Intentional misinformation about taxes paid by rich.

INCLUDING INCREASE IN ASSET VALUES AS INCOME IS  MORE FAKE NEWS

IS THIS THE BEGINNING OF PUSH FOR ASSET TAXES

Propublica recently ran an article claiming that some of the richest Americans paid less than 2 % income tax. This is all a propaganda lie that was repeated by much of the media. What they did was estimate the increase in their assets and it include it as income, this has never been a way that taxes are levied in any country.  They claimed that Warren Buffet paid only .1% tax, but in reality he paid 19% . They claimed Jeff Bezos paid .98% when he paid 24%. and Elon Musk paid 30% not the 3.3 % claimed by Propublica. 

How would you like to be paying taxes on the increase in value of your home, 401K, money saved or any other asset that may have increased in value in the last year. 

First of all, all these increases are subjective, who is going to determine the value of your assets? A government assessor and then you would have to contest or appeal their findings.  What if the value declines ? Are you going to be able to get a rebate or credit? 

Increase in stock values are never taxes until actually realized by a sale. Then there is a capital gain tax. It is interesting that capital losses can only be deducted from other income by a maximum of $3000. a year. That applies to you if you suffer a loss of capital assets and to Elon Musk who could easily have a loss in tens of billions. 

So I am sure this is the beginning of a campign to tax the assets of the richest Americans. Remember when the income tax was instated in 1913, it was 1% on incomes over 20,000. equivalent to $440,000 today up to 6% on incomes over 500,000,  which was equivalent to $11 million We now have rates as high as 36%. 

Beware, if we ever begin taxing assets it will be a nightmare of assessments, appeals and paperwork to determine the value of these assets. It will of course be initially levied on the so called rich and grow annually until anyone who has assets will be deemed to be rich.

You can expect a huge shift from any paper assets to things you can hide in your basement.

You can expect a huge increase in IRS enforcement to handle all new regulations.

Of course those who have no assets will all be in favor, hoping to profit from the redistribution. We can expect, if ever implemented, it will result in everyone becoming poorer.