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by jeremy_arnold
1836 days ago
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It's the same as property taxes. Do they factor capital gains in some obvious sense? Sure! They're based on assessed value, which should be closer to market value than original sale price. But no one looks at them as the same as forcing gains realizations. Just two different things conceptually. Just so for wealth taxes, with are just property taxes for non-RE property. |
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"It's true that a few (and very much declining) number of countries have some form of wealth tax that includes some amount of unrealized gains. The Netherlands, for example, marks-to-market on Jan 1st of the tax year then doesn't actually track gains/losses over the next 364 days. So that obviously isn't a direct tax on gains."
I wrote,
"What? How else would a tax on unrealized gains work if not mark-to-market at a fixed day of the year?"
How do you believe an unrealized gains tax would work if not mark-to-market on a fixed day of the year?
Backing up even further, as I said, this is extreme hair splitting. Major economies do have wealth taxes, which include a tax on unrealized gains via mark-to-market. Is your point just "lol ProPublica r idiots nobody taxes just unrealized gains"?