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It’s a real stretch to compare taxing unrealized gains for the 700 wealthiest US families to bank robbers or warlords of Central Asia. And the “slippery slope” argument can be used against any policy. A key reason for this approach is that it clamps down on assets that aren’t normally taxed, and which the super wealthy often borrow against to support their lifestyles. Then the gains are not taxed when they die (buy, borrow and die strategy). But this new tax would be complex, possibly disruptive and, at times, unfair.
I wonder if it would be better if we taxed unrealized gains when folks die?
Couldn’t agree with the authors more. The investor class should absolutely be shielded from all taxes on their assets. If they’re not, how will their wealth ever trickle down to a wage slave like me?
+1
You think accountants were good at their jobs before, watch how good they will get if the tax sees the light of day. Let’s just keep taking away the incentives to start and grow a company that could employ hundred of people.
I am wondering if there is not some real merit to this idea and not only at the top. There has to be something really broken in our tax laws to allow so many people to purchase real estate and then sit on it for years at a time while it is vacant. I have seen properties purchased, the building sit until it is demolished, and then still sit for scores more years contributing almost nothing to the local tax base.
I would like them to explain the differences in US tax laws vs most other European and Scandinavian countries that allows this kind of waste of resources and warehousing of wealth (or write-offs) to happen, and then explain why or why not taxing unrealized gains is a bad idea.