Comments by "Debany Doombringer" (@debanydoombringer1385) on "Biden's Approval LOWEST EVER... AGAIN! Biden Proposes INSANE 20% Tax On The Rich That Makes No Sense" video.

What you're missing is you'll be taxed repeatedly on the same gain year after year. In your example of a business that's value keeps increasing, they'll tax that $200,000 initial gain over and over. You start at $100,000. You're business grows and is worth $300,000 so they tax the $200,000 growth. Next year it's worth 1 million. They aren't going to tax just the $700,000 growth. They'll tax the entire growth. So you'll pay taxes on that initial $200,000 over and over.
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@RN1441 Add in that the assessment will be for the peak value of the year, not the value at tax time.
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@lisalisalisalisa7 They orginally wanted it at 1 million. That would have hit a ton of people's 401ks because that's what they tell you target for in retirement. People got pissed so they shut up about it. This is just away to get something about unrealized gains on the books so they can get to the untaxed 401ks. So not only will you pay income taxes on your retirement when you pull the money out, you'll pay yearly on the total amount over and over. Say you've got $20,000 in it, they'll tax that. Then the next year you add another $20,000. Now they'll tax all $40,000. You'll be paying taxes over and over from the same money until you don't have any left. Because all of that is unrealized income.
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