Tax on unrealized capital gains a bad idea
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Many Democrats are pushing for a tax on unrealized capital gains. This tax would impact all those retirement accounts of most Americans, including 401(k) plans which have replaced pension plans. It could also impact housing, taxing increased property values of your homes.
It is not just the rich who have these unrealized gains, but anyone with some type of Individual retirement account, even millennials. I would assume they will reassess your home every year to tax your “unrealized gains.” But if your home or investments lose money, I would not look for any relief for unrealized capital losses.
This tax is a bad idea. We have a $34 trillion debt that must be addressed and a Social Security system on the ropes. Taxes will be raised, but on income, and everyone must begin to pay their fair share, and I do mean everyone. No more 50% paying nothing.
We all ran up the debt, so we should all start paying Peter. And many existing federal programs will be cut or eliminated. It is time we pay for what we demand. No more free lunches – and yes, that includes schools.
George Dawes
Washington