I don't like taxes purely for 1 reason, the government makes you calculate your own tax and penalises heavily for doing it wrong. I have no issues paying taxes as a US citizen, however I hate that I have to do the paperwork when the government already has all the info they need. Always struck me as odd.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach on web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
@@hasede-lg9hj How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
This is all BS. There 9850 people who are worth $100M+. The government thinks they can balance the budget on the backs of 9850 wealthy people. It will fall to less and less. You will have to sell assets to pay. Unintended consequences will fall on to employees. Meaning your job is gone. Your job is gone because your employer had to close the business to sell everything to pay the wealth tax. The other problem is that everyone is trying to sell and there are no buyers.
@tehvirus666 It doesn't work that way. Their "money" is locked up in illiquid assets. Wealth is created. Nobody has millions sitting in bank accounts or in a vault in the basement. If I won $1M in the lottery, that money would go right to work, making more money.
@@markmyjak7739 what exactly doesn’t work that way? The whole point is that those wealthy people should be forced to sell their illiquid assets so they can’t just keep getting more and more wealth for free without doing anything, I get that if you won the lottery, you’d use the money to make more money, but winning the lottery is say… 5mil? You use it to make yourself another 5-10mil over the next few years? You’re still nowhere near 100mil+, you don’t have to worry about the law
@@tehvirus666 Profit pays and bills and the employees, Without it you will have nothing to pay anything with. This is basic economics, which may or may not be taught anymore.
I see this as exactly the opposite. If billionaires have to sell stock then who is going to buy them... you maybe! It will increase the spread of asset ownership. At the moment just the top 10% own 93%.
@@stevepetty7009 100%. So many people who will never even sniff 100M in "tradeable" assets (yes, this doesnt apply to real estate) are mad about this.. crazy.
QUESTION: If and when this starts, IN THE FIRST YEAR where does the valuation period start? The year the asset is purchased? An alternative year? The preceding year? If it goes back the year purchased, the capital gain will be tremendous in the first year of this tax. It will be incremental, year by year after that. For retired people like me, I have investments that produce income for us. This is our retirement money. Not all of it is tax deferred (IRA). Quite a bit is savings accumulated over years and invested. I would have to sell off my source of income to produce the cash to pay taxes. I assume taxed deferred income would remain tax deferred. But who knows?
Tax laws don't take effect immediately when they are passed, usually not until the next year at the earliest for major changes. So that gives people, especially wealthy people time to shift assets around for maximum tax advantage which is likely to wreak havoc on the markets.
The tracking would be a nightmare - did I buy this a year ago or ten years ago? Let’s say this unrealized tax is enacted and we pay dearly on year one and we’re able to keep that asset. On year two, would the unrealized tax be on the difference between year one and year two or from the initial purchase (again)?
You wouldn’t. You are correct. If you were smart enough or lucky enough to actually make substantial gains, they are going to take a lot of the profit away from you
The 16th amendment made collecting income taxes legal. I'm not a member of Congress. I'm only an honest person, but I would expect that taxing wealth would require an amendment to the constitution too. I would expect a number of people would give up their citizenship and move to a low tax place such as the E U. This was mentioned two years ago and it stopped. It is just a talking point of one of the political parties.
All tax is theft. Taxing you on an investment that you purchased with money you paid tax on is double theft. Finally, the government would be killing the goose that lays the golden eggs. Sure, they would get a bump in revenue at the start, but it would eventually go to zero, especially when everyone that's making the big gains would be leaving.
Tax is theft is so dramatic lmfao. How do you think the gov will build roads, fund hospitals, fire departments, etc. I dislike taxes because I know it’s being mismanaged to hell and the deficit just keeps getting higher
@@coolman000099 The old roads argument, try something original. Paying tax on something you own is theft, paying sales tax to purchase a product with money you've already paid taxes on is theft. Enough drama or do you want more?
