Unrealized Capital Gains Tax
Candidate Harris has said she would increase Capital Gains tax to 44.6% from the current top percentage of 20%.
She is also saying she would implement an “Unrealized Capital Gains Tax” of 25%. Since she won’t do live interviews we can’t ask her if this is on top of the 44.6% Capital Gains Tax.
So, say you bought a home 30 years ago for $50,000. You lived in it for 30 years, have paid off the mortgage. Your house is now worth $500,000. You plan to use some of the value of your house to fund your retirement. Or you plan to downsize, sell your house, and use the funds for your retirement.
Now, the “Unrealized Capital Gains Tax” sends you a bill for 25% on the increase in the value of your house. Your house increased in value $450,000….25% of that is $112,500. Do you have that? Doubtful. So, you will have to sell your home.
My question is, will you have to pay the Capital Gains Tax in addition to the “Unrealized Capital Gains Tax”? If that is the case, you would first owe $200,700 to Capital Gains and then $112,500 for the “Unrealized Capital Gains Tax”.
This tax also applies to your investments. If you have money in the stock market, they will charge you a tax on your gains but won’t give money back if you suffer losses. Does the tax apply to your pension?
Don’t you think you need to know the answer to this BEFORE voting? Personally, I believe Capital Gains Taxes are legalized theft. We pay a sales tax when we buy a house and property taxes every year we own the house and now Harris wants nearly half of the increase in value of your home when you sell it….on top of forcing you to sell with the “Unrealized Capital Gains Tax”.
Again, we don’t have a media that has any interest in these questions. People voting for Harris because she is a woman or a minority or a Democrat need to know what they are really voting for.
Are they really willing to trade having the “First Woman President” for losing their homes?
Source: https://madderthanhell.wordpress.com/2024/09/04/unrealized-capital-gains-tax/
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