You recall last year’s tax on unrealised capital gains?

Sure, you do. Make the billionaires pay income tax on the rise in the value of their shares even if they don’t sell any. Liz Warren, Bernie Sanders, all over it they were.

Forbes reports that rising inflation and falling stock prices have collectively cost members of the Forbes 400 US rich list $500 billion in 2022 with tech tycoons suffering the biggest losses.Jeff Bezos (worth $151 billion) lost $50 billion, Google’s Larry Page and Sergey Brin (worth a collective $182b) lost almost $60b, Mark Zuckerberg (worth $57.7b) lost $76.8b, and Twitter co-founder Jack Dorsey (worth $4.5b) lost $10.4b. Former Microsoft CEO Steve Ballmer (worth $83b) lost $13.5b

Hell of a refund season next spring, right?

BTW, Piketty – is r greater than g these days?

9 thoughts on “You recall last year’s tax on unrealised capital gains?”

  1. Mark Zuckerberg (worth $57.7b) lost $76.8b, and Twitter co-founder Jack Dorsey (worth $4.5b) lost $10.4b.

    I suppose that the figures in brackets must be “after” and not “before”. A pity, that: if these two chaps ended up on skid row that would greatly enhance the sum of human happiness

  2. It’s not going to stop them. What they’ve roughly succeeded in doing is changing the argument from one of the government needs to tax to be able to do the functions of government (which can be discussed as to just what those functions should be) to one of government needs to tax so as to place limits on what you might have, all in the name of making us more equal.

  3. Indeed TD: progressives used to posit an exemption from their projected maximum income schemes for creative artists such as authors because an author’s income arises from a simple aggregate of individualised transactions rather than a power imbalance, but, having seen the way J K Rowling uses the freedom granted her by her income, they’ve apparently had second thoughts.

  4. Albert Bourla (Pfizer CEO) has been jabbed twice and boosted twice. And still contracts covid. But has no medical symptoms.
    Nevertheless, he wants us to be forced to take a vaccine that that has been tested on eight mice and does not prevent transmission against a harmless disease (Omicron).
    Perfectly clear.

  5. I’ must say. I’m quite proud of myself at the moment. I managed to catch a good old fashioned cold. Sneezing, runny nose, the works. Can’t be many of them left about. Do you think I should save the snotty tissues for posterity?

  6. Oh, you don’t get a refund. A refund was never part of this plan. You don’t even get a credit for next years taxes. These people are economically illiterate and actually think a billionaire is a billionaire because they have a billion dollars in a bank account. The genuinely believe that appraisals are *objective measures of value* and thus can not possibly differ between appraisers or even for different purposes.

    What you get is a ‘thank you for your contribution’ and a comprehensive audit that will take place over the next couple of years and be really inconvenient and expensive to you because you had the audacity to speak up.

    Speak up again and we’ll send the FBI to arrest you.

    Because that is what the ignorant with power always do when you point out where they’re ignorant – that threatens their power and it was always just about power.

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