With this tax you would have to pay when you 401k makes money then pay again if you ever had draw on it so double tax. Also you have to pay taxes when your house goes up in value then if you sell it pay again and that's on top of property taxes. Basically anything you own that goes up in valu you would have to pay taxes on.
@@mattp2279 she probably does not have over $100Million in stocks. remember this is for over $100M... It does not apply to homes or any real asset or anything else (stocks and stock like products only)...
as a blue collar middle class worker (welder), it really disgusts me how much of my earnings go to taxes, while literally hundreds of billions from wealthy people goes under the radar because of loopholes for investments.
Then invest in the stock market yourself. Im poor as dirt but all my savings are in the stock market it would suck to have to get taxed on what is basically mine and many other peoples savings. Im all for them taxing the rich though
Can we just appreciate for a second that we're actually talking about issues and policy? Instead of crowd sizes and who's nasty to whom and who looks better? Yes, let's hash these things out and get back to professionalism and running the country.
Ever notice how the working class is portrayed as wanting something for nothing , yet corperations will do anything not to pay their fair or any share .
This portrayal started in part with the Southern Strategy and Welfare Queen labels back in the Reagan days It worked so good against minorities using safety net programs that they started casting a wider net and basically tell white working class that if the government does anything for them it's charity and you only need it if you're lazy and they don't want to be like lazy minorities do they? Of course it's a con to get them to vote against their best interests so the money can be funneled to the 1%
Regarding property taxes, we are already being taxed on unrealized gains with regards to our housing prices: If a bunch of the people in your neighbor hood start selling their houses for more than you paid for your house, your property taxes go up, because the assessment of your house goes up. Every American is already hit with this unrealized gain tax today. I bought my house in 2014 for $260k. Over the past 6 years, comparable houses are selling for ~$500k. I'm being taxed on the $500k value that everyone else has sold their houses for, not the actual $260k price that I paid for it.
@@lbthingsstuffmore9513 I don't think there's anything the congress person will do. Love the optimism. Realistically, these people are on their own. Everything will be based on manufactured luck for the wealthy.
@jaybae5850 well, neither Harris nor Walz comes from money. Heck, Walz doesn't even own stocks! These are pluses, and with the proper pressure, we can bend them to our will. We can't assume those who care about us in our government, especially at the local level, know about our problems. I understand broken promises, and being positive is a hard thing when we've been let down so many times, but if you have a cause, rally others to your side. Change is possible. Have a great day, friend, and remember to think of something nice and smile.😄🇺🇸💙
Wow, you guys just never get it do you - It’s not your money! We don’t have a tax problem we have a spending problem. Stop with the class warfare, I never got a job from a poor person!
Small retail investors barely move markets. Institutional investors, hedge funds, and the ultra high NW are the ones moving the price. A tax on unrealized gains disincentivizes holding positions long-term. This would increase volatility across the entire market in an insane way, which would negatively affect the average person and their retirement accounts.
So if you worth over 100m and you take a loan backed by your shares you are taxed on that loan. Sounds fair they clearly trying to get around been taxed. The loan is been used as income.
@@christerry1773 not the OP, but your rude post is ridiculous considering many people in the comments who are brown-nosing for the super rich don't seem to grasp the concept.
Because politicians will NEVER quietly expand this to include unrealized gains on the middle class and then implement loopholes so that the rich can get out of this? Remember when Bush's and Obama's spying programs were ONLY for terrorists and next thing you know, everyone is being spied on?
The income tax was supposed to be only for the rich when it was started, but now it's not. This proposed unrealized gains tax would be only for the rich, until it's not. And then we will all be paying it, just like we all have to pay income tax.
Yup , the right-wing protects their true constituents, the super wealthy, by calling everyone a communist who wants to tax the wealthy. 💯 Now that capitalism is failing, as evidenced by crushing inflation in all major economies, this is going to get popular , though. 💯 Soon, "capitalist" will be a slur...💯💯💯
Did you know that income tax started with taxing the rich 1%, and once the bill was approved, which was the hard part, they started to tax everyone, which was easier since income tax bill passed already, then they started to raise income tax rates.
