Inflation wreaks havoc with asset valuations.

Where are you going to find the money to pay the tax? And what happens next year, when it gains another (say) $30,000 in value? You'll be paying the tax all over again!

If your home appreciates in market value from (say) $200,000 to $250,000 in one year, even if you don't sell it or plan to sell it, you might find yourself with a tax bill for that $50,000 in unrealized capital gain.

If it's implemented, who's to say that any and every capital gain, from any and every taxpayer, might not gradually be dragged into in this new taxation net? This might produce all sorts of complications. However, that's a classic case of the camel's nose getting under the edge of the tent. The proponents of this tax swear it'll only be directed at 'billionaires', so that they pay their 'fair share' of the tax burden. take possession of it in cash, which would be taxable), the authorities want to tax you on the presumed, theoretical gain. If, for example, your asset or investment gains value in a given year, even though you did not sell it to realize that gain (i.e. The crux of the current proposals is that they reclassify gains in value on paper as actual income. Until now, this has stymied efforts by tax-and-spend politicians to grab any and every additional tax dollar and cent they could get their hands on. accumulated wealth, property, savings, retirement funds, etc.). This makes it pretty clear that federal taxes cannot be levied directly upon assets that are not 'income' (e.g. The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. Let's break it down into bite-sized chunks. It holds alarming implications for every one of us - not just the 'billionaires' at which they insist the tax is aimed.

It's sophistry, pure and simple: an attempt to get around the clear wording of the 16th Amendment to the U.S. This is seen most recently in attempts by the Democratic Party and its office-holders to justify a wealth tax, in the form of a tax on 'unrealized capital gains'. I think our politicians have taken the phrase to heart, and regard it as a road map for how they should govern us - by deceit.

Oh what a tangled web we weave