Can’t tax income they don’t have
Your house is taxed… why are stock portfolios not taxed each year against their value on Jan 1st? Or median value over the year or something?
If a person was to get taxed against the value of stocks every year and that person holds onto those stocks for multiple years, they’re getting taxed multiple times for that same value. The idea of taxing unrealized gains is probably the most ignorant thing to ever come out of her mouth.
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Why stop at 1%, though?
Because the top 1% really isn’t that high and they hold 99% of the wealth. The other 99% of people hold 1% of the wealth. What do you think the annual income to be in the 1% is?
I’ll put the rest of my response in a spoiler so you can think about it for a second, or comment it if you want, out of curiosity.
spoiler
Most people think the top 1% make millions of dollars annually from the conversations and surveys I’ve seen. The actual threshold for 1% varies by state, but in 2023, the national average was $652,657. While it is much higher than the average income of ~$37,500, it is not as high as most people think.
If there is anyone who thinks that an income of nearly $700k per year doesn’t make someone wealthy, you’re insane.
We’re not talking just “wealthy”, we’re talking the top 1% of all income.
Most Americans would probably say people making $100k/yr are “wealthy”. That’s because the average income is less than $40k. There’s a difference between just “wealthy” and the top 1% for most people.
They might also use that term because they confuse it with “rich”, and that’s a whole other issue: intentionally sub-par (mis)education to maintain the socioeconomic divide.
