Harris Goes Quiet on Biden’s Push to Tax Unrealized Gains

[rangerrebew]

Harris Goes Quiet on Biden’s Push to Tax Unrealized Gains
Story by Josh Wingrove • 21h

(Bloomberg) -- Vice President Kamala Harris has gone silent on Democrats’ bid to tax unrealized investment gains — casting doubt on how strongly she’d push for a key plank of the party’s efforts to raise taxes on billionaires.

Harris, who has already pledged to scale back one of President Joe Biden’s key policies on capital gains taxation, is declining to give specifics about her support for other pillars of the administration’s vision to raise taxes on businesses and the wealthy. That includes a White House plan to tax unrealized gains, a major proposed Internal Revenue Code change designed to increase levies on the richest Americans who are often able to avoid taxes under the current rules.

The Democratic nominee still supports a billionaire minimum tax, a campaign official said in a brief statement, speaking on condition of anonymity. Her team declined to provide specifics about that proposal or comment directly on how unrealized gains would be treated.

 
https://www.msn.com/en-us/money/markets/harris-goes-quiet-on-biden-s-push-to-tax-unrealized-gains/ar-AA1sMZYr?ocid=msedgdhp&pc=HCTS&cvid=e5d69a1cd17f464faa5eb730beffb216&ei=199

[libertybele]

This will be disastrous.

[DefiantMassRINO]

Do I get a tax refund for unrealized losses?

This will crash the economy as everyone sells everything at the same time, with few buyers, and mark-to-market accounting causes an insolvency death spiral, ala 2008.

That would be quite a turd to leave on the desk at the White House.

[catfish1957]

Do I get a tax refund for unrealized losses?

They are going to create a record keeping nightmare with a system like now that only allows you to deduct a max of $3K like with Capitol Loss.

You know, the House never loses don't you?

[banddag]

 "a major proposed Internal Revenue Code change designed to increase levies on the richest Americans who are often able to avoid taxes under the current rules."

With net worth of 100 million or more.

It's a nothing burger.

No politician would  allow unrealized capital gains on grampa or granny or middle class Joe and Suzy Smith

[GtHawk]

"a major proposed Internal Revenue Code change designed to increase levies on the richest Americans who are often able to avoid taxes under the current rules."

With net worth of 100 million or more.

It's a nothing burger.

No politician would  allow unrealized capital gains on grampa or granny or middle class Joe and Suzy Smith

No politician? Do you mean excluding democrats and RINO’s? I am tempted to say that’s the dumbest thing you have said, but sadly….

[berdie]

"a major proposed Internal Revenue Code change designed to increase levies on the richest Americans who are often able to avoid taxes under the current rules."

With net worth of 100 million or more.

It's a nothing burger.

No politician would  allow unrealized capital gains on grampa or granny or middle class Joe and Suzy Smith

Dang! I can't believe I have stumbled across someone more naive than I am.