I know this is not racing related but it sort of is. (Might be a stretch). If Harris wins the election she is proposing an Unrealized Capitol Gains Tax. Example; If you bought your home for $???,??? years ago deduct that amount from what it is worth now and write a check to the I.R.S. for 25% of that amount. This is where this post is racing related! Will you have to sell your race car to pay that amount? So think about who you vote for in 2024!

Not a Harris fan in the slightest, but I believe this only pertains to tax payers with wealth above 100 million. Or those with unrealized gains north of 100 million

Can’t stand her but I thought the same as racerdude. Still a terrible plan

That's what is proposed now but when she gets in something tells me that will change. Want to take that chance? She hasn't flip flopped on anything yet has she?

I don’t disagree

You think? I currently have many oil & gas leases in WV and we are paying tax on projected extraction in the future. So we pay now no matter if these leases NEVER produce a drop and I never realize a dime of profit.

The fact is we are already taxed to death. Say you have a Tax on Corporations of 28% they will pass 100% of that tax on to us and the Corporations will make same money.

The problem is a Government that has an out of control spending problem. Much of the reason for that is I believe they are getting kickbacks. Say they give 150 Billion to Ukraine then in return Ukraine will give "Jobs" to Hunter Biden for 5 million a year and he does not have any experience or even have to show up for work. Nancy Pelosi took 50 Democrats over to Ukraine before she would give Ukraine 50 Billion dollars for the War Biden started. Why do you think she did that? Hello! Duh!

Big Government is not the Solution- it is the PROBLEM!

remember that the tax changes made by biden would only effect those over 400k per year? Well most people selling 600 or 700 bucks worth on ebay or other internet sale are not making 400k per year.
Same person made statements about taking guns on day 1 with executive order> also has stated multiple time they she supported mandatory buy backs. Then Tuesday she would never be taking guns
Only thing dumber than democrat is one who believe anything they say during election.

Mark Cuban, who is a big Harris fan, said her plan on taxing unrealized gains "will kill the stock markets."

https://x.com/TheChiefNerd/status/1831675242378371134

So, it would affect a lot more than 1% of the population.

When Kamala Harris is making statements during public events that she intends on increasing the tax rate on the Wealthy simply ask yourself, why are wealthy people (Mark Cuban, Taylor Swift, and hundreds of other MEGA wealthy people) making such large donations to the Harris Campaign. Her Campaign claimed they received donations in excess of $406,000,000 in the past one or two days! Where the HeII did that come from, the $20 per hour McDonalds workers?

Do you think the Wealthy are (1) ALL stupid, or do you think she is (2) brazen enough to think everyone else IS STUPID????

My guess is door #2.

She's talking out of one side of her mouth when addressing the Wealthy and the other side when addressing the Middle and Lower Class audiences.

It's obvious she will say anything to gain support.

Yep, and the idiots will believe her just like our OLD Governor Lowell Weicker that brought in Connecticut's TEMPORARY INCOME TAX in 1992. GUESS WHAT, we still have it.
You know as well as I do she will institute the Gains tax on ANY Unrealized gains. As was said, why do you think all the BIG money is supporting her.

Also, don't forget, she does NOT need to go after our guns, all she has to do is tax ammo at $25 per bullet. That'll kill it. It's the same thing they are doing to gasoline cars, make gasoline so expensive that morons will fall for it and buy an electric car.
On a good note, you are NOT supposed to park them in your garage so when they catch on fire you can have a neighborhood barbecue

All good points folks. Racing would be over if the dems got there way unless of course we race electric vehicles!

The most expensive vehicle Americans drive today is the Grocery Cart!

Does anyone really think if they could get this to pass that it eventually won't apply to most everyone? Purposing it as only affecting the mega rich makes it easier to get passed, "oh I don't care it doesn't affect me only the rich" mentality. But do you really think it won't get expanded if they can get it passed?

quote:

Originally posted by RPROGAS:
When Kamala Harris is making statements during public events that she intends on increasing the tax rate on the Wealthy simply ask yourself, why are wealthy people (Mark Cuban, Taylor Swift, and hundreds of other MEGA wealthy people) making such large donations to the Harris Campaign. Her Campaign claimed they received donations in excess of $406,000,000 in the past one or two days! Where the HeII did that come from, the $20 per hour McDonalds workers?

Do you think the Wealthy are (1) ALL stupid, or do you think she is (2) brazen enough to think everyone else IS STUPID????

My guess is door #2.

She's talking out of one side of her mouth when addressing the Wealthy and the other side when addressing the Middle and Lower Class audiences.

It's obvious she will say anything to gain support.

Two things here. Exactly my question for years. 2nd please do not try to use common sense when asking question related to democrats and most all politicians in general.

People who think this policy won't negatively effect them because they don't have $100 million + clearly don't know how basic economics work. The wealthy will sell those large amounts of shares before getting hit with the unrealized gain tax. That's going to cause the value of those shares to plummet. That's going to effect the middle class because it means your 401K's value also significantly goes down. You'll never make a profit because every time prices even slightly start to rise, they'll immediately drop to an insane amount of shares getting sold by the wealthy.

They will draw loans against their assets, the name of the game is literally to not sell assets.

quote:

Originally posted by Larry Scarth:
All good points folks. Racing would be over if the dems got there way unless of course we race electric vehicles!

The Second Amendment would be gone if Democrats got their way.

Our Free Speech would be gone if Democrats get their way. Biden almost got a bill passed that would make it a crime to post "Misinformation" on Social Media. The problem with that would be another Democrat Government department and THEY DECIDE what you have the Right to say. That is not FREE SPEECH. Republicans barely stopped that bill. It will come up again if Democrats win.

Our very Right to Vote will be gone if Democrats get "Elected" this time. They are already bringing in MILLIONS of Illegal Aliens simply to vote Democrat. Democrats have fought every bill to make sure of fair, honest elections.

This is our last chance, they have tried to Impeach Trump for asking about Biden Crimes in Ukraine, they have tried to charge him in criminal Justice system, they cheated in the "Election", they have even tried to kill him. They are serious when they say they will do anything to stop Trump.

quote:

Originally posted by TD3550:
The wealthy will sell those large amounts of shares before getting hit with the unrealized gain tax.

Which will make them a 'realized gain' that gets taxed anyway? Pretty smart!

With the 35%-50% devaluation of the Dollar, because of unrestrained money printing / spending, we're already paying that tax.

If your IRA hasn't been earning 50% plus, you're losing money.

Doesn't matter because the kommies ARE going to seize all of the retirement accounts anyway.

The only good investment right now is firearms / ammo.

quote:

Which will make them a 'realized gain' that gets taxed anyway? Pretty smart!

Tax on money in-hand is a lot better than a current tax on a potentially depreciating investment.