tommyguns2
Senior Moderators
Staff Member
- Dec 25, 2010
- 6,759
- 5,915
The way this article is written is so deceptive, I wanted to punch my computer screen. The Supreme Court has already ruled on this issue almost 100 years ago that the income tax authorized by the 16th Amendment allows the gov't to tax only realized income.
In this case, a couple had an investment in India that has appreciated in value. They have not sold their shares in the investment, but the IRS is claiming they owe $14K in taxes based on unrealized income. The 9th Circuit, always the wackjobs held that this was OK, and the Supreme Court granted cert.
The author of this article says this would only affect the rich. Sound familiar? And all that casino revenue is going to kids' education! LOL This is clearly a foundational issue for the gov't going after a "wealth tax." That's a tax based on your net worth. Of course, it won't affect you, only Bill Gates and Elon Musk, LOL. Just imagine having to do an accounting each year for your taxes to value all your assets to determine your net worth. All your real estate, businesses, artwork, crypto, boats, etc. Then the gov't taxes you on it, even though you haven't sold any of the assets and generated any profit. How do you generate the cash to pay for income that you haven't realized? Tough shit...
Don't let anyone fool you. Once the IRS has their foot in the door, all assets are on the table. Just imagine your house appreciating $10K in value next year? Well, first you have to pay an appraiser to get your house appraised in a certified manner, that'll cost you $500, and then they tax you X% on the $10K profit that you allegedly made. Do you think the IRS will allow you to account for unrealized losses? Don't count on it, LOL. It's a one-way rachet.
The gov't doesn't have a revenue problem. It has a spending problem. Until we say "no more" they'll never address the root cause.
This couple is fighting $15,000 in taxes. Their case could cost Washington trillions
The Supreme Court case could have sweeping implications for how much the government can tax the earnings of wealthy Americans.
www.yahoo.com
In this case, a couple had an investment in India that has appreciated in value. They have not sold their shares in the investment, but the IRS is claiming they owe $14K in taxes based on unrealized income. The 9th Circuit, always the wackjobs held that this was OK, and the Supreme Court granted cert.
The author of this article says this would only affect the rich. Sound familiar? And all that casino revenue is going to kids' education! LOL This is clearly a foundational issue for the gov't going after a "wealth tax." That's a tax based on your net worth. Of course, it won't affect you, only Bill Gates and Elon Musk, LOL. Just imagine having to do an accounting each year for your taxes to value all your assets to determine your net worth. All your real estate, businesses, artwork, crypto, boats, etc. Then the gov't taxes you on it, even though you haven't sold any of the assets and generated any profit. How do you generate the cash to pay for income that you haven't realized? Tough shit...
Don't let anyone fool you. Once the IRS has their foot in the door, all assets are on the table. Just imagine your house appreciating $10K in value next year? Well, first you have to pay an appraiser to get your house appraised in a certified manner, that'll cost you $500, and then they tax you X% on the $10K profit that you allegedly made. Do you think the IRS will allow you to account for unrealized losses? Don't count on it, LOL. It's a one-way rachet.
The gov't doesn't have a revenue problem. It has a spending problem. Until we say "no more" they'll never address the root cause.