Tornado Alley (PROG)

[Koog]

Why does the government want to monitor all accounts of $600, now $10,000 to catch tax cheats? Isn't this an awfully big net to catch a few cheats?

Now ask, why does the government want to tax unrealized capital gains? (For link lovers, this is widespread news, Janet Yellen said it this weekend.) You know, the stock you bought for $10 that is worth $50 but you haven't sold yet. Yet there is no allowance for unrealized capital losses. You know, the stock you bought for $50 that is worth $10 but you haven't sold yet.

And ask how in the world would the government know if you even owned the stock in the first place?

The answer lies in the first question (above).

But wait! The government says this will only apply to, maybe, only 700 tax payers.

Sure! They said this about AMT (Alternate Minimum Tax) back in 1969. It was only supposed to apply to about 155 tax payers (millionaires). Today over 4.5 million tax payers are subject to AMT, most are middle class (not millionaires).

This shouldn't pass a Constitutional challenge. But anything is possible these days.

https://www.barrons.com/articles/live-updates-51635096306