Taxing unrealized gains is a “capricious and savage levy on capital itself.”
This is unconstitutional as you state and has been even argued as such by the Supreme Court. Would own state, Vermont, is considering the same type of tax. Of course we are assured this is on,y for the very wealthy, but when has any tax been confined for long to only the very wealthy? All this does is lead to inflating asset values and for many of us in Vermont, this means real estate. This ignores the market and thus is not a representation of true asset value.
The legislature seems to think we will have an influx of people fleeing climate change. First of all I doubt that will ever happen because of a “warming climate”. The long term patterns suggests that the opposite is about to occur. Second, what economic benefit is there to moving to Vermont? The state makes it extremely difficult to run a small business here. Vermont is well suited to small scale farming, but the state continually places obstacles in the way of those wishing to pursue this. An unrealized gain would be an insurmountable obstacle, worse than the inheritance taxes etc. The land has to be put into private trusts to protect the asset for heirs.
Unrealized is more than vague and capricious. It is outright stealing by governments addicted to spending and increasing programs, and those come without any concrete accountability measures. This is occurring at the federal level and here in Vermont at the state level. What is not needed is not new forms of taxation, but a revised, reduced staffing plan. These governments have been poisoned by decades of excess and now they need financial detoxification.
All fine and dandy, but as the government grows so too will its money appetite. What is needed is for the state and federal governments to go on an extensive diet and to get back in line with what the working class can afford! And yes, that means cutting back on all social programs that generations after generations have lived on, regulations to promote bringing in new businesses to create more jobs, instead of stifling them!
Taxing unrealized gains is a “capricious and savage levy on capital itself.”
This is unconstitutional as you state and has been even argued as such by the Supreme Court. Would own state, Vermont, is considering the same type of tax. Of course we are assured this is on,y for the very wealthy, but when has any tax been confined for long to only the very wealthy? All this does is lead to inflating asset values and for many of us in Vermont, this means real estate. This ignores the market and thus is not a representation of true asset value.
The legislature seems to think we will have an influx of people fleeing climate change. First of all I doubt that will ever happen because of a “warming climate”. The long term patterns suggests that the opposite is about to occur. Second, what economic benefit is there to moving to Vermont? The state makes it extremely difficult to run a small business here. Vermont is well suited to small scale farming, but the state continually places obstacles in the way of those wishing to pursue this. An unrealized gain would be an insurmountable obstacle, worse than the inheritance taxes etc. The land has to be put into private trusts to protect the asset for heirs.
Unrealized is more than vague and capricious. It is outright stealing by governments addicted to spending and increasing programs, and those come without any concrete accountability measures. This is occurring at the federal level and here in Vermont at the state level. What is not needed is not new forms of taxation, but a revised, reduced staffing plan. These governments have been poisoned by decades of excess and now they need financial detoxification.
Excellently stated Suley Watson!!
All fine and dandy, but as the government grows so too will its money appetite. What is needed is for the state and federal governments to go on an extensive diet and to get back in line with what the working class can afford! And yes, that means cutting back on all social programs that generations after generations have lived on, regulations to promote bringing in new businesses to create more jobs, instead of stifling them!