Why does the "He's lying." only apply to Trump's proposed policies but not to Democrat proposed policies? Income tax was originally supposed to only affect the wealthy but the entire middle class are the ones that drive that source of "revenue" for the Federal Goverment. Every time we hear, "Well, this policy only affect the rich." you have to always insert "....for now."
The truth is there's no such thing as an unrealized gain. You don't know the real value of something until someone buys or sells it. Also, anyone who believes that the government would stop with rich people if this actually passed is an idiot. History shows that tax changes like this will affect everybody eventually. That's why we still have income tax.
This is an issue because it will work its way down to small investors, esp if it works well. Then those with $100s of millions will find a way to get more tax breaks and we'll get stuck paying those taxes.
If you tax these millionaires and billionaires on their unrealized gains, they will have to sell off billions of dollars in the stock market, creating a crash.
Or... They could make it illegal to use unrealised gains as collateral for loans. Make them realize those gains to fund their lifestyle & tax those. Problem Solved.
Wow, if you want me to vote for Trump, tell me that Trump will kill Social Security... If I thought that was even a remote possibility Trump may actually get my vote. I'm paying thousands into a program that at best will give me pennies back on the dollar that I'm being forced to put in against my will. I'm a much better advocate and manager of my retirement than the government.
@@acorn1754 listen, I am a Republican capitalist as they come…but Social Security is the one thing I don’t want gone, if anything that is the democrats signature policies since FDR that Trump has supported and has no intentions getting rid off. I absolutely. Support that trumps position. Why? Because the richest country in the world has got to have a basic social infrastructure, which is why I support SocSec, Medicare and Medicaid. I’m not into the Sweden obsession (50% tax thing), or socialism that unfairly distributes people’s wealth “just because”…I’m not even into the GB public health system, but, yes we need a basic platform. Could there be some reforms to improve it? Perhaps…but I think of the thousands of Americans, disabled people specially who sole source of income is Social Security, I don’t want all those people left in the street begging. There is balance to everything in this world.
Nope. I'm just old enough to remember when Carter tried similar schemes, only to tank our economy in the process. The "Windfall Profits Tax" was a direct cause for the supposed "gas crisis" and runaway inflation in the late 70's.The is just another name for the same type of myopic, failed communist-agenda policy.
Property taxes are a tax on unrealized gains - you are paying on-going taxes largely on inflated values - property tax is mostly a tax on inflation - it's not a tax on the real value of the property. First, you suffer the effects of high inflation, then you pay a tax on the inflation - what a sad deal!
@@themoviefan9990 When you invest money and it appreciates due to the stock price going up the money is called unrealized gains. Meaning until you sell you don't lock in any profits. So it's money you don't have. So to pay taxes on it is absurd.
@@religionlol7323 yeah what people don't realise is that those top 2%v of America's wealthy are not actually rich in liquid assets, they actually live poorer lives than the rest of us.
At this point why do they even need income tax? They are just printing more & more money & sending it to Israel/Ukraine... The whole system is ridiculous...
That's not how it works. Money isn't 'printed' like that lol. This isn't the 19th Century. Why are you so ignorant? Get an education and stop embarrassing yourself.
That's how it starts. The tax on our soldiers was only intended for generals, but now, even the man taking the bullet gets taxed. That was never the intention.
The proposal is so that General Walletstoofat, that has $100,000,000 in a portfolio, is taxed on the money that he is keeping in the stock market and taking tax free loans on so he can avoid paying taxes on his substantial wealth. I don’t think Private Strugglestogetby has to worry much about this affecting him..
@gregcauthon1958 private strugglestogetby reporting for duty! It boggles my mind how many people argue on behalf of the ultra wealthy. We'll NEVER be that rich and those people are making their money off our backs.
@@coryluke12 yep, and it's impossible to tax ourselves out of that problem. These policy proposals are ridiculous and they're going to seriously tank this country if they ever get implemented.
