December 8, 2021

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The United States has begun levying property taxes

Even if capital gains are not soon taxed in the United States? This is a sensational proposal made for microphones U.S. Treasury Secretary Janet Yellen. In practice, the U.S. Treasury wants to add a new tax even if stock market gains are not yet received.

The proposal for this new tax, which immediately provoked a flurry of criticism from the American financial community, is necessary. To fund a substantial $ 3.5 trillion spending plan, For the next ten yearsBiden Administration. As Yellen himself declared, this tax would affect all the assets of the super rich, but for all intents and purposes it appears to be a masked property that could inevitably affect the middle class as well.

We will probably be taxed on wealth“It simply came to our notice then,” he told CNN on Sunday House President Nancy Pelosi, The Senate Democrats are still working on their plan, which is not technically a property tax, but has a strong resemblance to that idea.

From the consideration of the proposal Ron Wheaton, chairman of the Senate Finance Committee; Already made a similar effort in 2019, will be charged Annual tax on capital gains Unrealistic in liquid assets held by billionaires.

“I would not call this a wealth tax, but it would help to get capital gains, which is an extraordinarily large part. The income of the rich And at this moment They escape the line Until they are realized “, Yellen instead explained the rationale for his proposal.

But criticisms of the proposal have come from outside the Republican Party, Il Controverso The Libertarian Party nominated Spike Cohen for vice president On behalf of the party in the 2020 presidential election, he said, “This is unthinkable. For those who do not know,” unreal gain “is something you own, but you do not sell it. You know, Like your home. Or your pension fund. So now you have to sell it and pay taxes. If implemented, it would be a war move against others Middle class people The one who still has the stuff ”.

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Me too ‘National Union of Taxpayers The plan is tough, which will add more bureaucracy to the tax system and impose new burdens on corporate investors.

According to some analysts, this proposal will cause repercussions because it will probably lead to one. Capital flight from the United StatesHoward Marx, co-founder and CEO of investment firm Oaktree Capital, made this clear in an interview with CNBC. Now the question is, what are people going to do with their money? Money has to go somewhere, it can’t be in the ether. “

But the problem will arise, as Marx always says Real perception Equity in similar proposals and contributions “I do not think this is possible because I do not know how I tax each person’s property and what their market value should be. The big question is what would happen if you had a bad year? Can you get a refund?” The American financier concluded. In short, despite a real headache, the powerful Nancy Pelosi, citing the fact that the property tax is still part of the Democrats’ plan, seems absolutely certain, no matter what the cost, to pass the proposal in the House.

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