zlacker

>>southe+(OP)
I wonder if this is coming up just before the election because of the Harris campaign’s suggested policy of capital gains tax on unrealised gains for people who have over $100m in assets? I think this is a great idea personally given what these people are doing to avoid paying tax including taking out loans against their own share portfolios. Worth thinking about what people are willing to do to not pay billions of dollars worth of taxes.

>>andy_p+ex
Unrealized gains taxes is an extractive and totalitarian tax. Someone is always risking 100% loss until they realize those gains. It's an affront to entrepreneurial risk-taking and it's capricious. It would be just as ridiculous to allow someone to write-off unrealized losses.

>>chrisc+fX
Well when you have over 100m in assets in your pile of gold in the dragon lair, its time to be extractive.

>>kjkjad+5Y
How do you know you have over 100m in assets? One never really knows the worth of something until it's sold. (i.e. try selling a used car. there's what you think it's worth and what you get...)

And once the asset is sold, that's a taxable event.

>>rv3909+211
Hunter Biden art comes to mind.

>>swader+sa1
Great example.

The art is very valuable, financially, because people are willing to pay for it.

However, absent the market clearing the asset, its value is impossible to objectively evaluate. Even if we had an objective function to evaluate art the basis of evaluation is incorrect - the artwork is valuable as an instrument of government corruption

So m, if we can't even agree on the reason why Hunter's artwork is worthwhile, how can we even possibly evaluate it?

>>sbsudb+Vv1
Yes, it's impossible and it's true for every asset that's not a commodity. It's why unrealized gains tax is DOA.

I guess it's not impossible, we do it for property tax on real estate. There are real costs though.