I love everyone talking about "It only effects the top earners over 100 million." Who do you think we all work for? You want to see havoc? If this is passed, you will see. This, amongst other data, should be a sign to pay off your debt now, save a large emergency fund, and watch the S show commence.
WTF!!! Absolutely the most ridiculous proposal I have ever heard. This country is becoming more of a cat and mouse game every "F" day. Gotta get the "F" out of here!
Businesses subject to unrealized capital gains tax will move out of the US. Foreign companies not paying this tax will have an overwhelming advantage versus US companies that pay it.
It won't happen no matter what. The senate with the filibuster would never pass. Just like Biden couldn't pass his wealth tax and Trump couldn't pass the repeal of Obama care. This is a policy position to engage progressive votes and to make a story of blaming the wealthy for the problems. It is in no way a serious proposal.
Just like the income tax and landline phone tax was originally geared toward the wealthy, eventually this unrealized capital gains tax will trickle down to the middle class. So this host is absolutely correct to address all of us Americans. Educate yourself and vote for Barron’s father. You think communists will stop with the wealthy?
What makes us think that they won't lower the threshold at any given opportunity? Like when the 1 percenters start leaving? Besides, it's all theft, they have no business taxing cap gains in the first place as they've earned revenue on what it took to get the assets in the first place.
Right, I literally had to do my own research to find out what the proposal is. Glad I did - I don't think anyone on this chat thread has to ever worry about this proposal.
@@nicholascarrizales6974 the government never gives power back, only expands it. They have for as long as America exists to expand the tax. For example, income taxes haven't always existed in this country and were originally meant for wartime I believe starting in 1862 with the civil war but now they've expanded it to be permanent and normalized. The government doesn't impliment taxes that they don't plan on eventually applying to everyone
@@Moose_andSquirrel Don’t be dim. Project 2025 language is crystal clear in its horrific goals and policies, in stating what Trump will do in the exec branch. In contrast, Congress will have to pass any legislation impacting unrealized gains, and it’s likely in Committee, the language will be greatly revised compared to how people are speculating.
I don’t agree with the proposal, but but you keep saying “you” like this applies to anyone listening to your show. Maybe you should also mention this won’t apply to any of your listeners because you need a net worth of over 100 million dollars for it to apply.
Today it’s 100 million threshold, tomorrow it’s 10 million and then everyone is going to pay. People with 100 millions can create citizenship in neutral countries but what about people with 2-3 millions in retirement accounts?!?
So what you're saying is everyone should stop trying to make money... there is no incentive to make a million or 100 million because the fed gov will just take it...
Financial advisor charges one percent. You will get nailed by the government for whatever tax rate you are in based on your income. most people investing are going to be 28% or higher probably
You pay property taxes every year based on value and car registration in many states is based on value so this can be done.your brokerage can easily track your cost as it does now and this ONLY applies to the richest 29,000 households out of 120 million. Give me a break
It affects a VERY small number of people, and while it sounds asinine - it has merit. The mega rich have been taking low interest loans using their stocks as leverage and living off that while paying 1% on that loan. They hold that stock until they die and their kids get a step-up in basis or it's donated to charity. In all that the money is never taxed. It wasn't meant to be that way. I don't think it will ever pass, nor do I want it to.
@@jaunt3603 Right now people are doing what they always do - overreact! They thought Biden was going to raise taxes on the wealthy, he didn't. It's all talk and most of it ends like that - all talk!
Exactly.... this guy is being a total misleading POS. Any sort of tax law that would get approved for this would impact only very wealthy people. Wow, what a total POS. This dude is simply trying to scare people to become clients of his.
It affects all people who keep retirement saving in stock market - they do it in hope of these capital gains - that market is going up. Are they going to tax appreciation of houses before the house gets sold? Same thing Until something is sold - the game is not over. You can’t predict if it’s going to be gain or loss
@@irinab7524 That's not correct. It affects people with a very high net worth, not the average person who holds stocks. If I'm not mistaken, $100M net worth.
