President Harris: "Deed Over Your House To The IRS!"

"By Their Fruits Ye Shall Know Them"

Kamala Harris “has made it very clear” that she will continue Obama’s and Biden’s successful strategy of dismantling the middle class by implementing a “wealth” tax^ on your house, your stocks, indeed on every asset you own. The DC Swamp rats will determine if, and by how much, your assets have increased in value, and tax you thereon. You will not get a tax refund when your assets decrease in value, however. As with so many terms Democrats use, the term “wealth tax” is a misnomer. It has little to do with wealthy Americans, and more to do with stealing the homes of middle and lower class Americans, and forcing them into government housing wherein their entire lives will be controlled. Houses are, by far, the biggest asset the average American owns.

NATIONWIDE “FIRE SALE” OF AMERICANS’ HOMES: SENIOR CITIZENS ARE MOST AT RISK

Every taxpayer would owe $25,000 for each $100,000 in IRS-assessed appreciation of his/her possessions. The first few years after this extra taxation takes effect there will be a glut of homes on the market. Who will buy them? Other families? Not likely. Big Corporations will buy up the housing for a song. With so many houses on the market, YOUR house will sell for far less than what it was worth BEFORE this oppressive “wealth” tax was enacted.

Think about Americans who have owned their homes since the 1960s, 70s, 80s? They raised their children in the homes they retired in. Chances are, they paid $30,000, $40,000, $50,000 for a house that has a current market value of $400,000, $500,000, $600,000, or more, depending upon the location. How many seniors do you know who have an extra $100,000 in cash laying around?*

CONFISCATING PROPERTY

In the first year after Harris/Walz and their Democrat House & Democrat Senate pass this repulsive piece of legislation, every homeowner will receive a letter from the IRS declaring that his/her house is worth $X,XXX,XXX and it will be YOUR job to 1) prove it is not worth that much AND 2) produce proof of the purchase price way back when you bought it, regardless how many decades have elapsed. If you have remodeled or made significant improvements on your real property you damn well better have the documentation thereof. If not, you will be paying 25% of the difference in the purchase price and the current value assessed by the IRS, without any deduction for the cost of improvements, nor for any of the work you have performed yourself.*

The nightmare is just beginning: As you can see from the above, you will be forced to spend money to hire an appraiser. The IRS may or may not accept the appraisers’ report. A bigger problem will be finding an appraiser. There will not be enough appraisers in the whole country to handle the workload. Will the IRS give you time to turn in the appraisal? Of course not!!!! If you do not pay the 25% tax by the short deadline they give you, they will levy against your property and penalties & interest will begin to pile up.

Most Americans will have to sell their homes or take out a second mortgage to pay the 25% tax in the first year Harris/Walz implements this tax. Marxist Harris and Maoist Walz know this new form of tax will produce massive homelessness as all low-income and many middle-income Americans would be forced to sell their homes to pay off this unethical & immoral tax debt.  There is nothing hypothetical about THAT. These greedy Americans-Last tyrants don’t care!!!!

YEARLY TAXATION OF ASSETS

After the initial year of implementation, the IRS will continue taxing your house, stocks, et al every year, regardless how little they have appreciated. America has never had a tax on gains that are not “realized,”^ meaning sold. Stock gains will be easy to determine. Your house, not so much. A decrease in the value of your home or stocks will NOT produce a refund from the IRS. Just get that silly notion out of your head!

Apart from the horrible economic & societal disruption this would cause across the nation, there will be massive bureaucratic problems. How do you go about valuing everything every year? Even the extra 87,000+ IRS agents (some with guns) hired by Biden/Harris will not be enough. Publicly traded stock valuations will be easy. All other assets will be a nightmare. Disputes about value in tax cases are legendary & voluminous. Nearly every estate tax case with the IRS includes valuation disputes, often with competing experts. In income tax cases, charitable contributions of noncash assets such as real estate often also end up in major valuation fights. Just imagine what annual value statements with tax returns will look like, in a world where the increase in value since last year turns into taxes.

AFTER STEALING GRANDPA’S HOUSE, HARRIS WILL STARVE HIM & HIS DOG

Candidate Harris is piggybacking on many of Biden/Harris’s greedy tax plans, including killing Trump’s Tax Cuts & Jobs Act, which produced a booming economy after 17 years of stagnation, AND saves hundreds, if not thousands, every year for lower income taxpayers, especially those who rent. She has many big plans for taxing you out of your financial security.

Harris’s plans include raising top marginal rates on the “top earners” (Who does she define as “top earners?”) from 37% to 39.6%. In 2019, she floated a 4% “income-based premium” on households making more than $100,000 to pay for “Medicare for All,” AKA Socialized Medicine. Note: given the massive inflation created by Bidenomics, a family of four grossing $100,000 is barely scraping by in many parts of the country.

QUESTION: WHAT ABOUT STATE/COUNTY PROPERTY TAXES? Will homeowners be allowed to deduct all property taxes paid between the purchase of their home and the first year of “wealth tax” collection?

^”Wealth Tax” is also called “Unrealized Gains Tax.”

*The longer Americans own their homes, the more likely they have made numerous upgrades, additions, remodels over the decades. Where is the documentation? The work you did yourself will count for nothing in decreasing your taxes. In other words, you will be paying the IRS 25% of the value of the work you performed YOURSELF.