Of course, there’s no unrealized losses rebate. From Quoth the Raven at quoththeraven.substack.com:
Australia seeks to turn theoretical wealth into actual poverty by taxing imaginary money. I hope the world is paying attention.
I’ve spent years warning about the economic dangers of policies that attempt to tax wealth before it’s realized, and now, like a slow-motion train wreck, we’re about to witness exactly why those warnings matter.
Australia’s new move to tax unrealized capital gains is one of the most reckless policy decisions I’ve ever seen — and keep in mind, I had front row seats to an “Inflation Reduction Act” that added more than $1 trillion in spending.
Taxing unrealized gains is equal parts outright fucking mathematically insane and cut-and-dry authoritarian. And while I’m appalled by the policy itself, there’s a perverse part of me that’s almost glad it’s happening in Australia first—because the disastrous results will be on full display for the world to see.
Starting in July 2025, the Albanese government is set to debut its latest economic masterstroke: taxing imaginary money. That’s right—if you’ve got more than $3 million sitting in your superannuation, not only will you get slapped with a 30% tax, but it doesn’t even matter if you actually made any money.
Didn’t sell anything? Didn’t cash out? Never saw a cent? Tough luck—Big Brother took a peek at your account, saw some numbers went up, and decided you owe them a slice of your hypothetical success.
Second comment is brilliant, “Can’t wait for someone to sue to be able to claim unrealized losses. That should make for an interesting defense argument by the Aussie Gov…”
Coming soon to a fourth world turd near you?
I don’t have any as it all went to gas, food, lodging and any tax notice in the mail is going straight to the circular file cabinet.
Bernie interview drops truth bombs where he states that the CPUSA (D) figured out back in the 1970s that you could get money from the wealthy donors and they had more than the working class combined.
The best part about growing older is you just don’t care.