Tax Burdens

To the editor:

A lot of people pay taxes on monies earned when we sell all sorts of things of value. Just recently the current administration has talked about taxes on unrealized gains. That is taxes on the increase in value before you even sell the stocks, bonds or whatever. Many people have objected to this type of taxation since they would probably have to sell whatever to pay the tax.

Did you know you are already paying taxes on unrealized gains? That’s right, paying taxes on something you own and are not looking to sell. Did you know that the tax on your property is unrealized taxes. The local governments always talk about the tax rates have not gone up appreciably, but the value of your property has gone up in value not by anything you have done. In years past you may have paid 18 cents per hundred dollar value, but now the value of the property values have gone through the roof and each year you see your taxes going up with no end in sight.

I wonder how many people have to struggle to pay these ever increasing property taxes. There will come a time when the taxes become such a burden that the only solution is to sell, but will then have to pay the taxes on the increased value of the property.

Frank Chlumsky Muldoon