Breaking my hiatus for this
Taxing unrealized gains is a colossal error, like possibly the biggest one they could make (other than straight up taking people's property away from them). The amount of back office work that would have to go into the IRS compliance team, audit teams, and service desk would be insane. Not to mention the sky high accounting fees that us CPA's could charge is incredible. As well, if there are unrealized gains being taxed then it would only be fair that unrealized losses could be claimed as well. A lot of $1 transactions would start happening. This would break the IRS.
Admittedly I didn't watch Yellens video, but if the subject line is right then it's 110% dumb.
Well, I think the biggest crock is section 62. "Ordinary and necessary business expenses" HAH! a subsidy to restaurants and hoteliers.......
Let free enterprise be free enterprise. Repeal 62, adjust the rate. Winners will win, losers will lose Simpler, shorter
Wall Street pisses and moans all the time over "colossal errors." And they have their bought and paid for bobo in Chuck Schumer, who thought he had bamboozled them with the LOVELY story about the Bailey family right before he INSISTED that carried interest LOOPHOLES for RICH WALLSTREETERS were preserved.
Your techniques are intriguiing. And hysterical. just spitballin, you would just add a form to the 1040 listing your stock holdings, date purchased. Computer could do the rest. Yawn
Sure unrealized losses would net against unrealized losses. But if you AID AND ABET in fraudulent $1 transactions, then you are as criminal as the clowns that looked the other way on the Enron FRaud or the Madoff fraud.
Just one epistemological note
Your note on Yellen, to summarize
I didn't read it
but it's 110% dumb
is consistent with a grand tradition:, perfected by Owen Wilson as Hansel in the Zoolander movie
To wit:
"Sting. Sting would be another person who's a hero. The music he's created over the years, I don't really listen to it, but the fact that he's making it, I respect that"
Let me paraphrase
"Yellen, Yellen would be another person who's 110% dumb (if the subject line is right, and when by George Orwell, have subject lines ever been wrong?" I don't really know what she said, but the fact that she's saying it, I disrespect that 110%"
To the younguns on the board, never, EVER trust or hire an accountant who uses the phrase 110%
Do the math.