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Started By
Message
Futures look like crap
Posted on 9/20/21 at 6:23 am
Posted on 9/20/21 at 6:23 am
That is pretty much it. Enjoy your morning.
8
Posted on 9/20/21 at 6:28 am to MSTiger33
Buy some shite at a discount.
Posted on 9/20/21 at 7:22 am to Privateer 2007
You can probably wait a few days to get a better discount. This is not unexpected. Pretty much everyone has been predicting this.
Posted on 9/20/21 at 7:25 am to MSTiger33
i am sure this shite is not helping
Provisions in the tax bill include:
Tax Related
The top Individual tax rate would increase from 37% to 39.6%.
There would be an additional 3% “surcharge tax” for those earning more than $5 million.
Increase the top capital gains rate from 20% to 25%. Note: this could be effective for all sales after September 13, 2021, unless there’s a written, binding contract.
Expand the “Net Investment Income” tax.
The unified tax credit for estates (which now stands at $24 million for joint filers) would be reduced to $5 million per individual. The expiration of the current exemption would expire at the end of 2021.
The corporate tax rate will be increased to 26.5%,
Retirement Related
$10 million cap on retirement accounts if your income is above $450,000
The elimination of the Backdoor Roth IRA. If you are above the above-mentioned income limits, you can no longer convert to a Roth IRA. This would go into effect after 12/31/31.
The elimination of the Mega Backdoor Roth strategy. No longer can you contribute after-tax funds into your workplace plan, or convert after-tax contributions to an IRA. This applies to everyone!
You would be prohibited from holding assets that require accredited investor status with IRA funds. For example, you couldn’t use your IRA to invest in private placements.
Extend the statute of limitations from three to six years on IRAs, giving the IRS more time to find asset valuation and prohibited transaction violations.
Reduces the 50% threshold to 10% of controlling interest in an entity to be able to invest your IRA in that entity. If you own 10% of a business, you can no longer invest your IRA in that business.
Provide the IRS with approximately $80 billion to help them with tax enforcement and update information technology.
f biden and every POS that voted for him. you people are economic morons.
Provisions in the tax bill include:
Tax Related
The top Individual tax rate would increase from 37% to 39.6%.
There would be an additional 3% “surcharge tax” for those earning more than $5 million.
Increase the top capital gains rate from 20% to 25%. Note: this could be effective for all sales after September 13, 2021, unless there’s a written, binding contract.
Expand the “Net Investment Income” tax.
The unified tax credit for estates (which now stands at $24 million for joint filers) would be reduced to $5 million per individual. The expiration of the current exemption would expire at the end of 2021.
The corporate tax rate will be increased to 26.5%,
Retirement Related
$10 million cap on retirement accounts if your income is above $450,000
The elimination of the Backdoor Roth IRA. If you are above the above-mentioned income limits, you can no longer convert to a Roth IRA. This would go into effect after 12/31/31.
The elimination of the Mega Backdoor Roth strategy. No longer can you contribute after-tax funds into your workplace plan, or convert after-tax contributions to an IRA. This applies to everyone!
You would be prohibited from holding assets that require accredited investor status with IRA funds. For example, you couldn’t use your IRA to invest in private placements.
Extend the statute of limitations from three to six years on IRAs, giving the IRS more time to find asset valuation and prohibited transaction violations.
Reduces the 50% threshold to 10% of controlling interest in an entity to be able to invest your IRA in that entity. If you own 10% of a business, you can no longer invest your IRA in that business.
Provide the IRS with approximately $80 billion to help them with tax enforcement and update information technology.
f biden and every POS that voted for him. you people are economic morons.
This post was edited on 9/20/21 at 7:29 am
Posted on 9/20/21 at 7:34 am to Fat Bastard
question on cap gains change - is this for both short term and long term?
Posted on 9/20/21 at 7:35 am to Fat Bastard
frick me, I have been meaning to do a mega backdoor and have been wanting to sell and build a cash position in my portfolio. Looks like a fricked around to long.
How long until this goes into place if it is passed? Or are these fascist trying to make it retroactive?
How long until this goes into place if it is passed? Or are these fascist trying to make it retroactive?
Posted on 9/20/21 at 7:37 am to Fat Bastard
So how does this affect the Avg Retail Investor? honestly curious?
Posted on 9/20/21 at 7:39 am to Fat Bastard
Capital gains increases won’t affect portfolio allocations until December. Pinning a drawdown on a single variable or narrative is not how it works.
Posted on 9/20/21 at 7:46 am to GREENHEAD22
I know some of the stuff wasn’t supposed to go in for several years.
Posted on 9/20/21 at 7:51 am to jimbeam
Weeks to make gains gone in a day 
This post was edited on 9/20/21 at 7:55 am
Posted on 9/20/21 at 7:52 am to Fat Bastard
we've known about that for awhile. lol
Posted on 9/20/21 at 8:09 am to Fat Bastard
The tax hikes have been known about for a long time and didn’t phase the market. This market has been waiting for the slightest reason to sell off for a few weeks, but couldn’t really find a catalyst. Evergrande game them the catalyst they have been looking for to accelerate it.
This post was edited on 9/20/21 at 9:34 am
Posted on 9/20/21 at 8:14 am to MSTiger33
We’re all gonna die!!
Posted on 9/20/21 at 8:16 am to wutangfinancial
When our banks get in trouble, we bail them out or call them too big to fail. Is CCP giving the world a lesson in capitalism, or will they end up doing the same thing we do?Posted on 9/20/21 at 8:34 am to FLObserver
This proposed tax legislation that was introduced by the House Ways and Means Committee last week. The bill, if passed, will have a major impact on not only your tax bill, but your retirement investing options as well.
Posted on 9/20/21 at 8:37 am to MSTiger33
I saw where the Chinese developer Evergrand is collapsing to the tune of $300 Billion. The CCP may not bail them out this time. If you’ve ever been to China there are vast amounts of “ghost cities” where the buildings are empty and were built purely as vehicles of investment for the Chinese people. Their housing bubble bursting will cause major havoc in world markets.
Posted on 9/20/21 at 8:38 am to Doctor Strangelove
quote:
Their housing bubble bursting will cause major havoc in world markets.
is that what cnbc told you?
Posted on 9/20/21 at 8:39 am to go ta hell ole miss
quote:
The tax hikes have been known about for a long time and didn’t phase the market.
all proposed. have not been voted on yet in house. could be different if passed. to anyone who thinks these are helping the market
only a biden dipshit would defend all that proposed or think it is good.
This post was edited on 9/20/21 at 8:44 am
Posted on 9/20/21 at 8:41 am to RedStickBR
The CCP has controlled bankruptcies for the longest time. They're currently on a tear though so I can see them bagging the bondholders. Who are absolute morons unless they were forced at gun point to hold these bonds.
Posted on 9/20/21 at 8:45 am to Doctor Strangelove
quote:
Their housing bubble bursting will cause major havoc in world markets
No, it won't but it will absolutely reeeeeek domestic consumption as most of their families' entire net worth is tied to real estate because of decades of monetary debasement and uncertainty with the Yuan's stability. That's a big deal in 2021 because they have flipped to a current account deficit and depend more on the domestic economy than global exports.
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