Ignore social media. Here's what Harris' unrealized capital gains tax proposal means for you

[Yo_Mama_Been_Loggin]

Atax proposal embraced by Vice President Kamala Harris that’s meant to target the wealthy is getting attention in an unlikely place for wonky policy debate: social media.

But many posts ignore the fact that the plan would only impact those whose net worth is more than $100 million, or less than 1% of taxpayers, and falsely suggest that all homeowners should fear a new massive tax bill. One TikTok user, for example, claimed that people will “lose their homes” and that “the IRS will bankrupt them.”

At issue is a proposal often referred to as a billionaire minimum tax. It would treat the increase in the value of assets – like real estate, stocks and private businesses – as taxable income each year, even if they are not sold. This is known as an unrealized capital gain.

One way to think of it is as a tax on a gain, or profit, that exists only on paper.

https://www.msn.com/en-us/news/politics/ignore-social-media-here-s-what-harris-unrealized-capital-gains-tax-proposal-means-for-you/ar-AA1rMLop

[Turbineguy]

1. Yeah bankrupting the ordinary citizens is a trump thing.

[Wounded Bear]

6. It's a republican thing...

[FHRRK]

2. It isn't 1% of voters!

Getting ready to jump on a plane, but I would guess that it is 1% of 1%, so damn unlikely any of us even know one of those impacted.

[wryter2000]

8. Really

As I understand it, your family doctor is likely in the 1%, but this sure wouldn't apply to her.

[RANDYWILDMAN]

12. not likely

the one percent is 5.8 million in net worth, not in the neighborhood of my family doctor...

[MontanaMama]

3. Bookmarked to be used rapid fire on the socials

to combat the lies about Kamala's proposals. The misinformation is everywhere.

[CincyDem]

4. Let's put that "less than 1%" onto sharper focus.

You can fit everyone impacted by this proposal into the seats of a suburban high school football stadium. That’s it…just under 9,500 individuals.

If you think you’re one of the richest 9,500 people in the country…then by all means, vote against it. But if you’re in the bottom 333,391,500 folks…forget about it. Might as well be a tax on Mars real estate sales.

[yonder]

7. Nice visual

and one the right can understand ... most likely.

[CincyDem]

11. A little more digging...9 of the 10 largest HS stadiums are in TX...

…if you put every centillionaire in the country into any one of those top 10 stadiums…they’d be a best, half full.

And during the season - every one of them is filled to the brim so half full would be considered a failed showing. On any given Friday night, there are more people in the stadium worrying about who’s going make the next TD than should be worried about unrealized capital gains tax.

When I said “fill a HS stadium”, honestly, I was thinking about the biggest here in Cincy. Should have been thinking bigger…lolol

[LeftinOH]

5. An old high school acquaintance posted on Facebook that

Kamala Harris would officially implement the 100 million-threshhold, but then lower it to as little as $100,000 after the deal is done. I made a valiant attempt to explain how laws are made, and what a President can and cannot do with such laws after they have been passed. We've been out of high school for over 40 years, and I had to explain this...

[Walleye]

10. We'll be lucky to get the law passed at all, Republicans close ranks around the wealthy

[Pinback]

9. Similar to the "Death Tax" (aka Estate Tax),

which has no effect whatsoever on estates that are worth less than $13.6 million.

Republican propaganda tries to scare everybody into thinking small family farmers and middle-class families are impoverished by the “Death Tax” (thank-you Frank Luntz, you slimeball), when in fact a vanishingly small number of Americans are affected — and virtually all of those have the slickest lawyers to get them out of paying a significant portion of assets.

[RANDYWILDMAN]

13. The Yankee's owner

Died just at the right time, no federal tax on estate/inheritance, he saved his family 495 million dollars, I think they could have afforded it !

The government lost 495 million that year, on that estate alone , thanks republicans...

[FHRRK]

14. Ok, found some recent numbers.

Here we go from the google. 10,000 households. Guessing I am not going to bump into one at my local grocery store.

The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305. “The USA remains the world's undisputed leader in private wealth creation and accumulation,” according to the report.Mar 22, 2024

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.