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Actually it's a feature that rich people get. We bought a house last year and I was forced by QuickenLoans to liquidate my Tesla positions, that appreciated 5x
by JAlexoid 5y ago
Actually it's a feature that rich people get.
We bought a house last year and I was forced by QuickenLoans to liquidate my Tesla positions, that appreciated 5x and incurred short term capital gains. Were I richer, I could have avoided liquidating my long positions and pay proportionally less in taxes.
The most annoying part is that in the end they didn't even need all of my stock portfolio liquidated, only about 30% to cover closing costs. Yet I got hit by a 5 figure tax bill because of it.
In short - the system literally setup to extract as much as possible out of everyone, other than the wealthiest/most powerful. And that includes banks, government and lenders.