Throughout history, recorded and before such recordings were made, the “value” of anything was and is based on what the owner thinks it is worth, negotiated with a buyer, who also has his estimation of what it is worth.
The value of the property is zero until an agreement is reached allowing the good to be transacted, that is to say, relinquished by the present owner and handed over to the new owner.
This is literally true no matter what words you wish to dress the pig with.
Now this is not to say that throughout history , might (that is force or threat of same) has been applied to TAKE the property from one who cannot defend it, and passes over to new ownership by this means.
This does not change that the value when being sold legitimately, is established at point of transaction. In fact, there are a few words in our Constitution that specifically address this little issue of property and keeping the powerful from taking it.
This brings us to the fantasy currently being pushed by the DemComs who suddenly think it is a grand idea to tax “unrealized income”. By definition, there is zero income until property is sold. What I think is worth a million, might not be worth one thousand to all the buyers on the planet, so were the item to sell, the value realized at sale would be one thousand clams or equivalent in whatever currency is used.
How in Hades then , can anyone “tax” something that may have appreciated in value over time, if the market has not established what it’s true value is at time of sale or disposal?
Ah , but here my friends, we enter the area of fantasy, where the DemComs say: Well, we (those in government) will establish a department of valuation at the IRS, which will determine (how is undefined) what the value is at the close of each year (or month, or quarter) and will tax you on it.
But, but but you say, how am I to pay a tax when I have derived no income from said value? Not our concern peon, just send in the cash. But, but but, will you refund my tax if the value drops at next valuation? No, send in more cash!
Call, email and write all your congress critters NOW, and let them know, civilly but in no uncertain terms, that this MUST NOT COME TO PASS and if they value continuing in office, to reject all such foolishness. NOW.
Here is a handy taxpayer funded option for finding your particular critters. Type in your zip code and Bob’s your uncle.
To paraphrase that no longer American company that uses Chinese slave labor… Do it **w.