Tim Scott warns Dems' plan to tax unrealized gains risks wrecking the entire US system

[libertybele]

Taxing unrealized gains??  You might as well put your $$ underneath your mattress!    

Tim Scott warns Dems' plan to tax unrealized gains risks wrecking the entire US system

South Carolina Republican Sen. Tim Scott joined "Life, Liberty & Levin" on Sunday to analyze the state of Congress, criticizing Democratic majority leadership for locking out Republicans from negotiations on the multi-trillion-dollar socioeconomic overhaul legislation dubbed human infrastructure.

Scott told host Mark Levin that Democrats did not receive a proverbial mandate from voters in 2020 to enact such a sweeping transformation of the American socioeconomic system, given that they cling to a three-vote margin in the House plus three vacancies. In addition, the U.S. Senate has no outright majority save for Vice President Harris' tie-breaking position in the 50-50 split therein.

"We have no idea, except for what we read in the newspapers… what's actually happening behind closed doors. It's like those old days of smoke-filled rooms in the middle of the night," Scott said. "The deals are being cut, the American people are left out and the entire Republican Party, representing half of the votes in the Senate, literally relegated to the sidelines with no ability to actually have an input."

"There are no committees that are meeting and talking about the greatest transformation in a negative way of the greatest economic system ever known to man literally behind closed doors… A one-way ticket to socialism.".................

...................Scott warned the American people foremost of the Democrats' opaque plan to tax unrealized gains, appearing to differ from the left's implicit claims such levies only hurt the wealthy.

"Part of their strategy right now is not only to increase the tax rates but to find new ways to generate revenue from revenue that is not [in] your account yet," he said

"That is something that is not just problematic. That is something that actually discourages the system itself."

An unrealized gain is a financial gain an American makes on paper that has yet to be pocketed, or "realized." Such examples include stock options that remain in one's fund account but have not been liquidated or withdrawn..................

https://www.foxnews.com/media/tim-scott-warns-dems-plan-to-tax-unrealized-gains-risks-wrecking-the-entire-us-system

[Fishrrman]

From the article:
"Part of their strategy right now is not only to increase the tax rates but to find new ways to generate revenue from revenue that is not [in] your account yet," he said.

Comrade Briefers, remember Dire Straits and "Money for Nuthin'" ?

The Party is gonna turn this around to create "Revenue from Nuthin'".
And you're gonna help!

[DB]

Property tax is often a tax on unrealized gains.

We are so screwed.

[Right_in_Virginia]

https://mobile.twitter.com/RealAdamK/status/1452460969196670983

[cato potatoe]

Inflate the nominal value of assets, tax the resulting inflation, and crush the system with interest payments.  Seems like a winning strategy to me.

[libertybele]

Property tax is often a tax on unrealized gains.

We are so screwed.

This is exactly how they will seize your home...tax you on future value.

Glenn Beck predicted that within time no one will own anything. I believe he is correct and they will do so by taxation and seizing property when taxes aren't paid on future value of assets.

TAXATION WITHOUT REPRESENTATION IS TYRANNY!!  Sound familiar?

Buy gold while you can before they start monitoring bank accounts.

Yes, we are screwed!

[sneakypete]

You have to wonder why he thinks they are doing it if they don't understand this. After all,their goal is to destroy America and recreate it as some sort of leftist paraside for the uber wealthy.

Seems obvious to me,and I never even drove by any of the fancy northern schools that preach leftist nonsense.

[sneakypete]

Inflate the nominal value of assets, tax the resulting inflation, and crush the system with interest payments.  Seems like a winning strategy to me.

@cato potatoe

Seems like it to the Dims,too!

That's WHY they are doing it.

[sneakypete]

This is exactly how they will seize your home...tax you on future value.

Glenn Beck predicted that within time no one will own anything. I believe he is correct and they will do so by taxation and seizing property when taxes aren't paid on future value of assets.

TAXATION WITHOUT REPRESENTATION IS TYRANNY!!  Sound familiar?

Buy gold while you can before they start monitoring bank accounts.

Yes, we are screwed!

@libertybele

Who are you going to sell it to?

Who are you even going to trade it to,when we go to a cashless society,and the INSTANT any unexpected amount of credits is deposited in subject digital accounts,bells are going to ring and the po po are going to want to know where it came from.