Everything you talking about is limiting the wealth you can build, which is good, it’s intended, it should be that way. Take money away from rich people (by limiting the wealth they can build) and give it to the poor people who need it through government projects and investments. For normal people who have houses at about 500k, this is a non-issue.
@@laurenhomel3143 The biggest majority the Dems will have is 51 seats in the Senate and this will never pass and Harris knows it. This proposal is just a political position to get the left wing of the party to support her. NOT GONNA HAPPEN.
@@Eldoradoll7 It’s nice you care for the richest .00026% of Americans. I would put my concerns on the least of us as Jesus did. Despite conservatives claiming to be Christian’s their opinions are always closer to yours
Jesus could turn water into wine and create food. So that is apples n oranges. I want every citizen to keep more of what they earn and all citizens. We are all equal under the law. When they drop the threshold as they always do soon a families home that has been in the family for years and was bought way cheaper ones can qualify you! This is evil and communism and if the Rights of the rich don't matter to you, you don't deserve yours. @@robertmeyers3640
This will affect very few people - only people with a net worth of $200 million or more (or maybe $100 million?). Also it only applies to tradeable assets - stocks and such. No one will be taxed on real estate or a business. This is so that the very rich can pay taxes too. Imagine you are an obscenely wealthy CEO and you get paid in stock. You don’t have an “income,” right? So you don’t pay income tax! Need money? Take out a loan with the stock as collateral. Write off part of the interest! The truth, the truth is that this will not affect the great majority of people and will only affect people who are avoiding paying income tax because of how they structure their income. The great people by far will not be affected by this and none of the nightmare scenarios people are describing such as having to pay interest on your house or on your family business, none of those will happen. If I, who work for my money , have to pay income tax, why shouldn’t the very wealthy who simply make money on their wealth, why shouldn’t they pay income tax too?
"Unrealized capital gains tax" is intended for people with a net worth of 100 million or more (and 80% liquidity)...don't mislead people with an example of a $5,000 gain.
to think that Kamala's proposed tax would only effect the top .01% forever would be simply unsophisticated. Taxes are always ushered in like this. Low % and only hitting the filthy rich. Every year it will increase % and scope. Every tax that's ever been introduced ever has grown like that. Don't wish a tax upon anyone else that you wouldn't wish upon yourself. It will effect you.
The unrealized tax would only apply to households who have over $100 million. The rich have been getting richer and hoarding wealth this way for decades. It’s not trickling down. No one needs over $100 million dollars and so few people have it that probably no one on this thread even know someone who would be effected by this.
Yes today for 100 million over wealthy persons, tomorrow they come after you whoever earn some penny. That is just a start. All commies do that as beginning and ignorant like you just don’t know how ramification will it go after couple years. DO NOT BE NAIVE!! DO NOT TRUST ANY LEFTIST. By the end, they got the power and they become rich, you and me end poor or poorer , that is for sure
Government will collect peanuts if tyey tax 100 Million tax bracket 😂 Middle class is main target for politicians in every country…. Government all over world fool people by not bringing tax to middle class because tyey can loose votes… First rich then middle… so they can gives excuse rich are paying so middle class have to We in india paying unrealized tax gains …. even Modi government in India loose vote bank because of this
It only applies to households worth over 100 million so a very small percentage of the U.S. earners. The wealthy is being impacted and time for them to pay back what this country made it possible for them relative to wealth on the backs of the middle class worker. The wealthy big investors may have to do a little more work to find tax shelters made possible because of their privileged wealth. I don't believe in what you are proposing relative to impact to the economy. Big investors will likely pull from their non-U.S. investments (in other words money they are not putting back into the U.S. economy). In short, I am not a liberal but I am not loosing any sleep on this one.
