Proposed 25% Tax on Unrealized Capital Gains: A Recipe for Disaster?
Kamala Harris' plan to tax unrealized capital gains has sparked controversy. Here's how it works:
- Buy shares for $100,000, and their value rises to $150,000.
- You'd owe 25% tax on the $50,000 gain, despite not selling or making a profit.
- If the stock's value drops back to $100,000, you've paid tax on a gain that no longer exists.
This proposal could lead to:
- Forced selling of assets to cover tax bills, harming long-term investment and economic growth.
- A potential stock market crash and another Great Depression.
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