Today taxing unrealized gains applies to people with over $100 million in assets, tomorrow it will be amended to include anyone with stocks and/or property.
@@Xhw3288 : The point is that if you are stupid enough to believe that only the wealthy will be affected by this law, you only have to wait until tomorrow until it is applied to you. Get it now?
@onfimslegacy Exactly, by the time they are done it'll be any unrealized gain. $25 on a $100 gain. I've got a few hundred in the bank but I've got properties I've been buying since I was 19 years old, I'm over 40 today. One property in particular is worth $100k more than what I paid for it when i bought it 20years ago. I'll have to come up with $25k for this tax, not including the existing property taxes.
I guarantee that the first proposal to tax the super rich is not the one that they want to get passed. They'll have something else that sounds better, a compromise.
Let’s at least acknowledge that while the current proposal is for the “ultra wealthy”, it would never stop there. Neither party has any desire to reduce spending so they will continually need more income streams do the numbers will continue to drop over time and will impact people who are well under $100M.
@@tcdan-c2m Elon Musk is worth 342.7B. If we took 45% of his entire net worth it would only be 110B roughly in taxes. If the top 60 people in America (the number of people they said it would impact) all were worth that it would only be around 6 trillion which wouldn’t even cover 25% of the deficit, much less cover any future spending. Then you’ve already milked the bulk from them and the remaining each you is pennies in comparison. So then where is the rest coming from? If we could solve the problem by simply taxing the wealthy don’t you think we’d have already done it?
Here's the thing. When they proposed the income tax, they claimed that it would only apply to the rich. We all saw how that worked out. We're not going to get fooled again.
Stock options should be taxed half-rate when you get them and the other half when you sell them. Only affects people who get stocks in their compensation package, not people who bought them on the market.
@@Dan16673are you stupid ? lol the middle class is getting taken advantage of right now so please tell me how it ends very differently by wanting to tax THEM over the workers? You really are stupid 😂
Yeah, somehow the government has formed this intrinsic right to an entitled financial piece of EVERYTHING... from wages, to investments, to retirement, to death, to retail purchases, to gaming, to lottos, etc... It's truly unbelieveable...
If you have over one hundred million dollars (the threshold for the proposal) then I am not at all concerned for your losses or gains in the stock market if you are not paying your fair share of taxes.
The rich pay very little taxes because they take out loans secured by their stocks (ELOC) and loans aren't taxable. Why not just tax loans over a certain amount?
you idiot, this would cause them to sell assets in their stocks, businesses, housing. you might not invest properly but normal ppl invest in markets and move up in their fields. This would crash markets and cause a business to adjust for their margins and lay off americans.
@@jeffmendoza7899 The suggested tax on unrealized gains only applied to stocks. Rich people would respond to that by selling their stocks and buying up a lot more real estate. That would drive up real estate prices even more. It is a problematic proposal. Creating different tax rules for different types of income creates incentives for potentially odd choices. Realized capital gains should have the same rate as other types of income, but, since most large capital gains tend to occur a couple times in a typical person's life (one doesn't sell a house every year), it would make sense to make it possible to spread that income over multiple years. Before computers that would have been hard to track, but with tax software it is very easy.
Imagine if this goes through and real estate is exempt to this, real estate prices will go through the roof. The whole taxing unrealized gains is ludicrous
@@fillupsherman, I'm fine with it too. The only issue is I don't like the government having the money either. More billions of dollars to spend funding other countries wars.
1)This unrealized gains plans only affects the 10,000 richest Americans. 2)The top brackets paid 70-91% in the 60s and 70s (adjusted for inflation those making the equivilant of ). So, I doubt 25% will ruin the economy. Also in those days, if a boss didn't want to give 91% to uncle sam, they just gave it to their employees as end of year bonuses. You didn't think employers used to give bonuses solely for the reason that they cared about their employess, did ya? However, 3) i am against this because it will also save billionaires a ton in tax credit whenever the next recession hits and leaving a higher tax burden on the poor in times of econmoic uncertainty. Reminder though, unrealized losses will have to count toward tax credits, or else the system just couldn't work. I'm not completely against this plan, but it better be very well thought out. Without loopholes. -A leftist
Wow only 60 thousand people made over $100,000,000 bucks in a country of over $300,000,000 if this dont show us we need new parties or better politicians i dont know what will. Work your whole life cant even get to a million for alot of people.