I don't think you understand her proposal. She is proposing this tax only on people with wealth greater than $100 million. In your video, you are constantly saying "you would have to", "your gain", etc. I can assure you that everyone watching this video is safe from this tax. All of this is misleading since it doesn't affect 99.9% of Americans. Furthermore, you said that it would "force millions to sell in order to pay the tax." This is flat out misinformation because the proposal would only affect about 10,000 people within the US. Therefore, you wouldn't run into liquidity issues with million of Americans rushing to sell. Either you didn't read her proposal, didn't understand her proposal, or wanted to peddle misinformation with this video.
Just like the income tax and landline phone tax was originally geared toward the wealthy, eventually this unrealized capital gains tax will trickle to the middle class. So this host is absolutely correct to address all of us Americans. Educate yourself and vote for Barron’s father
Why would you sell something to pay taxes on unrealized capital gains rather than do what you were doing in the first place - using a line of credit to deal with liquidity issues, thereby keeping your assets unchanged and still gaining value? I'm thinking the guy hosting the "Wise Money Show" probably knows this, but for some reason asset sale was the only option. Hmmm. He also managed to forget that none of this applies to anyone with less than $100 million in assets. Three problems, ignoring the obvious solutions.
Sounds like a really stupid idea. Sounds like what Dems would propose. Even if it applies to ppl with 100 mil, it’s still stupid and usually middle class would end up hurting in some way from it and do u think once they get that going they won’t expand it.
I don't like taxes purely for 1 reason, the government makes you calculate your own tax and penalises heavily for doing it wrong. I have no issues paying taxes as a US citizen, however I hate that I have to do the paperwork when the government already has all the info they need. Always struck me as odd.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach on web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
So then we could deduct unrealized losses?
never. you are lucky they let you breathe atleast toxic air
You can only write off $3000 a year in losses. You better vote Republican or it’s gonna be a shit show.
No-- no refunds after you pay this tax.
😅😅😂😂😂2
😅😅😅Don't count on that. You'd just have a lower value so when it goes back up you can pay the unrealized gain tax again!
should be allowed to subtract inflation from the capital gains
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolio
@@hasede-lg9hj How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
They don't mention the "realized capital gains tax" that you'll have to pay when you sell it to pay the "unrealized capital gains tax".
“You will own nothing and be happy”. This is where that 💩starts!
Exactly! Sponsored by the WEF.
This is all BS. There 9850 people who are worth $100M+. The government thinks they can balance the budget on the backs of 9850 wealthy people. It will fall to less and less. You will have to sell assets to pay. Unintended consequences will fall on to employees. Meaning your job is gone. Your job is gone because your employer had to close the business to sell everything to pay the wealth tax. The other problem is that everyone is trying to sell and there are no buyers.
You can put everything on the backs of 9850 people though. Those people together are 99.9999% of all the money in the US.
@tehvirus666 It doesn't work that way. Their "money" is locked up in illiquid assets. Wealth is created. Nobody has millions sitting in bank accounts or in a vault in the basement. If I won $1M in the lottery, that money would go right to work, making more money.
@@markmyjak7739 what exactly doesn’t work that way? The whole point is that those wealthy people should be forced to sell their illiquid assets so they can’t just keep getting more and more wealth for free without doing anything, I get that if you won the lottery, you’d use the money to make more money, but winning the lottery is say… 5mil? You use it to make yourself another 5-10mil over the next few years? You’re still nowhere near 100mil+, you don’t have to worry about the law
@@tehvirus666 Profit pays and bills and the employees, Without it you will have nothing to pay anything with. This is basic economics, which may or may not be taught anymore.
@@ronwright6119 how exactly does what you said relate to what I said?
Taxing people on money they haven’t made yet. Sounds about right…
This is very scary and exactly what they want. You will own nothing...
Jesus said to deposit your treasure in heaven. This is a good example.of why.
I see this as exactly the opposite. If billionaires have to sell stock then who is going to buy them... you maybe! It will increase the spread of asset ownership. At the moment just the top 10% own 93%.
@@stevepetty7009 100%. So many people who will never even sniff 100M in "tradeable" assets (yes, this doesnt apply to real estate) are mad about this.. crazy.
