Posted by:
macaRomney
(
)
Date: June 24, 2021 07:58AM
"impose capital gains taxes on their investments." For all our sakes I hope that the irs can keep the taxes very close to what they are now, taxed on realized gains, but I read an article recently that indicates that they are after everyone's wealth (and unrealized gains).
"Under the administration’s proposal, unsold assets held by trusts, partnerships and other noncorporate entities would be treated as sold every 90 years, starting Dec. 31, 2030. It is designed to be roughly a person’s lifetime, the Treasury official said."
https://www.wsj.com/articles/bidens-capital-gains-tax-proposal-puts-estate-planners-to-work-11623157200Think of all the farmers in Utah. All the green belt land, all the landlords. They could potentially lose half of their assets to retroactive capital gains tax if this passes.