Tax implications of a Harris / Walz administration, part 2

[Mick1]

Kamala Harris wants to impose a tax on unrealized gains for people with $100 million or more.

Sounds like the AMT / Alternative Minimum Tax. It was intended to tax rich people who deducted their way out of taxes. Instead, today, it hits the middle class.

That’s my concern about that (and other) taxes that the Harris / Walz administration proposes.

Posts misrepresent Harris tax plan on unrealized capital gains | Fact Check (afp.com)

Audaces fortuna iuvat

[Hurlburt88]

I worry about unintended consequences in general, and capital flight in particular.

[cardcrimson]

Yeah, would have been a real hoot for the investors in Theranos, among others. . . .

Do they get their money back for realized losses?

[Mick1]

Yeah, would have been a real hoot for the investors in Theranos, among others. . . . Do they get their money back for realized losses?

Let me check with the Harris campaign…

Nope. They are SOL. Think of it like gambling…you are taxed on your winnings, but you’re on your own for what you lost.

Audaces fortuna iuvat

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