A vote for CommieLA is like eating a gun.
she'll take all those
QUESTION: If and when this starts, IN THE FIRST YEAR where does the valuation period start? The year the asset is purchased? An alternative year? The preceding year? If it goes back the year purchased, the capital gain will be tremendous in the first year of this tax. It will be incremental, year by year after that.
For retired people like me, I have investments that produce income for us. This is our retirement money. Not all of it is tax deferred (IRA). Quite a bit is savings accumulated over years and invested. I would have to sell off my source of income to produce the cash to pay taxes. I assume taxed deferred income would remain tax deferred. But who knows?
Tax laws don't take effect immediately when they are passed, usually not until the next year at the earliest for major changes. So that gives people, especially wealthy people time to shift assets around for maximum tax advantage which is likely to wreak havoc on the markets.
Problem number 4... People will stop investing.
The tracking would be a nightmare - did I buy this a year ago or ten years ago?
Let’s say this unrealized tax is enacted and we pay dearly on year one and we’re able to keep that asset. On year two, would the unrealized tax be on the difference between year one and year two or from the initial purchase (again)?
this type of tax is unconstitutional
Pretty sure the Constitution does not address capital gains or the taxes on them.
@robertd9850 and that is what makes that type of tax unconstitutional
Vote for Trump is the only way to stop it!
she lost her mind that would kill this country
So how would you ever have a LONG-term gain this way?
You wouldn’t. You are correct. If you were smart enough or lucky enough to actually make substantial gains, they are going to take a lot of the profit away from you
You wouldnt, & thats what "Commie-Law" Harris wants!!😮
thats the point government wanna take it all leave u nothing
Excellent video, thank you
The 16th amendment made collecting income taxes legal. I'm not a member of Congress. I'm only an honest person, but I would expect that taxing wealth would require an amendment to the constitution too.
I would expect a number of people would give up their citizenship and move to a low tax place such as the E U.
This was mentioned two years ago and it stopped. It is just a talking point of one of the political parties.
The EU is more authoritative than the US…they have wayyyy more govt regulation
All tax is theft. Taxing you on an investment that you purchased with money you paid tax on is double theft. Finally, the government would be killing the goose that lays the golden eggs. Sure, they would get a bump in revenue at the start, but it would eventually go to zero, especially when everyone that's making the big gains would be leaving.
❤
Tax is theft is so dramatic lmfao. How do you think the gov will build roads, fund hospitals, fire departments, etc.
I dislike taxes because I know it’s being mismanaged to hell and the deficit just keeps getting higher
@@coolman000099 The old roads argument, try something original. Paying tax on something you own is theft, paying sales tax to purchase a product with money you've already paid taxes on is theft. Enough drama or do you want more?
@@SteveGrin It's not theft if it comes back to you in the form of "goods and services", that's an "IF" though.
@@SteveGrinthe old roads argument, yet you're the one complaining about potholes. The irony.
I love everyone talking about "It only effects the top earners over 100 million." Who do you think we all work for? You want to see havoc? If this is passed, you will see. This, amongst other data, should be a sign to pay off your debt now, save a large emergency fund, and watch the S show commence.
WTF!!! Absolutely the most ridiculous proposal I have ever heard. This country is becoming more of a cat and mouse game every "F" day. Gotta get the "F" out of here!
If this ever became legislation that might pass,
capital outflows would increase before it is enacted.
Vote 🐫’la for a 1929 style Great Depression...
Businesses subject to unrealized capital gains tax will move out of the US. Foreign companies not paying this tax will have an overwhelming advantage versus US companies that pay it.
Unrealized gain is really an increase in FMV not income until you sell it.
100% this does not make a single sense to the public other than government collecting more in tax. They can just simply print more money.
Does the phrase ring a bell-"You'll own nothing and be happy.'
This would destroy State retirement funds as stocks tank in value.
Common sense,no one will invest , saving money with a interest bearing account would cost half of your gain .so just rip the sheets off an look !
