The Harris Doctrine

[FortSanders]

Harris has proposed a 25% tax on unrealized gains on capital assets. A capital asset is anything including stocks, bonds, gold, houses, 401ks, etc. She has also proposed increasing long term capital gains at 44.6%

 

[McDad]

Harris has proposed a 25% tax on unrealized gains on capital assets. A capital asset is anything including stocks, bonds, gold, houses, 401ks, etc. This is a confiscatory tax and it is annual.

If this passes, which it won't, but if it does I will feel badly for all yall who have assets you cannot defer cap gains taxes on. Fortunately I can do that with real estate.

 

[Vol8188]

Harris has proposed a 25% tax on unrealized gains on capital assets. A capital asset is anything including stocks, bonds, gold, houses, 401ks, etc. This is a confiscatory tax and it is annual.

One of the most insane ideas.

“I’m going to tax you on the money you don’t have”

But I’m sure when she bankrupts all the businesses, things will then improve

 

[FortSanders]

If this passes, which it won't, but if it does I will feel badly for all yall who have assets you cannot defer cap gains taxes on. Fortunately I can do that with real estate.

Houses, farms and all real estate are capital assets. It would also include small businesses.

 

[McDad]

Houses, farms and all real estate are capital assets. It would also include small businesses.

I understand.

 

[jmacvols1]

np

 

[LSU-SIU]

np

Where is the federal nexus here other than DC and territories?

 

[Vol737]

Kamala’s father, Donald J Harris, was the first tenured black economics professor at Stanford and noted for his book, Capital Accumulation and Income Distribution. He left teaching promote economic theories and policy toward….social equity. His work and theories are influenced by John Maynard Keynes, Karl Marx and also Joseph Schumpeter, but I doubt Harris was fond of his work and the importance Schumpeter placed on the roll of entrepreneurs and his opposition to massive govt intervention in the economy. As they say, the apple doesn’t fall far from the tree. Caveat Emptor.

Donald J. Harris - Wikipedia

en.m.wikipedia.org

 

[LSU-SIU]

Harris has proposed a 25% tax on unrealized gains on capital assets. A capital asset is anything including stocks, bonds, gold, houses, 401ks, etc. She has also proposed increasing long term capital gains at 44.6%

I'm so confused and I actually think I have a good understanding of general tax law, meaning how they obtain jurisdiction depending on the tax. (detailed accounting not so much)

Are they claiming they can tax an asset at 100% if someone has an income tax liability, where is the nexus of the federal government involved in this if one resides in a State? Or that people that just have assets have to file an income form? Where did they obtain all this jurisdiction?

SS taxes is prime example of how they obtain jurisdiction by the States willfully entering into the federal SS program.

https://constitution.congress.gov/browse/essay/artI-S9-C4-4/ALDE_00013595/

It would seem like these would be direct taxes on property as there is no income.... only the possibility that income may or may not exist in the future. What next, I have to register my non-commerce state car with a federal plate?

If they can tax the unrealized gain, why can't they tax the unrealized loss as well if its not connected to the actual property?

So, someone owns a house, they have no income.... they have to calculate whether or not they might have a gain in theory?

 

[Thunder Good-Oil]

Harris has proposed a 25% tax on unrealized gains on capital assets. A capital asset is anything including stocks, bonds, gold, houses, 401ks, etc. She has also proposed increasing long term capital gains at 44.6%

This is absolute insanity. Capital is what drives capitalism. It would cease to exist - investments in US business would end. No jobs would be created. Production of goods and services would be discontinued.

Who would be assessing the valuations on privately held capital? Publicly traded equities have valuations determined by supply and demand after analyzing potential future profits to the shareholders. But who will be assessing the valuations for privately owned businesses and the mansions owned by the Obamas and Clintons? The artwork that they own? The vintage Corvettes parked in their garages?

What about retired politicians that have incorporated holding companies to manage their revenue streams from $500,000 speeches and multi-million book deals? Those are valuable businesses. Will those enterprises with empty balance sheets be assessed at their real value?

If somebody owns a viable small business that is extremely valuable based on potential, but is struggling to generate cash flow - is the government going to come in and confiscate what little cash they might be carrying on their balance sheets?

What about incubator companies or those that have spent a fortune on R&D? No income. Burning through cash. But taking risks to invent and create things?

Anybody that doesn’t understand these things should never hold any public office. Not even a seat as an HOA board member.

