Below is a brief summary of who the proposed tax would apply to and the amounts needed to trigger the tax. Real estate is not a taxable aspect of this, being a tangible asset.
Bryce

https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It's communism

There's a justifiable reason for capital gains taxes, and its a benefit to the current working class folks. Capital gains taxes are supposed to be a tax that adjust for inflation and rising cost of government services. That way if your grandfather left you a hundred million that he paid income taxes on it 12%, you are not using that windfall and living the rest of your life tax-free while using services that cost everyone else 30%. That is the way I understand it.. I'm sure there are people here more versed on this than I am.

Ol dad

Iw[ll use what was said about the monkey stautefigure don't care it doesn't affecy me and iWOULD guess very few on here are in that tax bracket.

You don’t think that inheritance was taxed when ole granddaddy parted ways with it?

The below covers the estate tax that is paid.
How much can you inherit from parents without paying taxes?
In 2024, the first $13,610,000 of an estate is exempt from taxes, up from $12,920,000 in 2023. Estate taxes are based on the size of the estate. It's a progressive tax, just like our federal income tax. That means that the larger the estate, the higher the tax rate it is subject to.

The reason I did not quote inheritance tax is that there is no federal inheritance tax. There are 6 states that do and you can browse to find out which ones that do.

Bryce

If your parents die and you receive all those assets there are no capital gains taxes, since they were unrealized by your parents. The basis starts at what the beneficiary inherited for the new capital gains tax for the new owner.

We are splitting hairs about the label of the tax. The bottom line is the government is going to get another portion of money they already took a portion of numerous times.

That's who they think it will effect anyways. Same site that proclaimed that Kamala is the border czar 3 yrs ago then the same author a month ago days days she isn't the border czar. I'm sure the cutoff that this applies to would be revised lower if it ever comes to pass.

Buy whatever you want. You don't make money on gold.

They don’t need to keep figuring new ways to tax. They need to figure new ways to spend less.

Whatever this tax proposal looks like now, will not be recognizable when it passes.

That is another part of Biden's tax plan that Harris has embraced. The elimination of "stepped up basis".


Just my opinion but.........most of the intergenerational fortunes in America were created before income and capital gains taxes . I believe there has been a movement in government since the late 19th century to make it more and more difficult for Americans to amass wealth. There is little disagreement that capital gains taxes discourage savings and investment and encourage consumption. It is said that 70% of our economy is based on consumption.

Why would government want to discourage savings & investment ?

Because economic liberty begets political liberty. Most governments do not want that........IMO

I think high capital gains discourages investment and savings. 15% is not very high IMO. If you even have to pay that? Good luck tracking down the original basis for investments or assets from dead people ( or people with dementia). My favorite hobby the last few years.

The part of the article that Bryce posted that I have a question on is if you have 100 million how would you not be higher than the 25 percent tax bracket?

White17. Spot on.

I disagree. Maybe for the common man but not the ruling class. Government policies have produced a system that centralizes wealth.

Personally I don't have a problem with capital gains tax. I see no reason it shouldn't be taxed same as ordinary income.

Y'all are wasting your time fretting about what is nothing more than an election year ploy to stir up ignorant voters to vote for someone who claims to, "Feel your pain."
It will never pass through Congress. Too many rich Democrats and their donors would be pinched hard by this ridiculous measure.

Wrong approach. While I agree it's a rigged system you don't beat it with more rules that undoubtedly will favor the riggers.

You get rid of the system. Abolish the income tax and return to a tariff and excise based system.

Different incomes are taxed at different rates and yes this is a proposal that is probably and "ante" for discussions when the current tax laws and codes sunset in 2026. If this goes like many major bills it will take them several sessions of Congress to draft the new codes so we probably won't see major changes for quite a while.

Bryce