Gold and prescious minerals made good hedges against disaster 100 years ago,but not any more.

[libertybele]

@cato potatoe

Seems like it to the Dims,too!

That's WHY they are doing it.

I don't think this country is going to make it for another year. Those in power are collapsing our Republic faster than they can be stopped. Perhaps martial law or anarchy is near or a take over by China/UN?

[DB]

I don't think this country is going to make it for another year. Those in power are collapsing our Republic faster than they can be stopped. Perhaps martial law or anarchy is near or a take over by China/UN?

No external force is going to take this country any time soon. We are busy destroying ourselves. There's no need for anyone external to try to take us down when we are doing it ourselves. We are also well armed and would destroy any invading force. It would also unify us against that invading force. Neither China nor the UN have the ability to move large numbers of troops into a hostile USA.

[libertybele]

No external force is going to take this country any time soon. We are busy destroying ourselves. There's no need for anyone external to try to take us down when we are doing it ourselves. We are also well armed and would destroy any invading force. It would also unify us against that invading force. Neither China nor the UN have the ability to move large numbers of troops into a hostile USA.

Perhaps you are right, but I believe that the UN troops have already been positioned within the U.S., waiting for the collapse...courtesy of W., Obama, Clintons and Soros  & company ... the 'agreement' was made long ago and those 'rumors' were spun long ago, but the more I take a step back and look at what is happening, I'm not so sure that they are merely 'rumors'.

[libertybele]

@libertybele

Who are you going to sell it to?

Who are you even going to trade it to,when we go to a cashless society,and the INSTANT any unexpected amount of credits is deposited in subject digital accounts,bells are going to ring and the po po are going to want to know where it came from.

Gold and prescious minerals made good hedges against disaster 100 years ago,but not any more.

Gold has always been worth something; it is a tangible asset v. paper or the promise of value by a government (fiat currency).

Otherwise, why would countries hold so much gold?

 As of June 2021, these are the five countries with the largest gold reserves:

1. United States: 8,133.5 tons.

2. Germany: 3,362.4 tons.

3. Italy: 2,451.8 tons.

4. France: 2,436.2 tons.

5. Russia: 2,295.4 tons.

https://www.investopedia.com/ask/answers/040715/what-countries-have-largest-gold-reserves.asp

China comes in at no. 6 with 1,948.3 tons

Just a thought here ... If the world economy collapses and fiat currency is done away with and they go back to the gold standard, what country gains the most?? I believe it would also wipe out debt.

I'm not saying by any means that we will go back to the gold standard, but just an idea that may be a possibility.

[sneakypete]

Gold has always been worth something; it is a tangible asset v. paper or the promise of value by a government (fiat currency).

Otherwise, why would countries hold so much gold?

 As of June 2021, these are the five countries with the largest gold reserves:

1. United States: 8,133.5 tons.

2. Germany: 3,362.4 tons.

3. Italy: 2,451.8 tons.

4. France: 2,436.2 tons.

5. Russia: 2,295.4 tons.

https://www.investopedia.com/ask/answers/040715/what-countries-have-largest-gold-reserves.asp

China comes in at no. 6 with 1,948.3 tons

Just a thought here ... If the world economy collapses and fiat currency is done away with and they go back to the gold standard, what country gains the most?? I believe it would also wipe out debt.

I'm not saying by any means that we will go back to the gold standard, but just an idea that may be a possibility.

@libertybele

People ain't governments.

Governments also possess nuclear weapons. Try to buy a nuke and see what happens to you.

[libertybele]

@libertybele

People ain't governments.

Governments also possess nuclear weapons. Try to buy a nuke and see what happens to you.

??? Not quite following or I am not understanding your point.

No people are not govts, and the point I was trying to make is that a fiat currency is regulated by a gov't  and allows them to print money. It is not backed by any commodity. None.  Whereas the gold standard is/was. Tricky Dick switched us from the gold standard to a fiat currency in 1971. A fiat system has been used since then globally.  I'm merely pointing out how much gold the US is holding in comparison to other countries.

The U.S. dollar is considered to be both fiat money and legal tender, accepted for private and public debts. Legal tender is basically any currency that a government declares to be legal. Many governments issue a fiat currency, then make it legal tender by setting it as the standard for debt repayment.

