Wouldn’t the implication of taxing unrealized cap gains be a flood of capital into basically illiquid asset classes? Can’t pay taxes if you can’t calculate mark to market anyway.
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I’m not sure. You can still mark an illiquid asset. And if you need to sell something illiquid on short notice to pay a tax bill you could be in for a bad time.
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Sure, but it’s much easier to convince a single person to value it as you’d like than millions like in a stock market.
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can you talk to my property tax assessor? preferably after you talk to the bank appraiser at wherever is offering the lowest rate on a cash-out refi?
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Or maybe this is just cope because I don’t want everyone to ape into fine wines and push up prices for those of us who actually want to drink them.
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I like how this helpful note on how to invest in wine from MS reminds you that you can always drink it if you get caught holding the bag.https://www.morganstanley.com/articles/investing-in-wine …
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Hear me out: what if government took a passive partnership stake in everyone’s assets, allowed taxpayers to hold and manage them on the government’s behalf all the way until realisation, and then the gov collected their share? ..1/n
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You could even have the gov collect their pro-rata share on every sale. Now imagine we could market an arrangement like this effectively and call it something other than .. “capital gains tax”. 2/ends
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Not without a massive court fight over each and every one. Remember, the people we are talking about have unlimited financial resources to counter any appraisal.
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