes here in US?? I'm curious how that works.
Absolute insanity.
US corporations have trillions of untaxed $$ stashed offshore from their global operations. Incentivize them to bring it onshore, say tax-free, to invest in US manufacturing facilities and jobs. Apply requirements for domestic "value added" to finished products sold stateside. Many other countries do the latter. The US government needs to cut back on spending. Nix on the Kommiala's tax idea.
We’re already reshoring under the pressure of Covid then Ukraine war and China sanctions.
Fine. If it doesn’t go nuclear.
Trump already addressed that issue quite successfully:
https://www.cnbc.com/2019/03/27/us-companies-bring-home-665-billion-in-overseas-cash-last-year.html
How has that worked so far? Trump gave trillion dollar tax cuts to them. Then he did 14 days to flatten the curve and gave them trillion dollars in PPP $ and locked half the working class down at home. Wrecked the economy.
Then Biden continued the oppression with unwanted mandatory jabs or lose your job and right to go anywhere in public in some states. (Sure, that was up to states but was literally pushed by both presidents) BOTH PRESIDENTS WERE FINE WITH LOCKDOWNS AND SMALL BUSINESSES BEING FOREVER CLOSED. Both were fine with experimental vaccines paid for no strings attached and no consequences for any of the side effects like permanent heart damage, neurological problems, and maybe even cancer.. The Trump tax cuts are still in effect. Did any of those businesses with money stashed overseas bring it back here? Its been almost 8 years. Those tax cuts haven't expired yet.
I dont see how anyone can say Trump was good for the economy when our deficit under him ballooned as much under him as it has now under Biden.
Since the RNC, DNC, and all the superpacs are all controlled by their biggest donors, and those are the same corporations and billionaires you are talking about, we have a sham of a Democracy that is really already an oligarchy.
So how is giving them more tax cuts while at the same time most of these billionaire corporations are getting government subsidies and tax breaks already just to do business here,how is that gonna bring their money back into circulation here for the working class?
The answer to that is it WONT. Because in reality it never has worked that way.
I love the commenters hawking “it’s just the rich.”
🤣🤣
We’ve been hearing that for 108 years since Wilson…
Did anyone ask those politicians, "What was the main reason these businesses have become so valuable?"
Probably not, as the resulting video would expose stupidity en masse.
The two biggest reasons for asset price inflation were the issuance of excess currency units, mainly over the last 25 years, and near-zero interest rates.
Was there a legitimate economic reason for the issuance of so many currency units (some people would call them "dollars") over the last 25 years? I would suggest probably not. But the Federal Reserve, under the leadership of Alan Greenspan, felt that the economy needed to be protected from the Year 2000 computer implosion (the infamous Y2K crisis), which never happened. When it fizzled, we saw the infamous internet bubble pop. This prevented Greenspan from pulling the excess liquidity out of the economy, for fear it would create a recession. The excess liquidity found its way into tech companies and real estate, which led to another bubble within the decade. This panic prevented a return to more normal interest rates again.
Long story short: The excess cash and low interest rates kept creating bubbles in different areas of the economy, all of which ended up bursting. But each also caused an increase in asset prices, which act as a tax shelter, because there is no tax paid until the asset is sold.
One major result of this proposal will be an unwinding of asset prices, which will collapse many areas in the nation. And we will see many people sell their homes (or try), which will cause real estate prices to fall in general. After an extended period of this, we will see many local governments in financial trouble, since the value of local real estate supports many local governments. An these price drops will be happening all around the country, and the US government will be powerless to stop it.
You forgot to mention how covid lockdowns and the move of workers from offices to working from home also us having a delayed but huge effect on real estate prices. Commercial mortgages can be walked away from no pain to the loan reciever. Which is opposite of home loans, where the loan taker is responsible for the difference owed to the bank if foreclosure doesn't sell for more than he owes.
Since commercial loans are just now starting to come due, the housing market reversal is just starting to happen. Because the banks will have to eat all the commercial loan losses and the people who can't afford the inflationary mortgage rate increases will start selling regular homes too. (Especially because the required home insurance needed to keep mortgages has gone up the last few years about 17% or more every year due to the increase in natural disasters, AND property taxes are going up everywhere partly due to less federal money for states and also inflation reducing purchasing power) Both things (higher mortgage prices leading to home and commercial real estate foreclosures) will flood the real estate market with real estate and drive down values of real estate, but the banks will no longer be able to afford loans to high risk people.
However the commercial loan defaulted will still be able to qualify for more loans cause they don' get penalized for their defaults.
Maybe the trickle down you hope for will happen when they start buying up all the houses, like Blackrock, Vanguard, & State street and all their subsidiaries already are doing. But I doubt it.
What I mentioned was NOT what I hope will happen; it's my prediction of what WILL happen.
It is true that I left a few steps out of my explanation, because I was trying to be brief and hit the result instead of each step along the way. Major waves of financial unwinding will cause certain effects that neither you nor I wrote about, and we won't see the full effects of disaster until the tide stops washing out.
In a depression, he who loses the least, wins. And you don't know who was swimming naked until the tide rolls out. Those are two famous statements by Richard Russell and Warren Buffett, respectively, about what happens when economic trends reverse toward the negative direction.
Unrealized is exactly that NOT REAL. cannot tax not real UNTILL it becomes real.
Yeah, she's a Marxist. That's what they do.
Thank you, PaxAlto! Reading so many comments attributing this policy to greed, stupidity, policy ignorance, etc. is deeply frustrating. Sun Tzu counseled that we MUST know our enemies. This is stone-cold marxism/socialism. It is intentional, pointed & strategic: designed to meet their twin goals of chaos & destruction (especially of the resilient middle class aka "the bourgeoisie") which is always their path to power & consolidation of power.
Watch this space. Apart from property prices increasing due to increased demand & lack of stock there are other issues. It will destroy farmers as their land value even if not realised (ie sold) will be rolled into this.
In 2023 Victoria Australia (you know that longest lockdown in the world, harshest vaccine mandates state) introduced a windfall tax on land whilst simultaneously rezoning farm land for residential or commercial development thereby changing the value of it.
Windfall tax will need to be paid at time of rezoning not at time of realisation (ie if they sell which most don’t want to, they just want to farm or live rurally with space). This will destroy farmers & even those who just have their home on larger plots of land.
https://www.sro.vic.gov.au/windfall-gains-tax
Truly amazing
The same is being done in California. This state is already in ruin from policies implemented under the Newscum and Kommiemala regimes.
Sickening the way the parasites in government, who never did an honest day’s work in their lives, are always trying to find more ways to steal from people who are actually successful in what they do. Pure envy and petty jealousy.
What are the betting odds that Harris will not tax congressional unearned wealth?