Quote:
Originally Posted by Pete F.
You always try and reduce things to stupidity, like most people blindly following directions.
Other people who you would apparently consider ignoramuses like Bill Gates, Warren Buffett, Ray Dalio, Mark Benioff, Mark Zuckerberg, Mark Cuban, Jamie Dimmon all agree that something needs to happen.
Gains are unrealized because our tax code is designed to not realize them until certain parameters are met.
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"Uou always try and reduce things to stupidity"
Wrong, I'm one of the few here who often agrees with either side. But the idea of taxing unrealized gains is beyond stupid.
"Bill Gates, Warren Buffett, Ray Dalio, Mark Benioff, Mark Zuckerberg, Mark Cuban, Jamie Dimmon all agree that something needs to happen."
Which is why I explicitly said our current tax structure isn't perfect, I have no doubt it can be improved. But taxing unrealized gains is absurd. Equally wrong to say that stock options are untaxed. You don't have a great foundation of knowledge on this issue.
And those billionaires you listed are free to give the IRS as much as they want. Yet none of them ever pay more than the law requires. So it sounds like empty talk to me.
"Gains are unrealized because our tax code is designed to not realize them until certain parameters are met"
Right, they are unrealized until the item is sold for more than you paid for it. Gains are unrealized until you have the money. The value of big assets fluctuates, sometimes wildly. It's not anywhere near feasible to levy a tax based on the value of a held asset. The only practical way to do it is to tax gains when they are realized. Anything else would be impossible.