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> Should I pay taxes on that unrealized gain? Did you read the whole of my comment? Yes, there is a real issue here. Nobody should be put in the position of h
by chalst 5y ago
> Should I pay taxes on that unrealized gain?
Did you read the whole of my comment? Yes, there is a real issue here.
Nobody should be put in the position of having a tax obligation they can't afford. Equally, nothing good is achieved by closely tracking the day-to-day volatility of stocks. But in general I don't think there is a fact of the matter about the kind of "ought" question you are asking in isolation: a tax regime is a system that should be judged as a whole.
> we generally don't tax the mere possession of assets.
Who is "we"? Many countries have wealth taxes.
- ameister14 5y ago>Who is "we"? Many countries have wealth taxes. Many meaning 7, right? 7 countries have net wealth taxes. It used to be many - dozens of countries did it. They stopped doing it.
- ashtonkem 5y agoAny country with a property tax has a form of a wealth tax. Most just don’t have one for total wealth.
- ameister14 5y agoSure, but that's not what people talk about when they talk about 'wealth tax;' the accepted definition is net, not property. As proof, if we already had a wealth tax and people referred to it that way, the past year and a half wouldn't have had people arguing over whether or not we should introduce a wealth tax. It would be whether we should expand the wealth tax to cover new assets.
- makomk 5y agoAlso, I think it's quite common outside of the USA for property taxes not to be based on the current market price of the property and also not to be charged at a fixed percentage of the value, both of which make them rather different from any proposed wealth tax.