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Started By
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re: Biden proposed 44.6% Capital Gains tax, 25% tax on Unrealized Gains
Posted on 4/26/24 at 2:10 pm to UltimaParadox
Posted on 4/26/24 at 2:10 pm to UltimaParadox
quote:
While 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.
It's actually not. A working couple with 2 professionals (like 2 doctors) can easily be making that. That's where we are. What makes it worse is that we are both straight w2. No fancy accounting tricks, just pay a frick ton of taxes.
1
Posted on 4/26/24 at 2:37 pm to UltimaParadox
Imagine the magnificent 7 CEO’s having to liquidate 10% of their ownership shares each quarter to pay imaginary gains on their companies. This wouldn’t crash the economy in any way.
shite is literally impossible and stupid stupid stupidly dumb to even be on the table.
shite is literally impossible and stupid stupid stupidly dumb to even be on the table.
Posted on 4/26/24 at 2:50 pm to tigersint
quote:
Imagine the magnificent 7 CEO’s having to liquidate 10% of their ownership shares each quarter to pay imaginary gains on their companies. This wouldn’t crash the economy in any way.
shite is literally impossible and stupid stupid stupidly dumb to even be on the table.
Yes, and while the goal is to stick it to the billionaire class, what do you think the impact will be on people with a 401K or mutual funds? The middle class is absolutely fricked.
Posted on 4/26/24 at 2:51 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
The only way they have a lower tax rate is if they half less income. Buffet is intellectually dishonest every single time he makes the claim his secretary pays a higher effective rate than he does.
Posted on 4/26/24 at 3:18 pm to BlackAdam
quote:
The only way they have a lower tax rate is if they half less income. Buffet is intellectually dishonest every single time he makes the claim his secretary pays a higher effective rate than he does.
That’s not exactly true. Highest capital gains tax rate is 23.8%, with no FICA taxes owed on that money.
A single filer W2 employee at $200,000 of wages would pay over 25% in federal income and FICA taxes.
Obviously 23.8% of $10,000,000 is a lot more than money than 25% of $200,000, but it’s still a lower effective rate.
Posted on 4/26/24 at 3:27 pm to GEAUXT
quote:
It's actually not. A working couple with 2 professionals (like 2 doctors) can easily be making that.
Considering that is per person.. So you guys are making 1 million in taxable W2 income, and collecting over 400K in qualified dividends and interest? Which obviously does not include tax advantaged accounts.
That is a very very small set of people no matter how you slice it.
I am not saying it is good thing. This idea will never see the light of day, it is purely political theater. But yeah we are talking about a very small set of people.
Most wealthy people are not pulling in 1 million of W2 income a year, on purpose.
This post was edited on 4/26/24 at 3:28 pm
Posted on 4/26/24 at 3:35 pm to RebelExpress38
Posted on 4/26/24 at 3:42 pm to UltimaParadox
quote:
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.
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Posted on 4/26/24 at 4:08 pm to RebelExpress38
quote:
WTF do these people think the economy would do if they taxed unrealized gains?
Their tax policy completely ignores economic effect, it’s strictly based on revenue. And the dumbass dem voters will cheer it on, completely oblivious tot he fact that their party is backed by the majority of “rich” people, and that our country has borrowed to the point where no serious argument can be made that our budget has a revenue problem.
What’s the plan with unrealized losses? Seriously, losses on capital assets, particularly ones that are traded are two sides to the same coin.
The entire plan is fricking stupid. Especially targeting “rich” people. They will game the system so damn hard the normal investors will be at an even greater disadvantage.
The whole concept of taxing something based on worth is a pretty scary precedent. Most people think in terms of public markets and sales, but the vast majority of wealth is held in private investments. Once they get a taste, they will want more, look no further than this proposal.
They could just say “all of our richest supporters are donating their assets to the state” but that’s not what will actually happen even though that’s what this attempts to accomplish
Posted on 4/26/24 at 6:49 pm to RebelExpress38
Proposed
Posted on 4/27/24 at 6:40 am to Proximo
Posted on 4/27/24 at 9:00 am to go ta hell ole miss
The fact you think it would be okay to tax unrealized gains on anyone is troubling. People are successful, so let’s tax them on something they have not even earned?!? The fact you are naive enough to think this will only remain with those limits is comical. They may start with limits, but it is coming to all soon after it gets passed.
_______________
Reading comprehension is pretty low in your response. Maybe you should go over to the OT.
_______________
Reading comprehension is pretty low in your response. Maybe you should go over to the OT.
Posted on 4/27/24 at 11:50 am to UltimaParadox
quote:
While 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.
This is the head in the sand bs people from the left spout off as this country’s fiscal policy is further and further off the rails.
Posted on 4/28/24 at 6:50 am to OceanMan
quote:
The whole concept of taxing something based on worth is a pretty scary precedent.
I say this every time I pay my property taxes on my house.
Posted on 4/30/24 at 6:36 am to KennytheTiger
quote:
Only applies to income over $1M
$1m will be the starting point; they'll minimize the number of people it will affect to get it approved. Then over time, as they need more money to compensate their oblivious spending, that number will get lower and lower.
Posted on 4/30/24 at 9:13 am to RebelExpress38
Other countries have tried this taxation scheme and discontinued because they realize it does not work.
We ought to be arranging our tax system to attract capital, not run it off.
How does taxing an unrealized (or realized) capital gain, attract capital?
Answer- if doesn’t. It scares it off.
Frankly, this type of thinking is unamerican and should render a candidate unelectable. Unfortunately, in this day and age, it plays well politically in some circles
We ought to be arranging our tax system to attract capital, not run it off.
How does taxing an unrealized (or realized) capital gain, attract capital?
Answer- if doesn’t. It scares it off.
Frankly, this type of thinking is unamerican and should render a candidate unelectable. Unfortunately, in this day and age, it plays well politically in some circles
This post was edited on 4/30/24 at 3:22 pm
Posted on 4/30/24 at 11:58 am to LSUFanHouston
quote:
No, you would basically have a basis adjustment each year.
That's the funny thing. So you would pay 25% along the way, but int he year of sale, 44.6% but only on the portion that hasn't been taxed. So again, this is stupid.
Still a dumb proposal, but this makes more sense.
And if what you posted is the intent, I'd suspect that the portion you were taxed on for unrealized gains, you would still have to pay the remaining 19.6% when you withdraw the funds.
Posted on 4/30/24 at 1:52 pm to Hoozier Daddy
quote:
Will we also be able to claim Unrealized Losses ?
What do you think people do now with unrealized losses? They turn them into realized losses to offset long term gains...
Posted on 4/30/24 at 3:59 pm to tirebiter
quote:
They turn them into realized losses to offset REALIZED long term gains...
FIFY.
This post was edited on 4/30/24 at 4:00 pm
Posted on 4/30/24 at 4:43 pm to UltimaParadox
quote:
it makes sense
No, it doesn't...would you tax people because the value of their unsold property goes up?!
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