“realized income” means those gains that are realized through direct payment to the taxpayer in form of dividend checks deposited into taxpayers bank account. "unrealized" capital gains are the asset you hold/reinvest, rather than sell, which gains value. So when you get CP-2000 IRS tax bill owing taxes for unrealized capital gains, its not an income tax but a Wealth tax as the Yale professor finally admitted as she tried to make the case its realized income which it is not. so your great question below, where do you get the money to pay the IRS tax bill? My checking account got drained after paying unrealized capital gains taxes. so you know your getting screwed when your paying unrealized capital gains taxes on income you never received which is not realized income.
Okay, I think I get it. Under the legislation, the capital gains on those foreign corp shares are "realized" even though nothing has been paid out, which increases current tax revenues. But... if you're not liquid, where do you get the money to pay the IRS? Do you _have_ to sell your shares? What if it's shares of a company where you can't readily find a buyer?
Solution. Don’t invest in foreign corporations thinking you will not have to pay taxes. Use your money here and create American jobs for Americans. Simple.
First, they will tax billionaires and corporations. But this is a slippery slope. What stops congress from taxing your home as an 'unrealized gain'? What stops them from taxing your 401k? Rich people can hire tax firms to avoid paying tax, the middle class cannot.
Natasha doesn't know what she is talking about. The 16th Amendment did NOT provide any exception to Congress's taxing limits. Direct taxes still must be apportioned. Indirect taxes still must be uniform. The Supreme Court ruled in Stanton vs Baltic Mining in 1916, 3 years after the 16th Amendment, that the 16th Amendment did NOT provide any NEW taxing power! It can't get more clearer than that! If Congress did not have the power to tax American's income BEFORE the 16th Amendment, they didn't have the power AFTER the 16th Amendment. The term "income" in the 16th Amendment is referring to a tax that does NOT require apportionment, and therefore cannot be referring to a Direct tax. The 16th Amendment is referring to indirect taxes in the form of an "excise" tax. Excise taxes do not require apportionment, but instead, require uniformity. Excise taxes are taxes on commodities like alcohol, tobacco, firearms, electricity, phones, etc. The income tax is an excise tax.
Have you seen more confusing answers? Contrast this prof with Peter Schiff’s podcast, that he’ll explain clearly what’s going on. Peter would destroy this professor in a debate.
People are already resorting to moving to lower tax states, obtaining additional passports and leaving the country. Taxing unrealized gains will cause people to renounce their citizenship ($3000) and pay any future claw back they impose. We do not want to fund your profligate gov’t spending.
“realized income” means those gains that are realized through direct payment to the taxpayer in form of dividend checks deposited into taxpayers bank account. "unrealized" capital gains are the asset you hold/reinvest, rather than sell, which gains value. So when you get CP-2000 IRS tax bill owing taxes for unrealized capital gains, its not an income tax but a Wealth tax as the Yale professor finally admitted as she tried to make the case its realized income which it is not. so your great question below, where do you get the money to pay the IRS tax bill? My checking account got drained after paying unrealized capital gains taxes. so you know your getting screwed when your paying unrealized capital gains taxes on income you never received which is not realized income.
She answers direct questions like a politician and doesn’t. She talks about something completely different.
Okay, I think I get it. Under the legislation, the capital gains on those foreign corp shares are "realized" even though nothing has been paid out, which increases current tax revenues. But... if you're not liquid, where do you get the money to pay the IRS? Do you _have_ to sell your shares? What if it's shares of a company where you can't readily find a buyer?
What if what if. Seems like the goal is to stop corporations from circumventing taxes like the rest of us have to pay
It's retroactive you bot this will be applied across the board on property. Homes etc this is covert communism bot.
Solution. Don’t invest in foreign corporations thinking you will not have to pay taxes. Use your money here and create American jobs for Americans. Simple.
First, they will tax billionaires and corporations. But this is a slippery slope. What stops congress from taxing your home as an 'unrealized gain'? What stops them from taxing your 401k? Rich people can hire tax firms to avoid paying tax, the middle class cannot.
Natasha doesn't know what she is talking about. The 16th Amendment did NOT provide any exception to Congress's taxing limits. Direct taxes still must be apportioned. Indirect taxes still must be uniform. The Supreme Court ruled in Stanton vs Baltic Mining in 1916, 3 years after the 16th Amendment, that the 16th Amendment did NOT provide any NEW taxing power! It can't get more clearer than that! If Congress did not have the power to tax American's income BEFORE the 16th Amendment, they didn't have the power AFTER the 16th Amendment. The term "income" in the 16th Amendment is referring to a tax that does NOT require apportionment, and therefore cannot be referring to a Direct tax. The 16th Amendment is referring to indirect taxes in the form of an "excise" tax. Excise taxes do not require apportionment, but instead, require uniformity. Excise taxes are taxes on commodities like alcohol, tobacco, firearms, electricity, phones, etc. The income tax is an excise tax.
She does not answer his question about GM stocks
Have you seen more confusing answers?
Contrast this prof with Peter Schiff’s podcast, that he’ll explain clearly what’s going on.
Peter would destroy this professor in a debate.
People are already resorting to moving to lower tax states, obtaining additional passports and leaving the country. Taxing unrealized gains will cause people to renounce their citizenship ($3000) and pay any future claw back they impose. We do not want to fund your profligate gov’t spending.
US policy is to seek taxes on foreign earned income from expats til the grave
Renounce your citizenship and take your money with you then. The rest of us will not even notice and continue to pay our taxes as we should.
IRS works for them then.
All the well off people here complaining.