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re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains
Posted on 4/25/24 at 3:35 pm to RebelExpress38
Posted on 4/25/24 at 3:35 pm to RebelExpress38
quote:I just can't see any world in which even the dullards "in charge" don't understand the vastly warping consequences of this in the real world.
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.
This is almost like revolution level stuff for me personally.
0
Posted on 4/25/24 at 3:41 pm to UltimaParadox
quote:
hile it will never pass, It required an income over 1 million and an invest income over 400K.
That is very very small set of people. There are actually very few people who have standard income that high, and that is by design. Probably professional athletes might be one of the biggest sets of people.
Not sure how there is any discussions for lower and middle class at all.
Once again, this is in a separate proposal from his budget. So even they know it is just political posturing.
Just think about income tax and the 16th.
At the time barely anyone made enough to be taxed.
Now look at us.
Advocating to tax money not earned. L o fricking l
This post was edited on 4/25/24 at 3:42 pm
Posted on 4/25/24 at 3:46 pm to RebelExpress38
Remember Democrat logic, AL Gore: if you make 250K five years in a row, you're a millionaire.
Posted on 4/25/24 at 3:55 pm to UltimaParadox
quote:
income over 400K.
Unrealized gains are not income it’s no different than your home going up in value. Should we tax homeowners yearly on the increase in value above purchase price?
This post was edited on 4/25/24 at 3:55 pm
Posted on 4/25/24 at 4:55 pm to SouthMSReb
quote:
Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains
quote:
This is about unrealized gains being taxed. Period. Not about who could potentially have to pay it.
But but but it'll be watered down by the time it gets signed so more like 1-3% on Unrealized Cap. Gains. That's no big deal to get more to send overseas. Yes it's new but we lefties promise we'll never ever ever increase it, or lower the threshold, if you let our nose under the tent....pink promise.
quote:
Money board probably isn't the best place to unveil your socialist mindset
Hopefully no place is a good place for his menality, but nice touch.
Posted on 4/25/24 at 5:05 pm to lsu13lsu
quote:
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.
They don’t have a lower effective rate because of lower tax rates on capital gains…
Posted on 4/25/24 at 5:20 pm to RebelExpress38
Taxing a person on any gains or income is immoral. It’s theft.
If a person owns a business and grows it into something that eventually brings him a nice gain after they sell it, why is the government entitled to anything!?
They aren’t
If a person owns a business and grows it into something that eventually brings him a nice gain after they sell it, why is the government entitled to anything!?
They aren’t
Posted on 4/25/24 at 6:59 pm to RebelExpress38
This is some stupid shite they just throw out in an election year knowing there is no chance in hell of it ever happening 
Posted on 4/25/24 at 7:02 pm to Enadious
Did Gore actually say that? I want it to be true but cant find a reference
Posted on 4/25/24 at 8:14 pm to RebelExpress38
quote:
taxing unrealized gains keeps coming back up from Dems,
Incredibly dumb to do this. It forces investors to sell to pay taxes on unrealized gains
It would destroy the stock market. The whole point of not taxing those is so it grows as long as you leave your money invested
Posted on 4/25/24 at 8:16 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.
If they raised taxes and actually cut spending to balance the budget I’d accept it but at this point a big tax hike and continuing to deficit spend would make me think hard about not paying taxes at all. At some point we must make a stand
Posted on 4/25/24 at 9:53 pm to KennytheTiger
quote:moron
Cmon, man. The proposal with and without the limits are 2 different animals. How can you argue differently? The limits are pertinent.
Posted on 4/25/24 at 9:56 pm to RebelExpress38
How could you tax unrealized and realized?
Triple taxed?
Taxed at Corp level
Taxed unrealized
Taxes realized
Triple taxed?
Taxed at Corp level
Taxed unrealized
Taxes realized
Posted on 4/25/24 at 10:10 pm to RebelExpress38
The Dems goal is to tax wealth not just income. They want to tax unrealized gains so every American would have to provide a financial statement of all assets to the government.
Posted on 4/26/24 at 3:49 am to SloaneRanger
quote:
Won’t just the possibility of this drive a lot of selling in 2024?
No, not at all.
Posted on 4/26/24 at 6:22 am to UltimaParadox
quote:That small set of people have enough money and stock holdings that it could reallt frick up the market for the rest of us when they start selling off large amounts of stock holdings to pay tax bills on all these unrealized gains
That is very very small set of people
Posted on 4/26/24 at 7:26 am to SloaneRanger
quote:
Won’t just the possibility of this drive a lot of selling in 2024?
No. One of the quickest ways to lose votes is to tell people you are going to raise taxes if you are (re)elected. There are those on the Left who will knee-jerk assume you mean "only on the rich" but the DNC has played that card a bit too often (see: ACA, for a far-reaching example), especially when people are finally starting to wake up to federal spending being out of control.
Ironically, another quick way to lose votes is to tell people you are cutting spending on some program they want/need/like/are-employed-by.
For the unrealized cap gains tax, that would require a Constitutional Amendment and that would be a herculean task as it would require (in order):
1. A proposal in the House then a 2/3 majority vote to pass it.
2. A 2/3 majority vote in the Senate.
3. 3/4ths of the state legislatures to ratify it
Even if something as detestable as a tax on unrealized cap gains pass all that, the process itself would take years as those arguing against it have a veritable mountain of logic and emotional ammo as to why it's a horrible (and likely completely unmanageable) idea while the proponents would have nothing but thin emotional drama.
Posted on 4/26/24 at 8:17 am to Bard
quote:
especially when people are finally starting to wake up to federal spending being out of control.
quote:
Ironically, another quick way to lose votes is to tell people you are cutting spending on some program they want/need/like/are-employed-by.
And we can't really do anything about #1 without cutting programs in #2. Quite the corner we've backed ourselves into.
Posted on 4/26/24 at 1:07 pm to RebelExpress38
Are they going to give you a credit for unrealized losses?
What if you get taxed on the gains, continue to hold the position, and then have a loss? Are they going to refund you for that initial tax hit?
What if you get taxed on the gains, continue to hold the position, and then have a loss? Are they going to refund you for that initial tax hit?
Posted on 4/26/24 at 1:34 pm to UltimaParadox
quote:
invest income over 400K.
Thats not a ton of money
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