Capital Gains Povery

Biden’s Kill Shot

Taxing Unrealized Capital Gains Will Strip You of Everything

by Toby Esterhase
Harrogate, Yorkshire | April 30, 2024

It’s 2027 and you just received an unexpected demand letter from the IRS in the amount of $168,000 to pay for unrealized capital gains. What happened? It’s very simple: The Kamala Harris led government passed a tax of 25% minimum — to as much as 44.6% top rate — on unrealized capital gains. Your house increased in value by $376,000 over the 20 years since you bought it. But, you didn’t sell your house, so you never got those monetary gains. They are all fictional profits that you never received and never will receive under the Harris tax regime.

https://www.zerohedge.com/political/biden-embraces-g20-proposed-2-wealth-tax-battle-racial-wealth-inequality

“People in socialist countries have two main hobbies: alcoholism and suicide.” (US intelligence analyst, 1991)

If you don’t have $168,000 in cash to pay the IRS, what will you do? Well, you will sell your house, of course. Better stated, you will try to sell your house. But everyone else is in the same trap. There are no buyers. You can’t sell your house. The IRS will confiscate everything you have in order to pay off your debt to them. You will become a ward of the state.

To be fair, the Biden-Harris tax proposals are presently written to affect only those with incomes of more than $400,000 a year and/or who have more than $100 million in assets. The history of any such limits is that they are quickly overcome by inflation and, yes, you will eventually become subject to these, and many more, taxes over time. Don’t believe it? Look up the history of the Alternative Minimum Tax, which was originally targeted at just the top 2% of taxpayers and effectively touches everyone today.

The unrealized capital gains taxes apply to all assets, including your stocks, bonds, real estate, and all the assets held in your pension funds. What happens when everyone is a forced seller and there are no buyers? The value of the assets in your pension fund will drop to zero, overnight. You won’t receive any more pension money.

You will become a ward of the state. You have become part of the 90% cull of the earth’s human population that the globalist ghouls want. They want you dead. You. Not some elite billionaire, but you. Unrealized capital gain taxes are the kill shot, they will be effective, and it isn’t clear that there will be any way to save yourself.

Socialism is not a theory, a joke, or a dream of social parasites. Socialism is fascism in extremis.

Or, from history, communism is mass murder, but socialism is suicide.

You will own nothing and you will be dead.


(The views expressed in this commentary are those of the author(s) and do not necessarily reflect the official position of the Nevada Signal.)