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'Absurd!': US Billionaires Pay Lower Tax Rate Than Working Class for First Time
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this post was submitted on 04 May 2024
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I can’t support that. I myself once had 20 million in stock options but couldn’t sell it. By the time I could sell it, it was worth zero. Yet you in your system I would have paid taxes on it. Stock fluctuates in value to much. We just need way to force them sell the stock and then tax the stock as ordinary income.
Once it went to zero, it would have been a loss and canceled out?
Well if I had to pay unrealized gains I’d have zero but have to pay taxes on 20 million.
It’s why we don’t do it. It would be overly complicated.
No, you would pay taxes on the unrealized gains of your assets. So if your assets are worth 0, then you pay 0. If they are worth 20mil, then you pay taxes on 20mil.
Just a quick reminder, one of the main principles of capitalism is risk vs reward.
That’s my point. They were worth 20 million. Due to legal restrictions I couldn’t sell. As such I would have to pay taxes on 20 million. When I could sell they were worth zero.
So I would have ended up negative.
Sounds like that stock wasn't worth the risk then. That's capitalism in a nutshell brahski, people lose money betting on the market every day.
It was part of my compensation. It didn’t cost me anything.
It’s naive to think we will ever tax unearned income. Not only is it against the law, it would destroy everyone.