Sounds like a tax on AUM.
Investors will shift from securities to commodities. Precious metals will spike, businesses will die.
Imagine a farmer having to slice off portions of his livestock every year as they grow...
They want to make us all serfs
Once a rich person uses their unrealized capital gains to backstop loans or business acquisitions, they're not unrealized any more, they are real.
Not gonna work for me.
You didn’t say it but I will. Not to get political, but vote Kamala and this is a good possibility, vote Trump and this will not happen!
It won't happen no matter what. The senate with the filibuster would never pass. Just like Biden couldn't pass his wealth tax and Trump couldn't pass the repeal of Obama care. This is a policy position to engage progressive votes and to make a story of blaming the wealthy for the problems. It is in no way a serious proposal.
I’d rather not have a philandering, indicted, convicted felon and sexual abuser in the WH than worry about some taxes.🙄
It won't happen under Trump because he is ultra rich and doesn't want to contribute his fair share.
Time to move to the Cayman Islands?🏝🏝
Caimsn also tax
Kamala doesn’t care.
This is a proposed tax on people with 100 Million+ in assets - I don't think this was mentioned in the video.
A slippery slope piece of legislation! Just a matter of time before it trickles down.
@@razorsedge1that’s not true and you know it
@@tehvirus666 Whatever you say 🤡
Just like the income tax and landline phone tax was originally geared toward the wealthy, eventually this unrealized capital gains tax will trickle down to the middle class. So this host is absolutely correct to address all of us Americans. Educate yourself and vote for Barron’s father. You think communists will stop with the wealthy?
@@tehvirus666😂🤡
I love your show! But you forgot one main part of this equation. This bill applies only to individuals with at least $100 million.
Income tax was supposed to end after the world war...
What makes us think that they won't lower the threshold at any given opportunity? Like when the 1 percenters start leaving? Besides, it's all theft, they have no business taxing cap gains in the first place as they've earned revenue on what it took to get the assets in the first place.
Right, I literally had to do my own research to find out what the proposal is. Glad I did - I don't think anyone on this chat thread has to ever worry about this proposal.
@@nicholascarrizales6974 the government never gives power back, only expands it. They have for as long as America exists to expand the tax. For example, income taxes haven't always existed in this country and were originally meant for wartime I believe starting in 1862 with the civil war but now they've expanded it to be permanent and normalized. The government doesn't impliment taxes that they don't plan on eventually applying to everyone
@@Her_Sisko I agree with you. For now though, this video was a bit misleading without that context.
Until there is actual legislative language on this, you’re just in hot pursuit of the uncertain.
You mean like how Democrats all scream about Project 2025?
@@Moose_andSquirrel
Don’t be dim.
Project 2025 language is crystal clear in its horrific goals and policies, in stating what Trump will do in the exec branch.
In contrast, Congress will have to pass any legislation impacting unrealized gains, and it’s likely in Committee, the language will be greatly revised compared to how people are speculating.
I don’t agree with the proposal, but but you keep saying “you” like this applies to anyone listening to your show. Maybe you should also mention this won’t apply to any of your listeners because you need a net worth of over 100 million dollars for it to apply.
Still a moronic idea.
@@mikesgarage394it is an election year. All parties give moronic ideas
Exactly!!! This guy is simply scare mongering people to become clients of his. Truly being a misleading POS!
Today it’s 100 million threshold, tomorrow it’s 10 million and then everyone is going to pay.
People with 100 millions can create citizenship in neutral countries but what about people with 2-3 millions in retirement accounts?!?
So what you're saying is everyone should stop trying to make money... there is no incentive to make a million or 100 million because the fed gov will just take it...
so basically communism
Why are you leaving out the elephant in the room, which is deduction of unrealized losses? Will this even exist?
FOR PEOPLE WITH ASSETS OVER 100 million.
That isn’t any of us!!! Stop letting rich people make us regular people feel bad for them!!!!!!!!!!