Well ...... I got caught by this once and I had to pay 35K taxes . It took me years to get it back, and in the mean time I had to borrow money just to pay taxes on money I never made after a market crash. On principal I don't like the idea, even for rich people
Keep the capital gains discounts, just when you get super super wealthy, take a tiny cut. Seriously.. if you have >$100m what's a 250k tax to you? It's 25c from $100. It's NOTHING.
The brilliant thing is that taxing those loans is the right move, and now because she proposed this tax, more people are on board talking about taxing those loans. So if she actually tries to implement this, taxing the loan would be the compromise they could reach.
Yup , no matter how racist Trump is, a lot of minorities still vote for him. 💯 Trump's nephew just came out and says he calls black people the n-word behind their backs, just like Mary Trump said. 💯 I guess some people like Trump's failed policies that destroyed the country last time , they don't care if he hates them. 💯 Voters are crazy...💯💯💯💯
You're aware that the top tax rate (for the highest 2% of earners) was over 90% in the1950's in the US, right? And the governemnet ran a huge surplus while the American Dream was going strong. That would satisfy me.
What you need to do is stop wasting the tax revenue that you already get, you would have so much saved you could cut taxes, fund healthcare, support the soldiers and vets, and still have billions left over
USA tax revenue as a percentage of GDP is below the OECD average, including almost every country with wealth per capita comparable to ours. The super rich tend to pay lower taxes as a percentage of the money they make, though that's hardly unique to the US considering their high influence on politics.
@@PoochieCollins True but could you just imagine if our government would just make a budget. I got pissed off at Trump for wasteful spending. Stop forgiving student loans stop funding Ukraine, stop funding illegal immigration’s send them packing!
remember when she used to say THEY SHOULD tax unrealized gains? They're freaking apparently nearing FOX Lite levels of Hypocrisy.// Contradictions... sad.
I love TYT. They present the full nuance of the topic, not just the political play, not just rhetoric, no holds barred for anyone. Everyone else is selling one pretense or another, but Cenk delivers the real story in every angle.
It only makes sense to tax Unrealized gains if the owner has taken cash out (borrowed against the assets). I see that alot with people who refi over and over with property that continues to appreciate over many years. Each refi they borrow more than the previous mortgage. None of the additional money taken out is taxed as long as they don't sell the property.
Well, first I don’t think that real property is really assets that ppl are most thinking about w.r.t. issue. But whatever. It may be that ppl take out additional mortgages on their home and that money is tax deferred-technically, it would be deferred even if unsecured by the underlying property in question. Tax deferral wouldn’t be so bad, where it not for the “step up” loophole in combination with the tax deferred loan money: at least the tax amount for the increase in value to the asset-from the time of purchase until the “realization event” (e.g., the sale of the asset)-would be assessed (plus interest) eventually. But with the step up, a good portion of that increase gets “washed away” when the asset holder kicks the bucket. That incentivizes the consumption you refer to-continuously taking out loans on assets (for the class we are talking about and the ppl we are speaking of, these are often at very low interest rates) to fund their lifestyles-that never ends up getting taxed.-only the outstanding loan amount has to be paid by the estate. So, if I buy my house at the market rate of 100 shekels and I take out a loan against it (say, at half a percent linear interest per annum to simplify) in the same amount to fund my lifestyle, if doubles in value in 10 years and I take out another loan on similar terms as the first, and then it doubles again in another 10 (to keep track, it is now worth 400 shekels on the open market) and I take out another loan of 100 shekels on the same terms as the first 2, and a decade later I finally die but the property has doubled again, my heir will receive a property worth 800 shekels. Let’s say the hold it for another 10 years, in which time it appreciates 50 percent in value to a whopping 1200 shekels at which point the sell. That means my heir has to pay only 400 shekels on the property (it’s base value was “stepped up” for tax purposes to its value when they received it from me after I died), I will have paid no