The only thing worse than taxing capital gains would be taxing capital gains which have yet to be realized. Sort of a financial version of prior restraint.
She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains – through a “mark-to-market” mechanism – as well as other approaches to boost revenues.
Ah yes, the tax version of Pre-Crime!
News flash to both Yellen and our own Steven Guilbeault (whose bill incentivizes people to rat out fellow Canadians who might at some point commit Thoughtcrime:
“Minority Report” is a cautionary tale, NOT AN INSTRUCTION MANUAL!
My property is taxed on mark to market. My vehicles too.
So she is not too far out.
People want big gov, the get big taxes, or inflation, both.
Mark to Market? Did Missey work for Enron?
Yep.
Now guess who the “mark” is.
Yellen was a lacklustre Fed chairman, so I’m not surprised. Frankly, I thought she was an idiot.
She will fit right in with the others!
With everything the Biden touches, turning to lead, one has to wonder, is it by design rather than incompetence?
Of course it’s by plan. Obama, Ayers, cloward and Piven, Soros, etc.
Biden is a puppet.
At least lead has value, especially as a projectile.
Turning everything into a big steaming pile of SHIT , is more apt.
Little value in that, unless you are a fly or dung beetle.
Yup she was an idiot and still is an idiot … there had to be someone with a brain available.
I increasingly feel that everybody knows how this crazy carousel of stupidity and insanity is going to end. It’s going to be bad. Really, really bad.
We all know the fuse is lit, we just don’t know how long it is or how fast it burns.
Why stop there? Let’s clobber everyone who so much as reads a slick prospectus from an investment firm.
More and more lately the government behaves like an organized crime syndicate with everything they come up with structured like a skimming operation combined with a protection racket. The Mafia can only dream of having the coercive power of government to extract money from people.
Oh yes indeed. Does anybody actually wonder why they had no respect for the government, lived off the proceeds of vice just like government, and paid no taxes? Not me.
This is so important why an independent Alberta must have a hard limit on not only government size, but also on what they can tax. The income of citizens and ownership of wealth/property can never be information the govt can have access to.
I have a novel idea. Why not simply and dramatically cut spending. When they can no long squeeze any blood from their constituents, they will need to stop buying votes and perhaps earn them through doing a good job and persuading your voters that they are not the scum-bags we all know they are.
BTW, I keep hearing rumours about some extra tax our idiot PM is planning to add. Something related to house sales and an additional tax right away when transaction is done.
???
One of the recommendations that the Turd received was a yearly home equity tax. If you have a home valued at $500 000 and owe $300 000 on the mortgage then you would be taxed on the difference every year. On top of that they’re going to increase the rate that capital gains are taxed (some are calling for it as high as 75%. They’ll try to spin it like these are efforts to curb foreign ownership and house flipping but what they really do is punish seniors who worked hard all of their lives to pay off their debts. Why should they be able to help out their children with a bit of an inheritance when they pass when the state needs their money more than they do.
Thank you, good to know!
Buyers remorse comes to mind . Those Wall Street assholes helped put Biden in the WH now they can live with it .
Leftists. Distribute largesse to the indolent and bleed the productive dry with taxes. It’s their core mission.
Why is it that a long hair guitar virtuoso, Alvin Lee, had already figured out that if you overtax “the rich” … there will be … “no rich no more” …
https://www.youtube.com/watch?v=lSYFJB7o9ZQ
Alvin pretty well NAILED IT … way back in 1971. Funny thing … when the FREE spirits and talented musicians of the 60’s and 70’s started making money … and “got rich” … they suddenly noticed that “the rich” get RAPED by the government. They suddenly understand the politics of envy.
https://genius.com/Ten-years-after-id-love-to-change-the-world-lyrics
Better swoop in to tax the crap outta it now before everything goes to shite.
Stocks actually ended up after Janet’s testimony.
Don’t worry. Wall Street parasites have teams of tax lawyers who are paid handsomely to ensure their clients never pay taxes. Janet’s objective is the same as theirs—to expropriate what remains of the American entrepreneurial class and drive them out of the capitalist economy in favour of “entrepreneurs” who speak pitch-perfect Mandarin.
Time to Destroy the Middle Class.
Nice home you got there. Pay up! I don’t care if you have to sell it to pay the tax. Pay Your fair share, Kulak!
Nice Business you got there. I heard it was worthless last year thanks to the Chinese Flu, now it is worth Millions. We want our share — TODAY!!!
If it is not actual income, then you cannot tax it:
16th Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Yellen is a big government money stealing idiot. Her staff is even stupider. Remember, these are the same clowns that said the CDC could decree an eviction moratorium, even after the US Supreme Court said NO.
“…The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. …”
rd, that says their Congress can tax their income, it doesn’t say “can’t tax” property, savings, etc. Should they try, what do you think their Supreme Court’s recent performance suggests it will do about it? (My guess is stay out of it.)
CRA already does exactly this in this country. Personal experience. Can’t/won’t provide details.
The US government, just like the rest of the bankrupt welfare states has no hope of balancing their budget or ever paying off the debt and any discussion of raising enough tax to do so is simply theatre of the delusional. As Treasury Secretary, she can’t say that but like everything else at the top of the leviathan state, you make the Eloi think you are in control of a functioning bureaucracy rather than encouraging awareness of the reality. How would the sociopaths of the political class maintain their power and prestige if the public realized that Congress and the Administration were less fiscally and ethically sound than Bernie Madoff? Luckily for them and unfortunately for you, numeracy is not a strong point of the masses.
Today in Totalitarian Nirvana. Taxing imaginary income.
Paul Martin : “Retroactive taxes”.
Yellen : “Preemptive taxes”.
Thanos : “Perfectly balanced, as all things should be”.
This story’s 8 months old.
Even though you haven’t realized a gain on an asset to put actual cash in your pocket, they want to tax it. Meaning you’ll have to pay with cash you don’t have. Meaning you may be forced to sell said asset in order to pay the taxes on owning it.
Kleptocracy.
Look it up.
This is the way they all end.
For producing nothing,stealing much and destroying many,government by fools and bandits always runs out..
Of everything.
Parasitic Overload.
A healthy economy run by free and independent citizens produces excess wealth,so those who live by theft can live well.
An economy run by bandits has negative incentives for producers.
Far better to become a bandit yourself.
Destruction is easy.
Creation is hard work.
Can Ah Duh is already way down the road Yellen is proposing.