The first income tax in 1913 only affected the top 2%. So don’t think it won’t trickle down to the rest of us.
So long as they retain balance and provide Tax Deductions for Unrealized Losses
theft
I think charging tax on unrealized capital gains is like a financial advisor charging a percent of AUM as the value goes up. What is the difference?
Financial advisor charges one percent. You will get nailed by the government for whatever tax rate you are in based on your income. most people investing are going to be 28% or higher probably
Advisor fees are a voluntary contract. No one is making you pay an advisor.
You pay property taxes every year based on value and car registration in many states is based on value so this can be done.your brokerage can easily track your cost as it does now and this ONLY applies to the richest 29,000 households out of 120 million. Give me a break
That's what they also said about taxing income only for the rich in the 1900's and now we are ALL taxed.
The first income tax in 1913 only affected the top 2%. It will only be a matter of time until a tax on unrealized gains impacts more of us.
Can I pay unrealized cap gain tax with unrealized cash? 🤣
not american and I don't support Kamala as well, but isn't this policy for people with a networh of 100M+?
Brilliant idea from the demo Rats
It affects a VERY small number of people, and while it sounds asinine - it has merit. The mega rich have been taking low interest loans using their stocks as leverage and living off that while paying 1% on that loan. They hold that stock until they die and their kids get a step-up in basis or it's donated to charity. In all that the money is never taxed. It wasn't meant to be that way.
I don't think it will ever pass, nor do I want it to.
@@jaunt3603 Right now people are doing what they always do - overreact! They thought Biden was going to raise taxes on the wealthy, he didn't. It's all talk and most of it ends like that - all talk!
@jaunt3603 he said he doesn't want it to pass, but he is correct that the issue is legit l. The solution Harris gives is not the solution.
Exactly.... this guy is being a total misleading POS. Any sort of tax law that would get approved for this would impact only very wealthy people. Wow, what a total POS. This dude is simply trying to scare people to become clients of his.
It affects all people who keep retirement saving in stock market - they do it in hope of these capital gains - that market is going up.
Are they going to tax appreciation of houses before the house gets sold? Same thing
Until something is sold - the game is not over. You can’t predict if it’s going to be gain or loss
@@irinab7524 That's not correct. It affects people with a very high net worth, not the average person who holds stocks. If I'm not mistaken, $100M net worth.
100+million income and assets. How many of you are there?
Everything you talking about is limiting the wealth you can build, which is good, it’s intended, it should be that way. Take money away from rich people (by limiting the wealth they can build) and give it to the poor people who need it through government projects and investments. For normal people who have houses at about 500k, this is a non-issue.
THIS MAY APPLY TO 29k out of 120 million households. I’m not loosing sleep on this
For now
@@laurenhomel3143 The biggest majority the Dems will have is 51 seats in the Senate and this will never pass and Harris knows it. This proposal is just a political position to get the left wing of the party to support her.
NOT GONNA HAPPEN.
29,000 out of 120 million is actually a lot, considering how much the 29,000 contribute to the GDP
@@Eldoradoll7 It’s nice you care for the richest .00026% of Americans. I would put my concerns on the least of us as Jesus did. Despite conservatives claiming to be Christian’s their opinions are always closer to yours
Jesus could turn water into wine and create food. So that is apples n oranges. I want every citizen to keep more of what they earn and all citizens. We are all equal under the law. When they drop the threshold as they always do soon a families home that has been in the family for years and was bought way cheaper ones can qualify you! This is evil and communism and if the Rights of the rich don't matter to you, you don't deserve yours. @@robertmeyers3640
This will affect very few people - only people with a net worth of $200 million or more (or maybe $100 million?). Also it only applies to tradeable assets - stocks and such. No one will be taxed on real estate or a business.
This is so that the very rich can pay taxes too. Imagine you are an obscenely wealthy CEO and you get paid in stock. You don’t have an “income,” right? So you don’t pay income tax! Need money? Take out a loan with the stock as collateral. Write off part of the interest!
