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Started By
Message
This unrealized capital gains thing
Posted on 8/21/24 at 8:57 pm
Posted on 8/21/24 at 8:57 pm
Listening to RDS explanation about this. So my house has appreciated perhaps six to seven hundred thousand dollars since I built it 14 years ago (it's lake front). RDS says that I will have to write a check to the government for 25% of that gain. And then upon sale will have to pay 40 something percent more. Most homeowners will pay this. Just write the check. And then my investment portfolios has gone up another zero in the significant digits. Just write the 25% check.
And many voters are okay with this. Cut off the nose to spite the face stuff.
And many voters are okay with this. Cut off the nose to spite the face stuff.
21
Posted on 8/21/24 at 8:58 pm to aTmTexas Dillo
quote:
And many voters are okay with this.
They don’t own anything!
Posted on 8/21/24 at 8:59 pm to aTmTexas Dillo
Taxes on money you didn’t even make
Posted on 8/21/24 at 9:00 pm to Dawgfanman
quote:
They don’t own anything!
But what about George Clooney? Stephen Spielberg and George Lucas?
Posted on 8/21/24 at 9:00 pm to aTmTexas Dillo
quote:
And many voters are okay with this.
Many voters believe that men can get pregnant, clot shots prevent covid, and there are more than two sexes.
Don’t do this to yourself. You will never understand the lunacy of the left.
Posted on 8/21/24 at 9:00 pm to aTmTexas Dillo
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
Posted on 8/21/24 at 9:01 pm to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000.
Suuuuuure
Posted on 8/21/24 at 9:02 pm to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
If you need to tame a 38 trillion dollar debt, you go where you can get the money. So I don't agree with your premise. I'd have to cut a million dollar check. And I ain't that rich. At least I don't act like it.
Posted on 8/21/24 at 9:02 pm to aTmTexas Dillo
Where do people get the money to pay these taxes?
Lets be conservative here.
Assume a retiree living on Social security bringing in 30k/ year. Toss in a handful of IRA distributions and now he brings in 50k/ year.
Now assume his $350k house appreciates 10%. So now he's gotta come up with 25% of 35k??
That just essentially doubled his real income taxes from about $8000/ year to $16k a year.
That's essentially a 32% tax bracket for just an ordinary Joe retiree.
Lets be conservative here.
Assume a retiree living on Social security bringing in 30k/ year. Toss in a handful of IRA distributions and now he brings in 50k/ year.
Now assume his $350k house appreciates 10%. So now he's gotta come up with 25% of 35k??
That just essentially doubled his real income taxes from about $8000/ year to $16k a year.
That's essentially a 32% tax bracket for just an ordinary Joe retiree.
Posted on 8/21/24 at 9:03 pm to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
If I like my doctor I can keep them.
Just two weeks to stop the spread.
Posted on 8/21/24 at 9:04 pm to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000
You trust the Government on this?
Posted on 8/21/24 at 9:04 pm to aTmTexas Dillo
quote:
If you need to tame a 38 trillion dollar debt, you go where you can get the money. So I don't agree with your premise. I'd have to cut a million dollar check. And I ain't that rich. At least I don't act like it.
I'm not sure what you're saying. The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000. If you don't have net wealth in excess of $100,000,000, then you would pay $0.
Posted on 8/21/24 at 9:04 pm to East Coast Band
Yes. Many people at the traffic light will pay.
Posted on 8/21/24 at 9:05 pm to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
That a lot like what they said about income tax back when it started.
Posted on 8/21/24 at 9:05 pm to Notrub14
quote:
I'm not sure what you're saying. The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000. If you don't have net wealth in excess of $100,000,000, then you would pay $0.
But I would get to watch the value of my 401k plummet.
Posted on 8/21/24 at 9:05 pm to Notrub14
quote:
It only applies to households with net wealth in excess of $100,000,000.
Posted on 8/21/24 at 9:07 pm to aTmTexas Dillo
Harris, and Democrats, know this is unconstitutional. The second it goes into effect there will be a million lawsuits against it. You can't tax unrealized gains because it's not income and it's not an excise tax because there is no activity involved.
Posted on 8/21/24 at 9:07 pm to East Coast Band
quote:
So now he's gotta come up with 25% of 35k??
He'll have to sell his house to pay the taxes. Then Blackrock will buy it and rent it to the government to house illegals. Our government hates us.
Posted on 8/21/24 at 9:07 pm to Notrub14
quote:that's how it starts until they realize the American people are powerless to stop it from happening.
I'm not sure what you're saying. The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000. If you don't have net wealth in excess of $100,000,000, then you would pay $0.
Then they'll wonder how they will pay for the social programs that they're promising.
Then that 100m threshold may get lower. And lower.
The only way to kill this snake is to stop it from ever being implemented at all.
This post was edited on 8/21/24 at 10:07 pm
Posted on 8/21/24 at 9:07 pm to Notrub14
quote:
but to be clear: you would only pay it if you are very wealthy
That's just how they get their foot in the door to expand it to more people later. Once upon a time, that's how it was with income taxes too.
They will tell us their starting point, not their ending point.
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