Pennsylvania Republican Sen. Pat Toomey, has called it a"breathtakingly terrible idea," and he is absolutely, 100 percent right.
Having said that, the annual tax would also apply to illiquid investments like the value of a private company, real estate and other complex investments This is yet another full-employment act for accountants, tax attorneys and others who would then create a wide variety of tax avoidance schemes forged from whatever loopholes may arise from new legislation.
There are a host of tax loopholes that could and should be closed in areas like commercial real estate. Professional investors use something called a 1031 exchange to shield their gains from being paid. After they sell a building, they buy another of equal, or greater value, to avoid paying gains on the original investment. Reasonable people could agree that those taxes should be paid upon sale.
Having a lower capital gains rate on long-term investments creates incentives for individuals to raise public, or private capital, to build businesses, profit from their long-term growth and create jobs in the process.
Does he by chance also have an economics degree from Boston University like AOC?
The reason for such “stupid” ideas is the success of the financial class in avoiding being taxed. Such success has not been seen since the nobility of France avoided all taxes. The precedent is not encouraging.
So what happens when you begin to just short the position to realize a loss to offset the gain and minimize the tax? mikestoudt would love this!
They are clawing everywhere for more money to come out of our pockets. BE VERY AFRAID!
Um NO, that's why it is unrealized.
Lol this is just idiotic.
More taxes on real estate won’t help renters or homelessness. Don’t know why the Dems think this will help them gain power and votes. Probably the assumption that they’ll only hurt the rich with new taxes. Bahahaha
What a bunch of great economy managers!
let's face it, any democrat is bad for markets, this guy is just a little worse than some. BernieSanders is an admitted communist so how do you think markets will go under him?
This is sick, especially when with investments held for a long any gain is often illusory after inflation.
A tax on profit before the profit is realized? Absolutely asinine. The Left is in serious danger of falling off the edge of reality.
Crazy nonsense
O M G!
eattherich oh wait, I'm middle class, own a home, have retirement savings, regular savings. This would impact me too. eatthemiddleclass. Nobody: Democrats: All you're assets are belong to us.
They just want more money to waste. How bout they try to be more efficient spending what they already take
That’s so stupid. Less people would want to invest so, they wouldn’t have to deal with the headache of paying taxes. Which would cause our markets to lose value.
It goes down to envy, socialism is a mental disorder!
🤔 theRealKiyosaki
benshapiro
timothysykes smh
If you tax gains you should give credit for losses. If not the risk would not be worth taking a chance on stock
CNBC should at least mark this article 'opinion'. C'mon guys.
Enough with the taxes! Back off and let Americans get back on the path to the dream.
It’s time for gains to be treated like income. Why should working people pay more in taxes than people who inherit money and live off of the internet at a lower tax rate?
Remember when BarackObama tried to tax our way to prosperity? I do!
This is so stupid I can’t even give a response.
What is wrong with those ppl....and then they wonder why Trump got elected
That’s insane. How can you tax paper gains?
Another tax and waste (sorry, it's spend) scheme. Instead, cut loopholes and the likes.
It's time for this tax and to reverse the tax cuts for corporations and the top 1%.
That is pathetic, go Trump go , say no way to communism and socialism
Other people’s money. Always on the lookout on how to spend vs cutting costs.
If they want to play that game, fine. Unrealized losses can be generated temporarily to offset unrealized gains.
Rich are going to pay
If he wants a tax on unrealized gains then unrealized losses should be deductible based on the concept of MTM accounting
Have these guys ever taken a financial class in their lives?
Yeah let's not do this. Also, the picture says 2011....
This is actually pretty terrifying to think about.
Democrats can’t keep their hands out of your pockets.
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