The tax applies only to individuals with at least $100 million in wealth and mostly affects hedge fund managers.
t_d thread: https://archive.is/5pFXr
here's fox news trying to convince people that the tax will mean that if your home goes up in value, the government will take your house: https://archive.is/Ay89M
"This would be the most crazy tax structure we have ever seen. It makes Venezuela look normal. It makes Russia look normal," Gingrich stressed. "That speech last week in Raleigh, where [Harris] outlined her economic plan, that was crazy. That was so far to the left of Bernie Sanders that Gorbachev in Russia would have thought it was a radical speech."
I love how unrealized gains are worth enough to borrow against, but somehow don't count as wealth for the purpose of taxation. Funny how that works.
I agree with the outlook when it comes to stocks, if this tax is actually true for it. I've had stocks I've heald for nearly a decade and watched them go up and down by large amounts.
Having to pay a tax on the value they would go up in a year would mean I or anyone else would have to sell off some stock to pay for the tax. I make $50,000 a year. I couldn't afford to keep my stocks if they had a good year. Especially knowing if they went down the following year I wouldn't get the inverse action of a 25% loss credit.
They need to find other ways that more directly take on the issues of wealth disparity than something that's going to knock out the lower and middle class out of being able to invest in the market. Put limits on what corporations can do and property owners from having more than a certain amount of residential homes/apartments. Put a stop against using stocks and bonds as collateral against loans. Don't put this tax in effect unless the gains increase is in access of $1,000,000 or some amount. Don't screw up everyone else just trying to get by and save a little bit of money .
From the first sentence in The fucking post: The tax applies only to individuals with at least $100 million in wealth and mostly affects hedge fund managers.
If you read anything more than the headline before you rushed to the comments to provide your ignorant take, you would have saved yourself a lot of embarrassment.
I read what was in the linked picture that was posted, you pious Lil shit.
"I assumed the text shared in a post in the dunk tank was accurate"
I didn't just assume it was accurate. I said IF this tax is actually true for it..