The truth, the truth is that this will not affect the great majority of people and will only affect people who are avoiding paying income tax because of how they structure their income. The great people by far will not be affected by this and none of the nightmare scenarios people are describing such as having to pay interest on your house or on your family business, none of those will happen.
If I, who work for my money , have to pay income tax, why shouldn’t the very wealthy who simply make money on their wealth, why shouldn’t they pay income tax too?
"Unrealized capital gains tax" is intended for people with a net worth of 100 million or more (and 80% liquidity)...don't mislead people with an example of a $5,000 gain.
you are totally incorrect!!....educate yourself before you post a stupid comment!
Broke people complaining it's funny why would you never want 100m oh wait you believe you can't make that much 😂😂😂
to think that Kamala's proposed tax would only effect the top .01% forever would be simply unsophisticated. Taxes are always ushered in like this. Low % and only hitting the filthy rich. Every year it will increase % and scope. Every tax that's ever been introduced ever has grown like that. Don't wish a tax upon anyone else that you wouldn't wish upon yourself. It will effect you.
Trump ‘24
The unrealized tax would only apply to households who have over $100 million. The rich have been getting richer and hoarding wealth this way for decades. It’s not trickling down. No one needs over $100 million dollars and so few people have it that probably no one on this thread even know someone who would be effected by this.
Yes today for 100 million over wealthy persons, tomorrow they come after you whoever earn some penny. That is just a start. All commies do that as beginning and ignorant like you just don’t know how ramification will it go after couple years. DO NOT BE NAIVE!! DO NOT TRUST ANY LEFTIST. By the end, they got the power and they become rich, you and me end poor or poorer , that is for sure
Government will collect peanuts if tyey tax 100 Million tax bracket 😂
Middle class is main target for politicians in every country….
Government all over world fool people by not bringing tax to middle class because tyey can loose votes…
First rich then middle… so they can gives excuse rich are paying so middle class have to
We in india paying unrealized tax gains …. even Modi government in India loose vote bank because of this
It only applies to households worth over 100 million so a very small percentage of the U.S. earners. The wealthy is being impacted and time for them to pay back what this country made it possible for them relative to wealth on the backs of the middle class worker. The wealthy big investors may have to do a little more work to find tax shelters made possible because of their privileged wealth. I don't believe in what you are proposing relative to impact to the economy. Big investors will likely pull from their non-U.S. investments (in other words money they are not putting back into the U.S. economy). In short, I am not a liberal but I am not loosing any sleep on this one.
I don't think you understand her proposal. She is proposing this tax only on people with wealth greater than $100 million. In your video, you are constantly saying "you would have to", "your gain", etc. I can assure you that everyone watching this video is safe from this tax. All of this is misleading since it doesn't affect 99.9% of Americans. Furthermore, you said that it would "force millions to sell in order to pay the tax." This is flat out misinformation because the proposal would only affect about 10,000 people within the US. Therefore, you wouldn't run into liquidity issues with million of Americans rushing to sell. Either you didn't read her proposal, didn't understand her proposal, or wanted to peddle misinformation with this video.
Just like the income tax and landline phone tax was originally geared toward the wealthy, eventually this unrealized capital gains tax will trickle to the middle class. So this host is absolutely correct to address all of us Americans. Educate yourself and vote for Barron’s father
Why would you sell something to pay taxes on unrealized capital gains rather than do what you were doing in the first place - using a line of credit to deal with liquidity issues, thereby keeping your assets unchanged and still gaining value? I'm thinking the guy hosting the "Wise Money Show" probably knows this, but for some reason asset sale was the only option. Hmmm. He also managed to forget that none of this applies to anyone with less than $100 million in assets. Three problems, ignoring the obvious solutions.
Sounds like a really stupid idea. Sounds like what Dems would propose. Even if it applies to ppl with 100 mil, it’s still stupid and usually middle class would end up hurting in some way from it and do u think once they get that going they won’t expand it.