Real politics is a bit like sculpture. After the superfluous stone has been chipped away, what remains is the essence, the figure, the pure expression. With her tax program, Kamala Harris has carved out precisely this figure, an obese state apparatus and a crippled economy! This is the road to socialism and it will result in a flight of capital unparalleled should this madness actually become reality, which I remain inclined to doubt.
168 sats \ 0 replies \ @oomahq 29 Aug
Unrealize this 🍆
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Looks like insanity.
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Brace yourselves, because it will happen.
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Dear god in heaven. The whole unrealized capital gains idea is so absurd and evil that it feels almost cartoonish.
It's one of the red lines I have for any jurisdiction. They pass that, I'm moving the hell out of there.
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68 sats \ 0 replies \ @zx 29 Aug
Neofeudalism 2.0
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Are there any other countries that have unrealised tax gains?
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In Argentina we still have "potential gains tax", a tax to the gains the govt assumes, at his discretion, you will make the next year. It's dutifully charged the year prior, and that's it, no refund if you don't make it, go broke, or whatever.
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I would never invest in the environment like this, sounds terrible.
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41 sats \ 1 reply \ @drlh 29 Aug
Makes sense why Argentina is so broken. And I'm sure there's more absurd taxes.
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You don't want to know. I mean, really, it's no exaggeration, it defies imagination.
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As @drlh correctly pointed out, it's the reason we are so broke. Yet the problem is not taxes at the moment of investing, it's the least of your worries. Prior to Milei, capitalism was systematically criminalized. If you dared to invest and create jobs, better god had mercy of your soul.
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88 sats \ 1 reply \ @drlh 29 Aug
Some Atlas Shrugged vibes tbh. Too bad the only Galt's gulch is the bitcoin space...
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We came dangerously close to become distopia. With Milei, winds radically changed. Our teenagers saved us.
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At least not on the civilized world. But tjere is a lot of taxation of assets like real estate that reduces Your cap, too
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The situation is getting worse. How do you think they will enforce it? A gun to your head?
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41 sats \ 1 reply \ @TomK OP 29 Aug
Account details are generally available. all on off ramps capital flight etc from the fiat system will be closed. and then milking takes place
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Even the cows need grain to produce milk.
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This idiotic idea is asking for a revolt, we kicked Brits ass for less.... we can do it again. The pain-point is not here yet, it will be soon if they proceed. Just saying....
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The truth is that I think this is unviable... and that in my humble opinion it will lead us to the economic abyss!! When it comes to voting, the candidate is not the best option... but that they want to adopt these guidelines cannot be accepted because in a short period of time we will be on the path to socialism... like that which exists in the murderous and corrupt dictatorship of Maduro.
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Even in a Harris administration, there are enough adults in the room that this would never happen. It would be economic suicide.
If they could somehow pull it off, imagine how much faster the American empire collapses. Bring it baby.
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Taxing unrealized gains would pose significant challenges, such as how to accurately value assets annually, how to handle losses, and the impact on liquidity, as individuals might have to sell assets to pay the tax.
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