taxes on the property since I held onto it, and also will have gotten to spend 300 shekels in tax free money to fund my lifestyle for the last 30 years of my life! Of course, the loan has to be paid as well, so that’s 330 shekels on the low interest loans (so really only 30 shekels in interest, the rest is principle). You might say, nothing’s wrong. But notice that the property went from 100 to 1200 over the course of 40 years. Only 400 shekels of the difference (1100 shekels) gets any money paid on it, and the rest is tax free. If the loan was paid back out of that amount, the step up and loan basically allow us to pocket 670 shekel’s tax free. If you’re keeping up with the toy numbers, that’s about 61 percent of my family’s gain in wealth owing to the purchase of the property-money that would ordinarily be taxed if not for the step up rules. Now, to talk about money, think of this with respect to individuals whose assets have increased their values by well over a million, tens of millions of dollars, or even 100s of millions of dollars. 61%-somewhat artificial because I used toy numbers and interest rates to simply the dynamics-is a number for these ppl. Having those gains in wealth untaxed more than makes up for the small loan rates at which they can enjoy those gains without triggering any “realization events.” It’s having the cake, eating the cake, and telling everybody to go eat cake who can’t afford to do likewise. Figuring out reasonable realization rules is not easy, but I can see why the campaign is talking about it.
Also, Ana’ s reference to 401k’s as a reason not to look at proposals doesn’t make sense b/c you’re talking about a group of ppl who do not have 401ks (if you have over a 100 million in assets you probably don’t even take compensation in the form of a salary). Sometimes I wonder if she hears herself. To be charitable, doing something in the realm of unrealized gains would reduce activity in the asset markets, and that in turn would cause 401ks, index funds, etc to slow in growth. But that seems little reason to just say no considering possible regulation. I wish TYT would have someone on in addition that had expertise on how these things worked to make sure that the hosts were less prone to airing confusions on segments-on these segments I sometimes don’t know if they are stating their considered opinions or if they just are a bit hazy on the dynamics of the subject matter.
There are plenty of examples. Once they get the tax on the books. It'll be two to four years, then the top 30%, oh still running a deficit, now everyone gets a tax on gains and money you don't have. I'd be 100% for ending SS tax.wont be there anyway for me
1. Remove the social security cap 2. Apply a 2% automatic tax on the sell side of financial transactions of any publicly traded securities or financial instruments (stocks, bonds, options, futures, etc) but remove any reporting requirements. 3. Apply a $0.01 stamp duty on any buy/sell/modify/cancel order going to an exchange 4. Limit corporate tax to 20%, and individual taxes to 10% 5. Corporate malfeasance or fraud or other criminal penalties must result in fines of the common stock at par value 6. Remove corporate tax holidays especially in cities 7. Any corporate criminal acts should result in forfeiture or dissolution of the corporation especially if it is worth more than $10 million dollars
roflmao, all that bribe money for the last 60yrs would go away. Now Anna is a stock market expert, roflmao. Who has 100mm in stock market only. Less than 10k so this isn't out of the question, should be implemented. How does Cenk knows it GENERALLY doesn't work? Ok, then lets go back to 1950's?
What's the matter with using stock holdings as collateral for business loans? It's no different than pledging your appreciated house as collateral for a loan.
This is how income tax started. They first ONLY taxed the top .005% of Americans. Once that precedent is set, they just expand it until we're all getting taxed.
I'm tired of hearing all these lies about how dangerous it is to Tax unrealized gains. The tax code is already complicated we can easy carve out exceptions for 401k's and anything else that makes sense and protects the average person who does not engage is stick trading. But there's no reason why they shouldn't have to pay taxes on it when we live in an era when these entities and people are holding onto millions and billions in assets. Its ridiculous. You want to talk about taxing unrealized gains? We tax people on the houses they live in everyday and haven't sold yet? why can't people who have 100 million dollar stock portfolios or higher sell a tiny bit off and pay some to uncle same to put some of that money back into the economy?
