"People already pay unrealized gains taxes, it's called a property tax."
Property taxes should be abolished. Using property taxes to justify more unrealized gains taxes is not going to sway a lot of voters. People hate property taxes.
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In no way is a property tax a tax on unrealized gains. The tax is a fee for protection of the property, end of story.
If you don't pay property tax to anyone, you must protect your own property, which is usually very inefficient.
Insurance is a fee for direct property protection. Taxes get pooled and redistributed towards purposes that have nothing to do with your property.
It can be used to protect your property and still be a tax on unrealized gains.
Taxing unrealized gains means assessing the hypothetical sale price of some asset and demanding a payment in money as a percentage of that assessed value. This is exactly what happens with property taxes.
Property taxes are an example of a tax on unrealized gains.
Since you are paying property taxes based on assessed value not assessed value-purchase price its not really a unrealized gain tax.
Well yes, that's how property taxes are assessed, but no, it does not follow that what's being taxed is an "unrealized gain".
A "gain" is something that happens when we sell an asset for more than we bought it. If property tax were a tax on a gain, the amount we paid for the asset would have to be taken into account so as to calculate the difference between what the property is worth now and what it cost us to acquire, ie the gain. Since property tax is assessed on the total value of the property, this cannot be what's happening.
The reason people buy property is to *use* the property, unless they are speculating. So what's actually being taxed is a "realized benefit" rather than an unrealized gain.
The government or security agency says "hey, you're benefiting from that property, and we're protecting it with our guns, we therefore impose a fee that is proportional to the benefit".
I'll concede that the purchase price of your assets affects the calculation of an unrealized gain, but in my mind this makes the unrealized gain tax less intrusive than a normal property tax. It's essentially a property tax with a write-off.
At any rate, the justification of a property tax that you're using is fun philosophizing, but the revenue that property taxes generate go into the same pot as any other tax. The state isn't demarcating police or firefighting services and saying "property taxes pay for this, income tax for everything else".
You can believe in a land value tax or something as a justifiable tax, but that isn't exactly what a property tax is, since improvements you make to your property increase your tax liability. If you're justifying a property tax by pointing to government services that you consider legitimate, that's fine, but this works for any tax, so it's really a non sequitur to talk about property taxes like this.
But hey!! ”VoTiNg doesn’T matter ”
People hate taxes in general
But without property taxes, how will the city pay to dig up the brand new street they just paved 3 months ago???
The people that vote for Kamala do not have assets anyways so they couldn't find a fuck to give about unrealized gains taxes
This is not true. The Democratic party has become the party of the ultra-wealthy. Except for Elon Musk and Peter Thiel, how many tech billionaires are Republicans?
Besides, many of these Harris voters do have assets, but they think they're safe because the threshold for this tax would be $100 million. They think their 401k is safe. They're wrong. No tax ever begins by falling on everyone, but eventually, everyone will pay it.
Their stance on this issue (and "tax the rich" more generally) is that they're fundamentallu incapable of conceptualizing second-order effects for any decision.
Taxes roll down hill from the wealthy elites to the poor and middle class the rich that vote for Kamala will never pay the bullshit taxes. Shit rolls down hill
Just like the income tax
Idk what this means. The wealthy, by a wide margin, pay the most taxes in America. This unrealized gains tax idea would exclusively target that top 1%.
It is certainly possible that these billionaire Harris voters expect some loophole to be introduced that they can use, but as of right now, no such loophole has been proposed (at least publicly).
Your original statement that Harris voters don't have assets to worry about being taxed is just false. The Democrat party is not the same party as it was for the second half of the 20th century.
Unrealised gains is the end game of fiat.
When you think about property taxes relative to income, it highlights how burdensome they are. Someone earning $100k/yr, owns a $500k house, paying 1.5% annual property tax, pays $7,500/yr, or 7.5% additional tax relative to income!!
No one likes any tax. So, ignoring the argument that all taxes should be abolished, I think it makes more sense to say that property tax ( for real estate) will be one of the only remaining taxes in the coming age.
Income tax is only possible if transactions can be monitored. In a Bitcoin world, income tax is difficult to enforce. Back in the day, property tax and maybe sales tax were the only enforceable taxes because the infrastructure was visible and coercible by the state.
My recent thoughts have been: when money is separated from the state, it will have to revert to old forms of taxation. Property taxes is potentially the oldest form, and the one likely to persist.
Thankfully… property values will fall to their utility value overtime as well.
It isn't difficult to enforce with a public blockchain and businesses who don't want to run afoul of the law.
In the future, layer 1 bitcoin transactions will likely not be used for salaries. So payments will not be public.
Perhaps governments will ask companies to report all salaries. Like they do today. However, in a world when the government can’t print money, it is an interesting question as to the cost of that enforcement. It may be too high. But you raise a fair point.
I’m can’t wait to vote AGAINST Trump, again, because he is a horrible human being, but this Harris proposal is a fucking disgrace. I can’t believe the campaign is so stupid to propose it.
A vote for Harris is not a vote against Trump.
With only two candidates in the race, how else can I vote against Trump? Educate me.
You can’t “vote against” either candidate. You can “vote for” one or the other. Your vote counts as either one or zero (no vote). Voting against something implies deduction, like in the case of a Prop vote (yea or nay).
Separately, your reasoning for voting for Harris is because Trump is a horrible person. This is the lowest level of reasoning. Especially if you don’t know Trump personally.
You seem to have found your way to bitcoin, which requires reasoning, so I’d encourage you to utilize that characteristic and make more compelling statements. “Trump bad” is the most cited reason for voting for Harris. This is Trump Derangement Syndrome. Express a positive reason to vote for Harris instead. Apparently you’re not a fan of her taxation strategy, so what attracts your vote to her?
Just don't vote. This version of democracy doesn't work for everyone, so stop legitimizing it. The sooner people realize that voting, even voting poorly, is actually not in their best interests, the sooner we can move on to renegotiating this power structure.
I would be happy just to see the property tax itemized so we can drive some accountability. Some sevices make sense.
Wen Nostr Joe?
Property tax is not an unrealized gains tax. Nowhere in your property tax bill are they calculating any sort of gain. The tax rate applies to the assessed value of the home.
Bharat Ramamurti graduated from both Harvard and Yale. He knows better. Shame on him, and those like him.
Every person who pays their own bills and doesn't watch msm hates Democrat policies. This is humanities great battle, all the NPCs on one side vs all the real humanoids on the other side.
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Wow, the US will go full communist.
I’d call property tax a “wealth tax”, not “unrealized gains”.
No one should consider themselves "free" if they must pay property taxes.
