Dementia on the rise.
https://www.cnbc.com/2019/04/03/top...ins-tax-would-be-devastating-for-markets.html
https://www.cnbc.com/2019/04/03/top...ins-tax-would-be-devastating-for-markets.html
Top Democrat's proposed tax on unrealized capital gains would be devastating for financial markets
- Thread starter Banjo
- Start date
Well, you know the DemoCraps.... they want more tax on everything and they want it right now!
Taxing paper gains, what can go wrong.
Imagine that it would have been applied in 2017 and 2018 for bitcoins.
Buy bitcoins at $4,000 and end of 2017 pay taxes on the value at dec,31 2017. At $13,880, or a profit of $9,880. Taxes will have to be financed in some way, you will need cash or a loan to finance this "provisional profit".
And end of 2018 catch a loss of $10,187 ($13,880-$3,693).
Question is: will the refund be correct, when will it be paid back, after how many years a refund can be cancelled?
The American Dream has already been gone a long time ago.
Buy bitcoins at $4,000 and end of 2017 pay taxes on the value at dec,31 2017. At $13,880, or a profit of $9,880. Taxes will have to be financed in some way, you will need cash or a loan to finance this "provisional profit".
And end of 2018 catch a loss of $10,187 ($13,880-$3,693).
Question is: will the refund be correct, when will it be paid back, after how many years a refund can be cancelled?
The American Dream has already been gone a long time ago.
Somewhat off-topic: We do have tax on capital on an optional basis in Sweden. On an "investment account" you can choose to be taxed on a quarterly basis, the rate somewhat based on interest rates. Naturally, the tax is very low currently sitting at 0.453% p.a and overall has been extremely favorable since the account form's introduction. The left here now wants to drastically increase taxation from these accounts - and to be fair, I don't see how this can possibly be "balanced" versus regular taxation on capital gains so I would personally remove it.
Of course, this is probably very different from what that guy is suggesting. Nonetheless, the point remains that tax on capital is just dumb, as is tax on unrealized gains.
Of course, this is probably very different from what that guy is suggesting. Nonetheless, the point remains that tax on capital is just dumb, as is tax on unrealized gains.
Wyden, the idiot who proposed this, represents the state of Oregon (although he lives in New York). Oregon has a really high state income tax. A lot of people invest while in Oregon and then wait until after moving out of the state to sell, thereby escaping the state income tax on capital gains...he's probably trying to go after that money.