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Started By
Message
Yellen wants Treasury to tax unrealized capital gains
Posted on 1/21/21 at 9:53 pm
Posted on 1/21/21 at 9:53 pm
LINK
51% of the country can just vote to take away everything from 49%.
Democracy
quote:
In more than three hours of confirmation hearing testimony, the former Federal Reserve chair laid out a vision of a more muscular Treasury that would act aggressively to reduce economic inequality, fight climate change and counter China’s unfair trade and subsidy practices.
Taxes on corporations and the wealthy will eventually need to rise to help finance Biden’s ambitious plans for investing in infrastructure, research and development, and for worker training to improve the U.S. economy’s competitiveness, she told members of the Senate Finance Committee.
But that would only come after reining in the coronavirus pandemic, which has killed over 400,000 in the United States, and the economic devastation it brought.
Yellen, who spoke by video link, said her task as Treasury chief will be to help Americans endure the final months of the pandemic as the population is vaccinated, and rebuild the economy to make it more competitive and create more prosperity and more jobs.
“Without further action we risk a longer, more painful recession now and longer-term scarring of the economy later,” she said.
Yellen said pandemic relief would take priority over tax increases, but corporations and the wealthy, which both benefited from 2017 Republican tax cuts “need to pay their fair share.”
She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues.
51% of the country can just vote to take away everything from 49%.
Democracy
Posted on 1/21/21 at 9:55 pm to RebelExpress38
Someone needs to be Yellen at her dumbass.
Posted on 1/21/21 at 9:55 pm to RebelExpress38
They are coming for those 401k’s. The peasants can’t be allowed to accumulate too much.
Posted on 1/21/21 at 9:55 pm to RebelExpress38
quote:
She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains
Reading this with ominous marvel music im the background playing as Spiderman ended is creepy.
Hope that's not foreshadowing of things to come
Posted on 1/21/21 at 9:56 pm to RebelExpress38
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.
Posted on 1/21/21 at 9:57 pm to RebelExpress38
quote:This is bullshite and cannot be done. There are always less functional people. That will never change regardless of how much they try to redistribute wealth.
to reduce economic inequality
quote:How many of those imbeciles on Wall St. supported Biden? Could they not see this coming?
She raised eyebrows of some senators and Wall Street
This post was edited on 1/21/21 at 9:59 pm
Posted on 1/21/21 at 9:57 pm to RebelExpress38
"Pay their fair share"
Decades of using this term and no one has specifically defined it.
But yet we make policy based on it.
Decades of using this term and no one has specifically defined it.
But yet we make policy based on it.
Posted on 1/21/21 at 9:57 pm to RebelExpress38
quote:
unrealized capital gains
Tha frick?
Then can I take deductions on my unrealized capital losses?
Where does it end with these people?
Posted on 1/21/21 at 9:58 pm to RebelExpress38
And we're all taking money out of the market in 3..2...1...
Posted on 1/21/21 at 10:00 pm to Ace Midnight
quote:
Where does it end with these people?
It ends when they have sucked this honey pot dry and have moved on to the next fleecing.
Posted on 1/21/21 at 10:01 pm to Oates Mustache
quote:
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.
You already know the line. Blacks and other underprivileged groups do not have 401k savings. It's racist not to share and give everyone the same footing.
Posted on 1/21/21 at 10:03 pm to RebelExpress38
Taxing unrealized capital gains would completely alter the manner in which income taxation functions. Don't make no sense Paul.
Posted on 1/21/21 at 10:04 pm to Jake88
So people who save money are punished and get to give money to the idiots who spend it and haven't saved any.
This is genius. Because they are idiots and will just spend it.
This is genius. Because they are idiots and will just spend it.
Posted on 1/21/21 at 10:05 pm to Malik Agar
quote:
Blacks and other underprivileged groups do not have 401k savings. It's racist not to share and give everyone the same footing.
I wonder if this is where people will finally have enough.
Posted on 1/21/21 at 10:08 pm to RebelExpress38
Can I write off unrealized losses as well? Could make this fun.
Posted on 1/21/21 at 10:09 pm to RebelExpress38
I can't wait to hear the vapid suburban white women who voted against Trump because he was mean complain about this because their husbands have cut their allowance due to these taxes. This is what they all deserve.
Posted on 1/21/21 at 10:10 pm to RebelExpress38
The lunatics are talking.
Posted on 1/21/21 at 10:11 pm to RebelExpress38
quote:
she said that Treasury would consider the possibility of taxing unrealized capital gain
Since we’re at it.... my bank need to adjust my bank account for my unrealized earnings potential.
Posted on 1/21/21 at 10:11 pm to RebelExpress38
There will be blow back on this. Mutual Fund companies are already fighting against the proposed 401K tax credit vs deduction. Centrists Democrats and old people will raise hell also.
Posted on 1/21/21 at 10:12 pm to RebelExpress38
If they tax unrealized capital gains, will they be paying that back to the investors if business turns and they suddenly have a loss?
Didn’t think so.
I know groups who had an unrealized massive gain through investing in Worldcom only to see it go bust later because Bernie Ebbers was cooking the books.
Didn’t think so.
I know groups who had an unrealized massive gain through investing in Worldcom only to see it go bust later because Bernie Ebbers was cooking the books.
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