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RebelExpress38
Ole Miss Fan
In your base, killin your dudes
Member since Apr 2012
10184 posts

Yellen: Treasury will consider taxing unrealized capital gains
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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.



How far are we from them just raiding 401k accounts at this point?


ellesssuuu
Baton Rouge
Member since Mar 2016
1537 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
That is freaking scary


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621
Sterling Archer
LSU Fan
NYC
Member since Aug 2012
4136 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
Would have expected getting rid of the capital gains tax and taxing everything at ordinary income would have been the first rec


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270
TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
76492 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
Back the frick Yellen


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191
LSU in Frisco TX
LSU Fan
In the Green
Member since Oct 2006
654 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
What the frick?

Who do these pieces of shite think they are?


Vols&Shaft83
Auburn Fan
Throbbing Member
Member since Dec 2012
67311 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
quote:

she said that Treasury would consider the possibility of taxing unrealized capital gains



WHAT THE ACTUAL frick?


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231
jimbeam
US Army Fan
University of LSU
Member since Oct 2011
69474 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
What in the actual frick


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150
rocket31
Toledo Fan
Member since Jan 2008
36444 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
lol so what if I have $1 million in bitcoin and then lose my private key phrase and am locked out

do I still pay taxes on the $1 million?


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533
lynxcat
Rutgers Fan
Member since Jan 2008
21695 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
If they try to do this, it will hit the fan. You would have a mass liquidation each year to be able to afford tax liabilities.


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430
Shamoan
Mississippi St. Fan
Member since Feb 2019
1433 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
These people are nuts.


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440
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James11111
Walnut Creek
Member since Jul 2020
979 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
So the US government would acquire some of your shares equal to the taxes due? Because people wont be able to pay with USD.

Sounds like a plan to put private businesses under state control.
This post was edited on 1/21 at 10:18 pm


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450
Double Oh
Louisiana
Member since Sep 2008
11576 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
I’m fixing to take all my cash and bury it in my backyard


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352
LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
123968 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
This idea is a back-door wealth tax.


lynxcat
Rutgers Fan
Member since Jan 2008
21695 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
When the market goes down, I’m sure we would have limitations on deductions from the mark to market losses. One way train!


tgdk11
Member since Nov 2017
294 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
Ding ding ding. These people are fricking nuts.

Convincing people wealth tax is a great idea, then trickling it down to under 300k will only be taxed at x %, but remember the wealthy are paying their fair share.

Cpas will just counter this and rich people will have assets shielded in specific business holdings, and lower-uppee middle takes it up the arse again


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390
HailToTheChiz
Auburn Fan
Back in Auburn
Member since Aug 2010
38929 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
Unrealized gains tax is the biggest bunch of shite ever


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280
LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
123968 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
The sell off of appreciated assets would be catastrophic.

The disincentive to buy and hold investment assets long term would be huge.

Eta: Real estate values would collapse as investors sell their property in order to pay their taxes. Over night unrealized gains would become unrealized losses as an asset deflationary cycle would emerge.

Capital markets would become so disrupted they would cease to exist as sources of business capital.

Yellen’s dream world of a new massive source of taxes to pay for Biden’s wish list would evaporate.
This post was edited on 1/21 at 10:56 pm


HailToTheChiz
Auburn Fan
Back in Auburn
Member since Aug 2010
38929 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
The entire market would liquidate in a matter of days. It'll ruin the stock market and country


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390
KillTheGophers
Yale Fan
Member since Jan 2016
4651 posts
 Online 

re: Yellen: Treasury will consider taxing unrealized capital gains
I hope this destroys every suburban Karen family 401k - because Trump is OMB we need to vote for Biden.

These suburban middle class families are about to take the brunt of this...the wealthy will always find the loopholes...or make them.


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463
thelawnwranglers
LSU Fan
Member since Sep 2007
31103 posts

re: Yellen: Treasury will consider taxing unrealized capital gains
Won't this crush the dollar?

Step one I liquidate stock
Step 2 find a place to hide money ° bitcoin


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