Yeah. The unrealized gains tax would only apply to you if your net worth is 100mil+.
This is so good because it closes the loophole.
The standard argument against this is that stocks and property are stuff, not money. That until it turns into money again you don’t know how much you made; you might think your stock portfolio is worth more or less than it is, but it’s only worth what someone will pay for it, so it’s only taxed when you sell it. And that’s fair! That is entirely fair. That’s a good fair capital gains tax- you sold a thing, you gained a lot of capital, you get taxed.
But.
It gets counted like money when it comes to getting loans, and this is how the ultra wealthy live. They don’t sell stock to make money and then pay tax- they say to the bank, look how much stock I have. You know I’m good for it. Loan me the same amount of money as I’d get for selling this portion of my stocks, and when it comes time I’ll sell the stocks and pay you back with interest.
They take out loans to pay the loans, usually. Because they get to keep all their stuff, and it keeps appreciating in value, they’re still good for it.
Then, when they die, their estate includes all the stuff they own- including their stocks- and those stocks are used to pay off the loans, and crucially, they DON’T PAY CAPITAL GAINS TAX on that, because of how estates work.
This closes that loophole. If it counts as money sometimes, it has to count as money all the time.
holy moly, the amount of tax revenue this could bring in would not only pay for her great ideas about helping families and actual small businesses and first-time home buyers etc – it’ll enable us to do big things like provide universal basic income, universal healthcare, childcare, housing for those who can’t afford it, and more
because it’ll finally free up all that hoarded capital billionaires have been taking out of the working class economy
please please please elect her, and also enough non-republicans for the House and Senate and in state legislatures so she can enact her great ideas
I think every film critic review needs a footnote called the “fun-o-meter” where they ignore everything they said in the previous paragraphs and have to answer objectively. put it on a scale. good good to bad good to bad good to bad bad. for example. did venom get a 30% on rotten tomatoes? yes. but watching sweaty tom hardy sit in a fish tank and eat a live lobster was VERY fun. some movies aren’t meant to win awards. they’re just meant to be a hoot n a holler
this is the energy we need critics to start bringing back to the table
Arizona law enforcement officials are conducting an arson investigation after election ballots were damaged when a USPS mail collection box was burned in Maricopa County, a Democratic stronghold.
“Mariel Garza, the editorials editor of the Los Angeles Times, resigned on Wednesday after the newspaper’s owner blocked the editorial board’s plans to endorse Vice President Kamala Harris for president. “I am resigning because I want to make it clear that I am not okay with us being silent,” Garza told me in a phone conversation. “In dangerous times, honest people need to stand up. This is how I’m standing up.” On October 11, Patrick Soon-Shiong, who bought the newspaper for $500 million in 2018, informed the paper’s editorial board that the Times would not be making an endorsement for president. The message was conveyed to Garza by Terry Tang, the paper’s editor. The board had intended to endorse Harris, Garza told me, and she had drafted the outline of a proposed editorial. She had hoped to get feedback on the outline and was taken aback upon being told that the newspaper would not take a position.”
I have been a subscriber since the 80s. I believe in supporting local journalism, especially local papers.
If the only way I can express to the Times’ billionaire owner that his interference in the paper’s editorial independence is by canceling my subscription, so be it.
Valerio Minato’s photo that won the Astronomy Picture of the Day Contest by NASA on December 25th, 2023.
In the picture: the moon, the Monviso Mount and the Basilica of Superga (on the Superga hill) outside Turin are all aligned. it took him 6 years to take this shot (and I take it as an example to never give up on your dreams).
ALT
amhrancas 