To the editor:

The Biden/Harris administration is positing the idea of raising revenue by taxing unrealized capital gains. This would entail taxing speculative investments the amount they appreciate even if they’re not sold and no profit is actually realized. If taxing unrealized capital gains were implemented, how long would it be before a voracious government decided to tax the unrealized gains on your 401k and IRA? Of course they say that this tax would only be on the “super wealthy,” but we must not forget that when the income tax was inflicted on Americans in 1913 a married couple could make the equivalent of $500,000 a year (in 2024 dollars) and only be taxed at 1 percent.

What do you suppose would happen when your investment loses value? Would you get a refund? A tax credit? Nothing? I think most taxpayers would say the idea of taxing unrealized capital gains is unworkable, hare-brained, tyrannical, and totally unfair — right? Well we’re already paying an unrealized capital gains tax. It’s called property tax.

Every year some pencil pusher decides that your home — you know, the one you’re supposed to own — is worth more now than it was a year ago and they decide that you owe them the difference. You say that you rent and don’t own a home so you’re good? Nope. The landlord adds the tax to your rent so you’re paying it too, as are the rest of us at every shop, store, restaurant, grocery store, etc. in higher prices to cover the expense of that tax.

When I graduated from high school, the sales tax in Iowa was 3 percent. Most of us now pay 7 percent in sales taxes. While the average family struggles to meet monthly bills and worries about their budget, isn’t it time that our local, state, and federal governments do the same?

Jim Hirschberg

Lohrville