You are currently browsing the daily archive for February 2, 2021.

Janet Yellen, the US Treasury Secretary nominee wants more of the everyday American’s money and possibly property.

From patriots.win:

That means you could be taxed on ‘earnings’ that do not exist. The Internal Revenue Service could estimate it for you. You would pay them for a hypothetical gain that doesn’t exist.

How often would the IRS make that assessment? Once a year? Once a month? With every share movement? How would they do it?

Who knows?

It could put a real and permanent dent in the stock market. Remember, a lot of everyday Americans have holdings in stocks and mutual funds. The stock market isn’t just for the big players.

The idea, if it gets traction (heaven forfend), could go further.

The patriots.win thread had the following comment (emphases mine):

Yellen also mentioned having zero problem with government becoming an active ‘shareholder’ in companies and enterprises in the USA, and would encourage the practice.

This is called central planning. It’s a required step to complete takeover of the economy by the state (call it part of the great reset or just the vanilla off-the-shelf plan on the march towards communism, all the same really)

Taxing unrealized capital gains using a mark to market formula is just a way to extort the ownership of private interests over time into the hands of the government.

Starting a new business? When you get that seed round of capital from investors of $2M and your valuation jumps from $0 to $8M overnight, welcome to your new unrealized capital gains tax of $1,650,000 in year 1 of operation. We know you’re a startup and strapped for cash, so Uncle Sam will gladly take a 20% equity stake in your startup in lieu of cash. We’ll be sure to send one of Pelosi’s staff members to your next board meeting to help run the company and make decisions, too.

Have a rental property portfolio? Hey, well, we not only put in a moratorium on evictions due to COVID-19, so you can’t get rid of the deadbeat tenants sitting there and renting out your apartments as Airbnb units and paying zero rent to you, but our assessors estimate your property value went up 28% last year because, you know, you own some prime buildings in the best locations and everyone wants to stay there so you owe us $2,100,000 in unrealized capital gains taxes this year. No cash? No worries, we’ll take on an ownership stake of 9% of your portfolio (minus any liabilities for property taxes or liability, those are YOUR problem, bud), and now since you are technically part federally funded, you must adhere to these federal housing regulations we just put into place where you have to dedicate 20% of your units to refugee housing.

Oh look, how cute.. a couple that worked their asses off the past 25 years, paid off their mortgage, and are living free and clear in their home with just enough savings to maintain their independence and live out the rest of their lives in peace, maybe even one day handing down the property to their children. How quaint and racist/colonialist/sexist/etc. Well, our assessor used a nice little black box formula to estimate your property went up in value 22% last year so pay us $29,000 this year to keep your house. We don’t care that market conditions don’t reflect the actual value of the home according to our estimates, you’re free to prove to us the house isn’t worth as much as we think it is by selling it before December 31st just as all your other neighbors are selling right now because of the plummeting prices thanks to our blanket district-wide appraisal. That’s just a temporary market glut and has no bearing on the actual value of your house according to our mark to market ratio.

IT’S ALL COMING — AND FASTER THAN ANYONE THINKS.

Good grief.

Pray someone does something about Biden and his team.

If this isn’t communism, what is?

© Churchmouse and Churchmouse Campanologist, 2009-2021. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Churchmouse and Churchmouse Campanologist with appropriate and specific direction to the original content.
WHAT DOES THIS MEAN? If you wish to borrow, 1) please use the link from the post, 2) give credit to Churchmouse and Churchmouse Campanologist, 3) copy only selected paragraphs from the post — not all of it.
PLAGIARISERS will be named and shamed.
First case: June 2-3, 2011 — resolved

Creative Commons License
Churchmouse Campanologist by Churchmouse is licensed under a Creative Commons Attribution 2.0 UK: England & Wales License.
Permissions beyond the scope of this license may be available at https://churchmousec.wordpress.com/.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 1,533 other followers

Archive

Calendar of posts

February 2021
S M T W T F S
 123456
78910111213
14151617181920
21222324252627
28  

http://martinscriblerus.com/

Bloglisting.net - The internets fastest growing blog directory
Powered by WebRing.
This site is a member of WebRing.
To browse visit Here.

Blog Stats

  • 1,658,943 hits