Australia’s Unrealized Gains Tax Will Be A Lesson In Economic Suicide
May 20th, 2025Via: QTR Fringe Finance:
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.
Even when I was a hard-left social dem, I would have objected to this. I mean, come on, taxing something that doesn’t exist yet and might never exist?
At least they are taxing income, if only imaginary. When will they start taxing people just for being alive?
Such as, an air tax according to your respiration rate. Your doctor can measure and report that when you go for a physical. Maybe an added tax on food according to how many calories are in it. Maybe a potential-for-reproduction tax on anyone not spayed or neutered and on their pets. It could vary according to the age and physical condition of the person being taxed.
A rubbish or recycling tax on the type and quantity of packaging there is on anything you buy. An erosion tax on the type of shoes you wear and the material they’re made of, according to the types of surfaces you walk on.
If they perfect those little chips they want to put into you to monitor your health, they’ll know your respiration rate at all times, how may calories you are burning, your skin and inner temps reflecting how much heat or air-conditioning you are consuming, the impact of your steps, etc.
So the total environmental impact of your being alive could be measured and taxed. If you can’t pay the bill, they could seize your body like they seize houses for unpaid back taxes. You could be forced to work off the bill, but you will never work it off because staying alive keeps increasing the bill. Will there be a limit on how big the bill can get before you’re considered too expensive to maintain anymore so you’re turned into fertilizer or soylent green?