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Started By
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re: “Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans”
Posted on 4/22/21 at 2:12 pm to DeathValley85
Posted on 4/22/21 at 2:12 pm to DeathValley85
quote:But he also will be increasing inheritance taxes and lowering exemptions. The same dollar could end up being taxes 3-4 times.
The super rich don’t sell their assets anyway.
(so yea you’re right)
0
Posted on 4/22/21 at 2:14 pm to LSUFootballLover
quote:
Stolen elections to implement socialism has consequences.
Posted on 4/22/21 at 2:18 pm to lsu777
quote:
mean Im good, i havent made nearly that much this year but I can not stand retro active shite. its bullshite.
It’s almost a certainty it would be retroactive if it would pass, but I believe it’s all hogwash anyway.
Posted on 4/22/21 at 2:22 pm to lsu777
yeah. at this point we know we're getting taxed 35-50% if you sell
so it makes no sense to try "time the top" with your crypto/bitcoin
just borrow against it forever.
so it makes no sense to try "time the top" with your crypto/bitcoin
just borrow against it forever.
Posted on 4/22/21 at 2:24 pm to Auburn1968
This applies to income above million dollars anually not all millionares.
The vast majority of millionaires earn nothing close to $1m a year (including capital gains)
The vast majority of millionaires earn nothing close to $1m a year (including capital gains)
Posted on 4/22/21 at 2:32 pm to rocket31
quote:
yeah. at this point we know we're getting taxed 35-50% if you sell
I mean long term investments you are right....but my short term bag...i make a nice passive income from that and it should continue to be treated as that...income based off my total income level like it is right now. Its not unheard of for something to 50-100x in a yea. You get on a green dildo like that and then the next year catcha 20x and suddenly your 5-10k investment has you quickly staring down the barrel of a 40% tax.
ALl of the sudden that short term investment is worth a frick ton and now this mother fricker wants to break it off in us because ....well you can afford it.
Gonna pull an Obama and scream "Yo, Joe....you didnt build this!!!" frick Off!!!
Posted on 4/22/21 at 2:33 pm to TorchtheFlyingTiger
So just buy Bitcoin (or any other crypto). Never sell for US dollars so no income will be earned off of it. Then just use the Bitcoin to purchase things.
Problem solved.
Problem solved.
Posted on 4/22/21 at 2:37 pm to lsu777
yea. the wild thing is that people are essentially forced to play the markets or they'll stay poor forever
you can't just sit on your wealth in this environment. so while no one is making you trade, if you have any sense you know you need to, just to get ahead
you can't just sit on your wealth in this environment. so while no one is making you trade, if you have any sense you know you need to, just to get ahead
Posted on 4/22/21 at 3:02 pm to white perch
quote:
Then just use the Bitcoin to purchase things
becomes a taxable event at that point and you must pay income taxes on the portion used to buy based off original current price at time of buying said product - original purchase price
so lets say you bought 100 worth in 2014 and its now worth 50k. that is a 500x. so lets say you pay for something that is 1000. you now owe taxes on 100/50=$2 so 1000-2=998. You owe taxes on $998 dollars as that is the gain.
rate depends on income and how you file.
Posted on 4/22/21 at 3:38 pm to rocket31
quote:
you can't just sit on your wealth in this environment. so while no one is making you trade, if you have any sense you know you need to, just to get ahead
Come again?
Posted on 4/22/21 at 3:56 pm to slackster
if the inflation rate is 2-3% (lets assume they are not lying), that means by simply holding cash, that youre purchasing power is cut in half in ~25 years
if the inflation rate is ~5%, that means your purchasing power is cut in half in ~12 years
does this board understand basic math?
if the inflation rate is ~5%, that means your purchasing power is cut in half in ~12 years
does this board understand basic math?
Posted on 4/22/21 at 4:04 pm to RebelExpress38
I don't see what the problem is here.
An extremely low number of people make more than 1 million dollars annually.
An extremely low number of people make more than 1 million dollars annually.
Posted on 4/22/21 at 4:20 pm to TorchtheFlyingTiger
quote:
This applies to income above million dollars anually not all millionares.
The vast majority of millionaires earn nothing close to $1m a year (including capital gains)
If you think that you are immune, remember that when federal income tax first passed it was like 7% for the highest bracket and 1% for the lowest. This is only the start.
This post was edited on 4/22/21 at 4:22 pm
Posted on 4/22/21 at 4:57 pm to slackster
This sell off makes total sense if you have significant money in the market (may be why you don’t understand). Many are already worried about a correction combined with the fact that there is a good chance it won’t pass as a retroactive tax to get enough votes. So worst case is you sell now at a high point and pay a tax you’d have to pay anyway if you sold later. Best case is you sell now and pay the old tax rate effectively netting you another 20-25%. If you were thinking of selling anyway, why not do it now if you can potentially save the extra tax?
Posted on 4/22/21 at 5:02 pm to Drizzt
quote:
This sell off makes total sense if you have significant money in the market (may be why you don’t understand)
You sure are pissy about me correcting your blatantly false statement.
quote:
So worst case is you sell now at a high point and pay a tax you’d have to pay anyway if you sold later.
That’s not the worst case at all.
Posted on 4/22/21 at 5:17 pm to RebelExpress38
crypto about the get crushed.
Posted on 4/22/21 at 5:32 pm to RebelExpress38
“ U.S. President Joe Biden will propose almost doubling the capital gains tax rate on the rich to fund programs aimed in part at rectifying historic economic inequality.”
Jesus Christ we are about to go full on socialism. The explanation for the tax increase should be enough to make any hard working red blooded American vomit.
Jesus Christ we are about to go full on socialism. The explanation for the tax increase should be enough to make any hard working red blooded American vomit.
Posted on 4/22/21 at 5:33 pm to League Champs
why?
Posted on 4/22/21 at 5:41 pm to RebelExpress38
It’s never about making everyone richer. Always about making everyone poorer
Posted on 4/22/21 at 5:42 pm to olemissfan26
Almost not worth the risk
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