https://x.com/Geiger_Capital/status/1783222179473109130
Oh my god…
— Geiger Capital (@Geiger_Capital) April 24, 2024
I missed this originally but he’s also proposing a 25% tax on UNREALIZED gains.
UNREALIZED.
That’s for wealthy individuals but still, absolute insanity. A lot of people would just leave the US and the government would likely have less tax revenue than before. https://t.co/J0XecKgAM0
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Taxing "unrealized gains" is so r-slurred.
One of the only major taxes that needs to assess something's value outside of a sale are property taxes. And there are gigantic departments with hordes of assessors to try to determine the assessments. And a whole system of appeals and shit because they still frick it up all the time.
So now these idiots want to do that to arbitrary businesses? Even private businesses, where there's not really any "true" assessment of value?
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TBF, the market value of stocks, bonds, commodities aren't hard to determine. There's a current market price and you just need to define what time you look at that price for taxes. Some rich mofo will just sell a single share at $1 to manipulate the closing price and save on taxes.
Private equity and shit is way harder to be sure.
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