You absolutely have to pay tax on stocks even if you don't sell. I get stocks as part of a yearly bonus where I work. I have to pay tax on them as soon as I get them even if I don't sell them. In fact, NYC employer takes some out of those stocks automatically for tax.
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thats not tru! maybe for you in NYC youve been connd into paying taxes on things you havent ven made money on yet, but if you dont sell you stocks, you dont pauy capital gaisn tax yet! Thats why people never sell during december they wait till january because of the taxes...even my stocks teacher in colege taught us this and he was jewish! sorry that youve been conned into being forced to follow illegal laws that dont make any sense, its a shame
I don't live in NYC...and you are confusing 2 things. Yes, you pay tax when you sell...you don't pay capital gains as the stock gains or loses value. Agree with you on that...but you do pay tax when you are first awarded or gifted the stocks. Your stocks teacher in college is correct...but your stocks teacher didn't cover the scenario of getting a stock award. Most people don't get stocks awarded to them, so it's not a common issue covered.
this is exactly why im not in stocks, ur taxed if u win, ur taxed if u loose... im an anarchocapitalist and dont like for what the greedy IRS is doing. next thing u know, if your dog pees in a firehydrant, since the firehydrant could be federaly owned, its now a taxe everytime ur dog pees on the darn firehydrant...
Taxation in Western countries is used to fund mass immigration and welfare programs breeding native populations out of existence. It's a form of socialist wealth re-distribution. Income tax should be completely abolished as it dis incentivizes hard work. Only consumption should be taxed. That would be a much fairer system.
As for the stock market it's a rigged game. Stay away from it and just trade crypto ;)