 

[FortSanders]

Don't forget, Harris will not renew the Trump tax cuts, which were named the 2017 Tax Cuts and Jobs Act, that are due to expire in 2025. At $3.4 Trillion, it will be the single largest tax increase in history.

 

[LSU-SIU]

Who would be assessing the valuations on privately held capital? Publicly traded equities have valuations determined by supply and demand after analyzing potential future profits to the shareholders. But who will be assessing the valuations for privately owned businesses and the mansions owned by the Obamas and Clintons? The artwork that they own? The vintage Corvettes parked in their garages?

Yeah, even if the U.S. had zero property rights, there really isn't any easy way of making an easy way of determinations. I mean there is self-assessment but I have no idea what most things are worth. The IRS could set rule making before much of that has been gutted.

I have stock in a private corporation, how much is it worth?

Gold mine owns $500m in proven reserves in the ground and they pay tax on the amount of gold goes up? Car manufacturer pays a 25% tax on the newly manufactured car sitting in inventory but they have to pay the tax on the retail price.

 

[Vol737]

This is absolute insanity. Capital is what drives capitalism. It would cease to exist - investments in US business would end. No jobs would be created. Production of goods and services would be discontinued.

Who would be assessing the valuations on privately held capital? Publicly traded equities have valuations determined by supply and demand after analyzing potential future profits to the shareholders. But who will be assessing the valuations for privately owned businesses and the mansions owned by the Obamas and Clintons? The artwork that they own? The vintage Corvettes parked in their garages?

What about retired politicians that have incorporated holding companies to manage their revenue streams from $500,000 speeches and multi-million book deals? Those are valuable businesses. Will those enterprises with empty balance sheets be assessed at their real value?

If somebody owns a viable small business that is extremely valuable based on potential, but is struggling to generate cash flow - is the government going to come in and confiscate what little cash they might be carrying on their balance sheets?

What about incubator companies or those that have spent a fortune on R&D? No income. Burning through cash. But taking risks to invent and create things?

Anybody that doesn’t understand these things should never hold any public office. Not even a seat as an HOA board member.

I suspect the liberal Wall Street/HedgeFund/Private Equity bankers will balk at this too and put some pressure on her. If it were to pass, she would have to have a democratic controlled house and senate. And if it did pass under that scenario, that would be the far left democrats telling those Wall Street/Private Equity/Hedge Fund liberals “thanks for helping us get here, now go sit in the corner.” I can only imagine the legislation that comes after that.

 

[LSU-SIU]

I suspect the liberal Wall Street/HedgeFund/Private Equity bankers will balk at this too and put some pressure on her. If it were to pass, she would have to have a democratic controlled house and senate. And if it did pass under that scenario, that would be the far left democrats telling those Wall Street/Private Equity/Hedge Fund liberals “thanks for helping us get here, now go sit in the corner.” I can only imagine the legislation that comes after that.

You're talking full government control because virtually everything would have to be liquidated... I'm not sure who the buyer would be other than government. (of course, it all seems unconstitutional for many reasons to me but that is whole other thing)

 

[Thunder Good-Oil]

Yeah, even if the U.S. had zero property rights, there really isn't any easy way of making an easy way of determinations. I mean there is self-assessment but I have no idea what most things are worth. The IRS could set rule making before much of that has been gutted.

I have stock in a private corporation, how much is it worth?

Gold mine owns $500m in proven reserves in the ground and they pay tax on the amount of gold goes up? Car manufacturer pays a 25% tax on the newly manufactured car sitting in inventory but they have to pay the tax on the retail price.

A wealth tax is pure pandering to the stupid voters by some of the Dems. Soaking the rich sounds great to the envious element of the liberal base. They can propose only confiscating from those over a certain threshold like $100 million. But that wouldn’t be cost effective to administer and it would quickly be adjusted downward and hit lower and lower wealth thresholds. And the top 1% or 2% will hire an army of tax accountants and lawyers to eliminate their tax liability.

It’s just stupid. I don’t know why the government servants can’t focus solely on growing company profits and employee wages. That is how to make the economy thrive. It generates more income taxes than a wealth (envy) tax ever could.

Taking investment capital away from those innovating, growing businesses, and hiring employees is just plain dumb.

 

[StarRaider]

This is absolute insanity. Capital is what drives capitalism. It would cease to exist - investments in US business would end. No jobs would be created. Production of goods and services would be discontinued.

