https://x.com/WatcherGuru/status/1825969543459778766

(http://www.autoadmit.com/thread.php?thread_id=5579991&forum_id=2#47988378)

very odd case there aren't community notes!

(http://www.autoadmit.com/thread.php?thread_id=5579991&forum_id=2#47988755)

Basically if you use assets that you havent been taxed on yet to acquire more assets, that should count as a taxable event.

(http://www.autoadmit.com/thread.php?thread_id=5579991&forum_id=2#47988880)

One month into her campaign, it looks like that is indeed the case. Multiple published reports this week have said the Democratic presidential nominee supports the tax increases put forth in Biden’s most recent budget proposal, which came out in March.

The Biden budget called for new taxes on wealthy Americans, corporations and business owners — including a controversial idea to tax unrealized capital gains as income for those with more than $100 million. An unrealized capital gain, also called a paper profit, refers to an increase in value for an asset that a person hasn’t sold yet, whether it’s a share in a business or a property.

Biden’s Treasury Department said it’s proposing “a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million.”

Treasury officials offered their rationale for the proposed change, saying the country’s current approach with unrealized capital gains “disproportionately benefits high-wealth taxpayers and provides many high-wealth taxpayers with a lower effective tax rate than many low- and middle-income taxpayers.” They also said the current approach “exacerbates income and wealth disparities” and “produces an incentive for taxpayers to inefficiently lock in portfolios of assets and hold them primarily for the purpose of avoiding capital gains tax on the appreciation, rather than reinvesting the capital in more economically productive investments.”

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But the proposed change that targets unrealized capital gains has drawn considerable criticism.

It’s “among the worst ideas in the Biden administration’s proposed budget,” said Siri Terjesen, a professor and associate dean at Florida Atlantic University’s College of Business.

It would serve as a “kill switch” for entrepreneurship because it would end up “discouraging investment & draining capital,” she wrote. Terjesen’s comments came in social-media posts last month and in an opinion column for the Daily Signal, a conservative website.

Republican politicians have blasted taxing unrealized capital gains, with Arizona GOP Senate candidate Kari Lake saying in a social-media post that it “would cripple innovation & economic growth.” Lake is a prominent ally of Republican presidential nominee Donald Trump.

The Institute on Taxation and Economic Policy, a left-leaning think tank, is among the organizations that support taxing paper profits.

(http://www.autoadmit.com/thread.php?thread_id=5579991&forum_id=2#47991006)