It's sad to see whenever this channel toes the capitalist line. I mean, they're correct that there's about a zero percent chance she'll actually do this... and they're dead wrong when they say it's a bad idea. And then they're correct during the entire second half about the two-party & media shell game.
100 million is only ~10,000 Americans. When we said TAX THE ULTRA RICH. This is kinda what we meant. To understand the difference 1 in 33,000 are getting an unrealized tax. 1 in 50 are Millionaires who will not see a unrealized gain tax. 1 in __? are against this proposal. 2? 1.5? 1.1?
I would like to know how much money this initiative this would actually bring in value. If , as i suspect , it'll bring in trivial amounts , then it just amounts to a punitive "jealous" tax on the rich
Hey turkeys, young and old, without even checking first, I'd bet money that the video cuts from Sean Hannity and Greg Gutfield were taken out of context. If you check, I think you'd find that earlier in their monologue they talked about how tax increases are very often said to target the very rich and then they almost always over time start lowering the income bracket that said tax will affect until it affect the middle class. I think that it was in this hypothetical scenario that Sean and Greg are talking about. I think its just the Left doing their usual thing; taking words out of context and spinning it to accuse someone of lying when its always the Left that is lying. The reason I'm so confident in this without even checking first is because, when the statements of truth differ between the Left and the Right, its always the Left that is lying. Check it.
Not all unrealized gains should be taxed. Unrealized gains should be taxed when the stocks are used as collateral. Effectively, they would pay tax on a loan collateralized with stock, as if it were actual income.
Wow! Cenk and Ana I completely agree. The much better way would be to tax their loans. That is so much smarter and something I think much more people could get behind. Taxing unrealized gains is just stupid. I'm not even worried about the ultra wealthy here. That's irrelevant to me. What I do worry about is that taxing unrealized gains for the ultra wealthy would just be the start to make people comfortable. Then eventually they start taxing unrealized gains of everything and everything including homes. People forget income tax used to just be a tax on the ultra wealthy too until It eventually trickled down to everyone. That's what I'm worried about with this. All for paying my fair share of taxes of stuff I've earned, but not on stuff I may never get.
Cenk is correct. The loophole is that they can _spend_ their unrealized gains before they are taxed by using property as loan collateral. That's the right place to add a tax to close that loophole.
Back during the debate on the income tax, a Congressman argued to cap the tax in the amendment to 10%. Everyone in favor of the tax said it wouldn't be necessary as it would only apply to the top 1% of the population and would never exceed 10%.
Because sometimes they actually help people. I see it in my field of work. People who are dirt poor getting help with healthcare or food so they or their kids have a chance. The problem is over decades since about the 70s they have gradually cut those services and gradually supported the rich more
@@millirabbit4331 are you really saying there’s no free healthcare or food stamps anymore? Idk how people don’t understand higher taxes on corporations just results on all prices rising at the end the people get the bill. I don’t want higher taxes so occasionally once a century in a blue moon they give the people a crumb.
Where has the welfare state got us today? A higher percentage of US citizens are classified as poor more than ever. Seems like it’s a ploy to keep poor people poor and dependent on the government. There are far better ways to help people and uplift folks out of poverty.
Idk the country is 30 trillion in debt to start. The only way to fix it is tax the rich I’m sure an extra 100,000 dollars from a billionaire is equivalent to 100 dollars to them lol
One issue with capital gains tax is that a lot of increase in value is due to inflation. If you hold an asset for long term, say 10 years and longer, a large portion of that gain is just due to inflation. So now I have to pay tax to the gonvernment on inflation caused by the government? This is a big issue when you hold a property / stock for many decades and also justifies the lower long term capital gain rate (though I would apply the long term rate after being held longer than 1 year only).
You are completely correct and a scholar at that! Also, all this money has already been taxed, the interest on the loan they're describing is taxed and anything the rich person buys is also taxed!
