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Evidently anyone who doesn’t like taxes is a rotten Republican. This is according to Binyamin Applebaum, an editor with the New York Times.
Resistance to taxation is the rotten core of the modern Republican Party. Republicans in recent decades have sharply reduced the federal income tax rates imposed on wealthy people and big companies, but their opposition to taxation goes beyond that. They are aiding and abetting tax evasion.
Oh really? It was an aversion to taxes being imposed arbitrarily that led to this thing called the Declaration of Independence! So no, Mr. Applebaum, disliking taxes is not a modern thing, not a new thing, and certainly not soley a Republican thing.
Granted, there are a great number of Democrats who just love them taxes of any kind. Heck, the current Biden Administration, while trying to gaslight us into believing the proposed budget won’t cost us anything, has spent months proposing taxes of all kinds!
Just this weekend, Janet Yellen, who failed to realize her IRS snooping plan would sink like a lead balloon, is now proposing a NEW tax.
Aside from the fact that she’s lying through her teeth about the inflation issues we are ALL dealing with right now, her proposal on UNREALIZED Capital gains is…a TAX. Oh but, it’s only going after the super rich!
Yellen, the former Chair of the US Federal Reserve, wants investors to pay a tax on the increase in value of stock every year, even if it is not sold. So if a stock goes from $100 to $150 apiece in a year but you haven’t sold it, you may still have to pay a tax on that $50 a share, where you haven’t made a profit yet. That’s tax on unrealised capital gains.
However, the Democrat administration in the US is targeting only the super rich with this tax
The unsold wealth of the super rich are often transferred to the heirs without a tax. “I wouldn’t call that a wealth tax. But it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation, until they’re realised, and often they’re unrealised in the death benefit from a so- called step up of basis,” Yellen explained in an interview with the CNN.
Oh, I see. So the IRS is going to be handed a specific list of people to target with this tax? It’s the IRS and the federal government. This tax on unrealized capital gains will go after EVERYONE.
Do you have a 401K or own stock of any kind? Do you have a home that is or has increased in value? If your portfolio or the value your home has grown in the last year, the federal government wants to slap a tax on that. Which means, people will have to sell stocks to pay that tax. Which means people would have to consider selling their homes in order to pay that tax. Which is an economy killer all its own.
FYI: an "unrealized gain" is when something you own gains value, but you don't sell it.
— Spike Cohen (@RealSpikeCohen) October 25, 2021
You know, like your house. Or your retirement fund.
So now you have to sell it, to pay the taxes.
This is a war against the remaining middle class people who still own things. https://t.co/PTbhiXw6jY
Proposing a tax on unrealized capital gains is insane.
— The Wolf Of All Streets (@scottmelker) October 25, 2021
Imagine paying taxes on something you haven’t sold just to see it go down afterwards.
I assume that means we can write off unrealized losses, right? Right!?pic.twitter.com/Q4tZE0mERl
But I guess aversion to taxes like that makes anyone a rotten Republican. Binyamin Applebaum is totally fine with having the IRS snoop into his and your financial transactions. All in the name of making everyone pay their fair share. Furthermore, imposing a minimum corporate tax, according to Applebaum will ensure that capitalism will benefit. My eyes rolled so hard at that. Slapping more taxes on corporations will lead to those corporations hiking the prices of their products!
Also, according to Applebaum, our tax code was designed to overcome inequality. In other words, he’s advocating for progressive taxation.
Political philosophers have long fretted that democracy allows the poor to plunder the rich. The opposite has proved more nearly true. Progressive taxation is not a threat to the wealthy. It is a small price to pay for prosperity.
Needless to say, Applebaum is totally wrong here. Progressive taxation is punitive for everyone. Furthermore, what Applebaum wants and what Janet Yellen is proposing would result in the government monitoring our every financial move.
“Unrealized capital gains” is not a thing; do not normalize it. Call it out for what they are proposing: unlawful seizure of personal property.