Also as an example and I'm sure you are aware that $$ in banks are FDIC insured, which all that means is $$ is backed by the full faith and credit of the U.S. government.  Full faith and credit -- that's it.  It is not backed by any commodity, such as gold.   

I don't know about you, but I don't have a lot of 'faith' in the credit of our gov't nor faith in our gov't period, especially with their plans to tax us into oblivion.

[sneakypete]

??? Not quite following or I am not understanding your point.

@libertybele

My point is it will do you no good whatsoever to have gold because gold in itself is useless. It is only good as a trade commidity when it is needed for commercial purposes,and the ONLY people producing any  commercial products at all is the government,and they will just take it,not trade for it.

Mo betta to use what purchasing power you have to day to purchase desireable trade goods that are realted to food,clothing,and shelter. The basic things that everybody needs. They will all be worth more than gold in the Brave New World.

I don't know about you, but I don't have a lot of 'faith' in the credit of our gov't nor faith in our gov't period, especially with their plans to tax us into oblivion.

If it were possible to have less faith in our current government than "none at all",that's where I would be at. "Negative x 1000."

[Cyber Liberty]

I always thought the leftists central goal is to collapse the world economy.  And here we are.

[sneakypete]

I always thought the leftists central goal is to collapse the world economy.  And here we are.

@Cyber Liberty

Communism Rule Number One states that "We can only rule if the people come to understand they MUST rely on us for ANYTHING and EVERYTHING they will ever need."

[catfish1957]

Insanity, and that's putting it mildly.

OTOH, I'll be watching how they address the next Fed tax shortfall when taxpayers start reporting  unrealized capital losses during the next crash.  These idiots can't think or reason past one move.   

[catfish1957]

Gold has always been worth something; it is a tangible asset v. paper or the promise of value by a government (fiat currency).

Otherwise, why would countries hold so much gold?

 As of June 2021, these are the five countries with the largest gold reserves:

1. United States: 8,133.5 tons.


Just a thought here ... If the world economy collapses and fiat currency is done away with and they go back to the gold standard, what country gains the most?? I believe it would also wipe out debt.

I'm not saying by any means that we will go back to the gold standard, but just an idea that may be a possibility.

There's been a lot of speculation, and some of it conspiracy related, on how much gold the US government actually owns.  I am not going add comment or add gasoline to the fire, but give it some thought before believing these reports.

[MajorClay]

"There are no committees that are meeting and talking about the greatest transformation in a negative way of the greatest economic system ever known to man literally behind closed doors… A one-way ticket to socialism.".................

And there in lies the problem.

[mountaineer]

Who is John Galt?

[IsailedawayfromFR]

A billionaire can easily avoid this tax. They can simply leave.

So the hunt for tax revenue by the Dems will seek lower income levels until woila we all pay added taxes.

[Cyber Liberty]

A billionaire can easily avoid this tax. They can simply leave.

So the hunt for tax revenue by the Dems will seek lower income levels until woila we all pay added taxes.

This goes directly to Willi Sutton's observation.

When asked why he robbed banks, he said, "Because that's where the money is!"

In aggregate, the middle class has the lion's share of all income, not the "rich."  Eventually the government has no choice but to go after the middle class.  They've been chipping away at that edge as long as I've been alive.  What they call "rich" is nowhere near where the Rats claim it is.  They like to say "Oh, $250K per year," but that's a lie.  It's more like $65K when it's time to start punishing "the rich."  If you make $80K, you are a target, especially if your income comes from wages.

Experience has taught me this over the decades.

[sneakypete]

This goes directly to Willi Sutton's observation.

When asked why he robbed banks, he said, "Because that's where the money is!"

In aggregate, the middle class has the lion's share of all income, not the "rich."  Eventually the government has no choice but to go after the middle class.  They've been chipping away at that edge as long as I've been alive.  What they call "rich" is nowhere near where the Rats claim it is.  They like to say "Oh, $250K per year," but that's a lie.  It's more like $65K when it's time to start punishing "the rich."  If you make $80K, you are a target, especially if your income comes from wages.

Experience has taught me this over the decades.

@Cyber Liberty

The very definition of "low-hanging fruit". They make enough to live very comfortable lives,but they don't make enough to hire very comfortable law firms to plead their cases.

They are essentially defenseless. If they protest,there is a VERY real chance they will end up losing everything they have worked for their whole lives,including their houses.

So they plead guilty for a reduced fine,and pay up.