Robert ReichOct 15, 2024
Let's clear up the misinformation about a tax on unrealized capital gains.The plan Kamala Harris endorsed only applies to people with $100 million+ in wealth who do not pay at least a 25% tax rate on their income. Is that you? No? Then you will not be affected.
Show threadLeta_Darnell

@rbreich Do Middle class people have unrealized gains?

I honestly do not know

Oct 15, 2024 at 10:08pmWeb
Show threadgreenpepper22Oct 15, 2024
@Moral_Gutpunch @rbreich I mean if you did something where you put like $100 a month or so into a mutual fund or an S&P 500 etf or something like that as like a little additional retirement income I feel like you could still fit into middle class and technically you’d have some level of unrealized gains over the course of a couple decades but ur not gunna get anywhere near even like $10 million like that let alone where the tax would take effect
Show threadLeta_DarnellOct 15, 2024
@greenpepper22 @rbreich
That makes sense. Thank you.
Show threadSohcahtoa82Oct 15, 2024

@Moral_Gutpunch @rbreich
Yes. I'm middle class, and I have unrealized gains. About $13,000 worth. My Robinhood account was $33K on Jan 1 this year and is now worth about $46K, but I have not sold anything.

I imagine a lot of middle class people have unrealized gains. But they won't be affected by Harris's proposed tax, because middle class people don't have $100M. If you do, you're *definitely* not middle class.

Show threadLeta_DarnellOct 15, 2024

@Sohcahtoa82 @rbreich

Thank you. I like learning about the world, even stuff like this.

Show threadSteve BollingerOct 16, 2024

@Moral_Gutpunch @rbreich Yes. Anyone who holds stocks or mutual funds has unrealized gains each year they don;'t sell them.

As pensions are rare most people hold their long-term wealth in things that produce unrealized gains. Including their house.

It's very hard to see how any middle class person would reach the levels of gains which would trigger these taxes. Almost impossible. And houses are excluded anyway.