So with this little show of Harris /Walz this is an example how the taxes will hurt the normal people and not the rich.
All you Harris fans loving the unrealized gains tax to stick it to the rich, check it. It applies to all of us. If you had a retirement account go from around 70k to 110k a 40k gain and didn't touch it. Under her plan you would have to pay 25% taxes on the 40k even though you just let it sit. So you pay 10k in taxes on that increase. You then get a statement that your retirement account lost over 50k. It is less than what you had at the start of last year. You do not get a refund on the 10k in taxes paid. So now it's at 60k. If it goes up a year later to the 110k it was at you then pay taxes on 50k unrealized gains. So you pay another 12.5k in taxes, 22.5k in potential tax liability for without drawing a dime. People that think it will force the rich to pay their share are idiots. It kills the working people. Not the rich.
All you Harris fans loving the unrealized gains tax to stick it to the rich, check it. It applies to all of us. If you had a retirement account go from around 70k to 110k a 40k gain and didn't touch it. Under her plan you would have to pay 25% taxes on the 40k even though you just let it sit. So you pay 10k in taxes on that increase. You then get a statement that your retirement account lost over 50k. It is less than what you had at the start of last year. You do not get a refund on the 10k in taxes paid. So now it's at 60k. If it goes up a year later to the 110k it was at you then pay taxes on 50k unrealized gains. So you pay another 12.5k in taxes, 22.5k in potential tax liability for without drawing a dime. People that think it will force the rich to pay their share are idiots. It kills the working people. Not the rich.
