@PatsyDiabetes It's paper money. Unrealized. Do you own a home? If you do you likely have equity. That's an unrealized gain. Have a retirement account that earns interest? Unrealized gain. Do you really think additional tax revenue will trickle down?
So who is behind this push? And are those who advocate for taxing unrealized gains, are they also want to tax wealth generally? Where does it stop? At your average savings account? Home equity? How would unrealized loss be accounted for?
The tax the wealthy charade. This nonsense of taxing unrealized wealth is a ridiculous idea and likely unconditional. For all of you who want this to happen, you do realize even China has billionaires? Over 1000. As does a multitude of other countries besides the US.
Tax everyone the same percentage. Or better yet do away with the income tax and have a national sales tax. That way when the wealthy takes loans against their assets and they spend that to live, the sale is taxed. They spend more so they will pay more.
@OhRick4 So you think wealthy people should pay 70 percent? You are jealous crybaby. You want fairness in taxes? Advocate for a flat tax. Everyone pays the same percentage. 10 maybe 15 percent max. The wealthy will pay more because they make more.
@Cryptoboyy_Aji There are things you can do. I will assume you live alone. So get a roomie and split the rent and utilities. $990 you get to use for investing.