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re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains
Posted on 4/25/24 at 12:26 pm to UltimaParadox
Posted on 4/25/24 at 12:26 pm to UltimaParadox
So you tax my unrealized gains every year and increase my basis…when the stock market goes down and I realize those losses, I fully expect the ability to offset my income way past the $3K allowable amount currently.
1
Posted on 4/25/24 at 12:35 pm to RebelExpress38
Only the dumbest of the dumb think taxing you on potential earnings is a good idea. There is no way that would ever pass. The rich that donate to congresspeople would not allow it. It would have massive economic impacts.
Posted on 4/25/24 at 12:36 pm to lynxcat
quote:How dare you expect that. Your privilege and racism is showing.
So you tax my unrealized gains every year and increase my basis…when the stock market goes down and I realize those losses, I fully expect the ability to offset my income way past the $3K allowable amount currently.
Did I do that correctly?
Posted on 4/25/24 at 1:15 pm to BottomlandBrew
quote:If anything, wealthy democrats would be even more against it. Truly, no chance of passing.
Only the dumbest of the dumb think taxing you on potential earnings is a good idea. There is no way that would ever pass. The rich that donate to congresspeople would not allow it. It would have massive economic impacts.
Posted on 4/25/24 at 1:28 pm to JiminyCricket
quote:
They could tax us all at 100% and they'd still find a way to print more money. Screw these people. All they are are thieves, nothing more.
At the current national debt trends, it won't be long before the majority of our federal annual budget is covering just interest on the national debt.
Nothing makes sense. They are driving us straight at a cliff and don't care because they are going to be fine.
Posted on 4/25/24 at 1:35 pm to Sterling Archer
quote:
If you borrow a significant amount of money using stocks or real estate as collateral, it could be argued that you've partially "realized" the gain by accessing some of the value without selling the asset. A portion (all?) of the loan proceeds could be considered taxable income.
Apply this same logic to a new Resident Doctor who gets really favorable loan terms from a bank based on their future income potential. Are they also creating a taxable event because they borrowed against an “asset” of potential future earnings?
The slope is too slippery if you give an inch taxing this crap.
Posted on 4/25/24 at 1:35 pm to KennytheTiger
quote:
Cmon, man. The proposal with and without the limits are 2 different animals. How can you argue differently? The limits are pertinent.
How? You seem to think that because there's a threshold, it somehow makes this new precedent being set, better?
This is about unrealized gains being taxed. Period. Not about who could potentially have to pay it.
Money board probably isn't the best place to unveil your socialist mindset
Posted on 4/25/24 at 1:40 pm to Big Scrub TX
quote:
Money Talk is supposed to be above hysterically falling out over ridiculous red meat nonsense that has literally 0% chance of passing.
Man I am so sorry I didn’t realize we were supposed to ignore the president of the United States proposing new taxes. I just thought he was a decent, serious man we needed to respect and listen to.
If a republican president proposed a huge tax cut I think it would be appropriate to discuss it here too regardless of % chance of passing.
Posted on 4/25/24 at 2:01 pm to RebelExpress38
Taxing unrealized games has to be unconstitutional.
Posted on 4/25/24 at 2:07 pm to RebelExpress38
And they want to know why people try and hide money so they don’t have to pay taxes because of this stupid bullshite law they trying to pass
Posted on 4/25/24 at 2:21 pm to Double Oh
Didn't read this whole thread, but if they tax you on unrealized do they tax you again when they are realized? Does it establish a new basis when first taxed?
Posted on 4/25/24 at 2:22 pm to RebelExpress38
This will be beat back, but it telegraphs the Democrats true desire.... the end of private property rights. That is where wealth taxes ultimately end. The state owning everything, and allowing the populace sustenance.
Posted on 4/25/24 at 2:27 pm to RebelExpress38
They just need to tax all income as ordinary after a certain point. No reason warren buffett and mitt romney etc should have a lower tax rate than someone making $500,000 in salary.
Posted on 4/25/24 at 2:31 pm to RebelExpress38
quote:Your mistake.
Man I am so sorry I didn’t realize we were supposed to ignore the president of the United States proposing new taxes. I just thought he was a decent, serious man we needed to respect and listen to.
quote:Nah.
If a republican president proposed a huge tax cut I think it would be appropriate to discuss it here too regardless of % chance of passing.
Dumb red meat shite like this is what they use to divide us in the first place. The vast, soft middle doesn't want anything to do with this crap.
Posted on 4/25/24 at 2:35 pm to RebelExpress38
Posted on 4/25/24 at 2:54 pm to Big Scrub TX
frick biden and all economic morons on the left
Posted on 4/25/24 at 2:54 pm to LSURussian
If this would go through, not actually sure I would even invest in the market any longer. I think you would see a mass amount of outflows and a complete crash of the market.
Posted on 4/25/24 at 2:58 pm to RebelExpress38
And if there is a loss, no tax break?
Posted on 4/25/24 at 3:04 pm to Big Scrub TX
quote:
The vast, soft middle doesn't want anything to do with this crap.
For now. Once they can get more than half the country on board though it’s game on and when mainstream party leaders like the sitting president add it to their budget proposal, it only legitimizes it.
If only TD had a board where we could discuss the implications.
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