More from the article ...
... Minnesota fraud: Which groups are involved?
At the center of the allegations is the Feeding Our Future nonprofit.
Founded in 2016, the organization opened more than 200 federal child nutrition program sites across Minnesota and claimed to serve meals to thousands of children each day during the COVID-19 pandemic.
But court documents argue that, rather than feeding children, money was instead pocketed by fraudsters or sent elsewhere, to places including Somalia, Kenya and China.
Charges first surfaced in 2022, when U.S. Attorney General Merrick Garland called the $250 million fraud scheme "an egregious plot to steal public funds meant to care for children in need." ...
Where did Minnesota fraud money end up?
Funds raised by Feeding Our Future were spent on island vacations, luxury vehicles, waterfront properties, jewelry and other lavish items, according to court documents.
Federal trial exhibits show accused fraudsters celebrating a honeymoon in the Maldives with champagne and purchasing entire buildings in Kenya.
"They used this money that was supposed to be used for feeding children to buy houses in Minnesota, resort property and real estate in Kenya and Turkey, luxury cars, commercial property, jewelry and much more," former U.S. Attorney Andrew Luger said when announcing the indictments in September 2022. ...
"But should be, which is the point."
Why should they be? They already will be when and if they are sold and converted into M1 assets. Then they become realized capital gains. Is your suggestion, BTW, that capital gains shouldn't be taxed when realized, only when unrealized? Or should they always be taxed at every point in the lifecycle of the investment?
Property is already taxed by some states. As are cars.