You bought 100 shares of Zoom stock in Jan 2020 for $75 per share
Ends year at $350 per share but you didn’t sell giving you an unrealized gain $27.5k
Under Kamala’s plan you owe $6,875 in taxes (25% of $27.5k)
But you didn’t sell so you don’t have the cash. you pay taxes out of savings
You continue to hold until August 2024. Finally sell for $60 per share
You LOST $1,500 on the stock PLUS you paid the taxes on the $27.5k of “gains” you never actually received since they evaporated
The initial tax proposal is only targeting $100M+ but that’s just the start. It opens the gates to lower the threshold whenever they choose
Before you know it every person who owns a stock is paying this tax
People stop buying stocks. Companies have less capital to invest into new products and develop technology
Economy tanks. Jobs lost
What a joyful future
Did you think the hiring of 78,000 new IRS agents was for fun? “Come on new IRS agents, let’s get to work” says Kamala Harris.
Yes. Her doing most likely.