The reality of Kamala Harris’ plan to tax unrealized capital gains

19 comments

1. I am more concerned about the plan to eliminate “like kind exchanges” which are 1031 exchanges. This will be devastating for the real estate market and for many jobs that rely on this.

   Here it is:

   https://www.presidency.ucsb.edu/sites/default/files/documents_with_attached_files/373813/165904.pdf

   On page 16 of the official democrats 2024 platform.

2. That’s nice but it does nothing for most of us. When will the bulk of the population get a tax break?

3. What happened to yesterday’s talking point that she has no specific plans?

4. If implemented this is a dream come true for the big 4 accounting firms.

5. Are you worth $100 million? 

   No, then this doesn’t affect you 

6. Great policy, and I hope it becomes law as soon as possible.

7. LOL would only impact a small number on year 1. on year 2 though, all bets are off. Normalizing a tax on unrealized gains leads us all to the poorhouse, and if you think for a moment that they’ll restrict this tax just to the wealthiest you’re delusional, and if you don’t believe me go read up on the history of the income tax

8. Unless you’ve got more than 100M in the bank, this does not concern you.

9. Please continue to tax wealthy people so I can get even higher transfer payments.

10. >Harris didn’t release a new tax plan. Instead, her campaign said it agrees with a series of items in President Biden’s last budget proposal, the most relevant of which were nonstarters in Congress and didn’t become law.

    Of course not, she hasn’t release much.

11. “Just this” and “only them”. This will trickle down to boiling frogs.

12. They would lie and later revise this to affect everyone else. This is classic “sticking the camels nose under the tent.”

13. Pelosi ain’t gonna like this

14. Zero critical thinking in this sub.

15. People are going to find out really quick how badly this will affect absolutely everyone. Every single person who is attempting to save for retirement, trying to build wealth, trying to invest, everyone gets hit extremely negatively. Adding years onto the end of your life that you’re going to have to work. What’s the point of food costs going down, when your total amount of money you have drops to nothing.

16. Don’t working class people already pay taxes on unrealized gains? I have a home and my property taxes have gone up several times based on whatever they assessed the current value of my home to be.

    I haven’t sold my home, but my home value has gone up along with the taxes on it.

    Is this not the same thing?

    Why are working people paying taxes on unrealized gains, but rich investors are not? I may be wrong here but I don’t know

17. This will trickle down and absolutely annihilate the common wage worker. This is economics yet the people here have a Sesame Street understanding of money.

18. It seems like people comment but don’t read the material.

19. Dumb idea. Will never happen. Proves yet again never trust a democrat