— Carol Roth (@caroljsroth) October 25, 2021
Exactly. Janet and Applebaum are trying to convince us that what is being proposed isn’t a wealth tax, but that is exactly what this is. And no, the super rich won’t be the only targets in this. Everyone who wants to succeed in life financially will be a target.
Applebaum and Yellen believe raising taxes on businesses and taxing unrealized gains will help the economy. What will happen is just the opposite. Those new taxes will ensure that companies not only will pass higher prices on to the consumer, but will slow or halt new hires, and operations expansion. Furthermore, individuals will decide not to invest in the stock market, nor buy a new home.
As I noted above, punitive taxes that Yellen and Applebaum are proposing would be an economy killer on multiple levels.
Therefore, if saying no to tax increases or new taxes of any kind makes me a Rotten Republican, I’ll wear that title with pride!
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Feature Photo Credit: Tax burden via Hassan at Pixabay, cropped and modified
George V says: When the investment falls in value will taxpayers get a tax credit?
Is it only on financial instruments the taxpayer owns, or is it all assets? If the Picasso painting is appraised for 40% more than what was paid, are capital gains taxes due for that? What about jewelry or maybe the 1965 Pontiac GTO that is in the garage?
This is so nuts.
AF JAG retired says: It’s also probably unconstitutional. Article 1, section 9 requires that any federal “direct tax” be apportioned “in proportion to the census.” The 16th Amendment changed that to allow taxation on “income,” which implies the taxpayer has actually gotten some money in hand. But the Constitution doesn’t seem to bother Democrats much any more. (After all, everybody knows the founders were all Racists.)
Properly interpreted, yes. But no.
Consider the death tax – they will tax the estate on the VALUE of it, whether it is in a cash asset or not.
Which is especially pernicious – there was a case some years ago where the estate of an artist included a piece that incorporated eagle feathers (which was legal when he created it), but could not legally be sold or even transferred to a museum under the law then. Appraised at being worth something up in the seven figure range – of which the Feds demanded their very big cut. In cash, of course.
When my mother died, one of my sisters had someone take a VERY careful look at the upright piano that she had inherited from her mother – to make sure that the keys were not real ivory. If they had been, we had plans to take it out of the house in the dead of night, and say “What piano? We didn’t see any piano!”
Chris says: I dont like being Raped.
Call me…Square.
Thats all the IRS and US Tax code are.
Raping Tools
Anonymouse says: It never stops with these people. There are not enough hours in the day to fit their crazy
cthulhu says: A capital gains tax on unrealized gains allows a government to inflate the currency and then tax the asset values bloated by inflation. Just imagine the unrealized gains on Weimar’s wheelbarrows of Deutschmarks — the assessed tax on the wheelbarrow would be more Deutschmarks than the wheelbarrow could hold.
mac says: Maybe Janet and Klain ought to read John Ross. They might learn something.
TeacherinTejas says: Actually they do have a point here about one of the things wrong with the way Texas does things. Every year you pay a lot in property tax (no state income tax and a sales tax on most everything instead) and your tax goes up every year, as you are taxed on the “current market value of your house” as if someone was going to write you a check for it tomorrow. They reappraise every year, so it goes up every year. I’ve suggested doing it every three or five years.
Kathy says: Almost every time they meet, the Texas legislature is supposed to be working on making our taxes more fair. I’m not holding my breath.
RickC says: Democrats in Congress love to pass new and ever increasing taxes. Same Democrats in their own lives as well as all of their voters do everything in their power, just like us, to avoid paying any extra dime in taxes they can; many of them even illegally and unethically so.
Howy says: So. Are Joe and Jill Biden “rotten to the core” for establishing a corporation to avoid income taxes on their book sales?
Kathy says: And do they pay taxes on the money the Big guy gets from Hunter?
[…] Don’t Like Taxes? You’re A Rotten Republican — Victory Girls […]
Mike says: There are those whose god which they worship cannot be distinguished from Government.
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