alt Hacker NewsThe government is taking 22% of your INCOME. Not your entire net worth. This is vastly different.
HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc.
to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court
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>to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court
Cool, let's do it. We know the IRS, especially when auditing the rich tend to be one of the highest value employees of government they will sue no matter how cut and clear the tax code is anyway.
Its really weird we're on HN and we're using an excuse of "but it's hard, so let's not do it". I didn't choose tech because it was easy. Why should the government we fund be just as defeatist?
> property, company stock, any unrealized gains in different equities, etc.
it is only “unrealized” when they have to pay taxes. but walk into a bank and ask for a loan (which is of course what they do) and all of a sudden that shit is all “realized” and here’s millions of dollars to ya…