CHAD CHADDINGTON -- 206d Oh I just read the reposted note —lol it’s about property tax. I just assumed it was about bitcoin or financial assets after only reading Derek’s quote note replyOh I just read the reposted note —lol it’s about property tax. I just assumed it was about bitcoin or financial assets after only reading Derek’s quote note
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A tax on unrealized gains is just plain stupid.nostr:nevent1qqszvp5m5jrf3z4rawafgfqxyn8djrrz6jjll0stxmj02mtz7plj0hgpr4mhxue69uhkymmnw3ezucnfw33k76tww3ux76m09e3k7mf0qgsz5puhwqajckkglzq0cqu5tuxycyk3lgsp6j9lrawahp3ach0xkvgrqsqqqqqptxj7mp
So is property tax, which is a kind of unrealized gain tax. If the currency with which your property is beingassessed is devalued, and, even though your property was not sold, the assessor makes an educated guess as towhat the price might have been had you sold and then taxes you based on that hypothetical transaction. In thecase of a house, since it is not a productive asset, you simply have to pay the tax from some other source. WhenI first learned how this worked I was dumbfounded at how normalized this practice was—yet people just shrug.Unrealized gain tax on financial assets seems similarly crazy but don't underestimate the ambivalence mostpeople show after the government normalizes this kind of injustice.
Oh I just read the reposted note —lol it’s about property tax. I just assumed it was about bitcoin or financialassets after only reading Derek’s quote note
So is property tax, which is a kind of unrealized gain tax. If the currency with which your property is being assessed is devalued, and, even though your property was not sold, the assessor makes an educated guess as to what the price might have been had you sold and then taxes you based on that hypothetical transaction. In the case of a house, since it is not a productive asset, you simply have to pay the tax from some other source. When I first learned how this worked I was dumbfounded at how normalized this practice was—yet people just shrug. Unrealized gain tax on financial assets seems similarly crazy but don't underestimate the ambivalence most people show after the government normalizes this kind of injustice.