09/02/2024
Dear Voters,
Your grandma bought her house at $45,000 in 1987. It is now 2026 and her house is now worth $300,000. If she sold it, she would show a "Capital Gains of $255,000 (Profit).
If she is a billionaire, VP Kamala Harris is proposing that your grandma be taxed 25% of the "Unrealized Capital Gains" which would be $63,750. Unrealized means the home has not been sold and is getting a "capital gains tax based on its current value.
Now, Granny is a billionaire and can afford such things so why worry?
Well for one. Everyone knows and everyone says it won't stop there. What if Granny is just a millionaire?
It the government begins to tax you on the possibility of value not yet realized at the high end of the wealth spectrum........ what is to stop them from doing so to the middle class?
Vice President Harris has floated many tax proposals, some from Biden, some of her own. But a proposed tax on unrealized gains may be most controversial.