Who would be assessing the valuations on privately held capital? Publicly traded equities have valuations determined by supply and demand after analyzing potential future profits to the shareholders. But who will be assessing the valuations for privately owned businesses and the mansions owned by the Obamas and Clintons? The artwork that they own? The vintage Corvettes parked in their garages?

What about retired politicians that have incorporated holding companies to manage their revenue streams from $500,000 speeches and multi-million book deals? Those are valuable businesses. Will those enterprises with empty balance sheets be assessed at their real value?

If somebody owns a viable small business that is extremely valuable based on potential, but is struggling to generate cash flow - is the government going to come in and confiscate what little cash they might be carrying on their balance sheets?

What about incubator companies or those that have spent a fortune on R&D? No income. Burning through cash. But taking risks to invent and create things?

Anybody that doesn’t understand these things should never hold any public office. Not even a seat as an HOA board member.

i hope whatever dot-gov idiot who valued Mar-a-Lago at 18 mil does my file

 

[LSU-SIU]

A wealth tax is pure pandering to the stupid voters by some of the Dems. Soaking the rich sounds great to the envious element of the liberal base. They can propose only confiscating from those over a certain threshold like $100 million. But that wouldn’t be cost effective to administer and it would quickly be adjusted downward and hit lower and lower wealth thresholds. And the top 1% or 2% will hire an army of tax accountants and lawyers to eliminate their tax liability.

It’s just stupid. I don’t know why the government servants can’t focus solely on growing company profits and employee wages. That is how to make the economy thrive. It generates more income taxes than a wealth (envy) tax ever could.

Taking investment capital away from those innovating, growing businesses, and hiring employees is just plain dumb.

I would think it would be massive selling. I mean when you getting into software value, service value, patient values, contract values, insurance values, etc. Microsoft Word is an asset, exactly how much has it appreciated since they developed it? (I just grasping at straws here because I have no idea what they have in mind) What happens if I have a rental contract which is 20 years, that is an asset which taxes would in theory have to be assessed and due.

If I give someone a mortgage on a house or building and that mortgage is an asset exactly how am I valuing this asset for tax purposes? Does the owner of the house also pay a tax on the house or the amount paid? I mean exactly what are we dealing with here?

 

[Thunder Good-Oil]

i hope whatever dot-gov idiot who valued Mar-a-Lago at 18 mil does my file

Imagine the corruption if that much power is granted to government workers. There aren’t enough prison cells. But some Dems don’t want to put criminals behind bars. While ironically others are actively pursuing locking up their political opponents.

 

[BigOrangeMojo]

If this passes, which it won't, but if it does I will feel badly for all yall who have assets you cannot defer cap gains taxes on. Fortunately I can do that with real estate.

She wants to end 1031 transactions and tax (eventually it will hit your net worth bracket) unrealized gains on your real estate...

 

[McDad]

She wants to end 1031 transactions and tax (eventually it will hit your net worth bracket) unrealized gains on your real estate...

She needs to go back to her home on whore island!

 

[Thunder Good-Oil]

Too bad they can’t tax all those firearms that have been lost in tragic boating accidents.

Physical gold might could soar in value. And other precious metals and jewels. Would dot gov be able to find stashes of Bitcoin and Ethereum? Cryptos that are best positioned to be hidden from government revenuers will become extremely valuable.

She is so dumb to even bring up the possibility of taxing wealth. It is pandering. Nothing more. It would trigger a total collapse of the banking and capitalist systems.

 

[Thunder Good-Oil]

HOETUS.

 

[BigOrangeMojo]

Ill be able to retire if HOTUS gets her tax plans passed with all the planning to get around it....

 

[Orangeburst]

All this, yet Trump is worse. Incredible logic some yall have.

 

[LSU-SIU]

Too bad they can’t tax all those firearms that have been lost in tragic boating accidents.

Physical gold might could soar in value. And other precious metals and jewels. Would dot gov be able to find stashes of Bitcoin and Ethereum? Cryptos that are best positioned to be hidden from government revenuers will become extremely valuable.

She is so dumb to even bring up the possibility of taxing wealth. It is pandering. Nothing more. It would trigger a total collapse of the banking and capitalist systems.

I would think you would have huge wiping (both ways) of asset prices as things sell off than no production as large capital can't be deployed in that type of environment. Best case at that point buy gold, bitcoin, whatever and stash it away... it would probably break down before that though.