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« on: December 08, 2023, 12:45:22 PM »
His April 1 car tax hoax was ahead of its time.
Joe Biden and Congressional Democrats say they want to make “the rich” pay their “fair share.” Fiscal Year 2023 budget calls for imposing an annual 20 percent tax on unrealized gains.
Currently, taxpayers only pay capital gains tax when they sell an asset. This plan would create a “mark to market” regime, forcing Americans to pay taxes every year on the gain in the value of assets like stocks, collectibles, and real estate.
In order to enforce this tax, the IRS would have to be given vast new powers to value the assets of taxpayers. This would be an extremely invasive and difficult task. The agency would have to keep detailed lists of assets of items like jewelry, art, baseball cards, and more.
I can see it now you have a $30,000 68 Mustang. The IRS sees a 68 Mustang dressed up as Eleanor sell at BJ for $400,000. Therefore since your collectable could become an Eleanor you owe $74,000 in taxes - 20% of $370,000 your unrealized gain.