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re: Yellen: Treasury will consider taxing unrealized capital gains
Posted on 1/22/21 at 6:42 am to LSURussian
Posted on 1/22/21 at 6:42 am to LSURussian
quote:
This idea is a back-door wealth tax.
Back-door? I think they are kicking the front door down and taking what they want.
1
Posted on 1/22/21 at 6:43 am to RebelExpress38
If I pay $5 for a painting at a garage sale and it turns out that the painting is worth a million bucks, I get taxed for the mill even if I don’t sell the painting.
Pshh.. this won’t grow legs.
Pshh.. this won’t grow legs.
Posted on 1/22/21 at 6:44 am to RebelExpress38
Well, we have to pay for the massive spending that is about to happen, so not sure any of this should surprise people.
They are printing money like candy, and Xiden was very open that he's going to spend, spend, spend on anything and everything.
I mean, this is terrible for responsible people, but then again, so was the election itself.
They are printing money like candy, and Xiden was very open that he's going to spend, spend, spend on anything and everything.
I mean, this is terrible for responsible people, but then again, so was the election itself.
Posted on 1/22/21 at 6:50 am to kywildcatfanone
Lol, this would never happen guys relax. Real estate for example, they are going to require yearly appraisals? Come on.
Even if it did, companies would adjust and earnings reports would be adjusted. Gaming the system would happen. Furthermore, all of these billionaires would absolutely hammer their politicians on this.
Even if it did, companies would adjust and earnings reports would be adjusted. Gaming the system would happen. Furthermore, all of these billionaires would absolutely hammer their politicians on this.
Posted on 1/22/21 at 6:55 am to RebelExpress38
quote:
How far are we from them just raiding 401k accounts at this point?
The legislative mechanism already exists ... Congress signed it into law before Obama left office.
Posted on 1/22/21 at 6:57 am to RebelExpress38
For everyone saying it will never happen....there were a lot of things that happened last year that I thought would never happen either. Just the fact that this is being mentioned is frightening.
Posted on 1/22/21 at 7:14 am to RebelExpress38
Are futures tanking bc of this?
Posted on 1/22/21 at 7:18 am to baldona
quote:
Lol, this would never happen guys relax.
Well, I hope so, but if they are publicly talking about it, then it has to be under consideration by someone who has the authority to make it happen.
I mean, step 1 of announcing a radical idea is to just throw it out there and see the reaction. Step 2 is to do what your radical idea says to do.
Posted on 1/22/21 at 7:25 am to RebelExpress38
Funny how this was a Kamala Harris talking point back in 2019. Yellen is smarter than this.
Posted on 1/22/21 at 7:30 am to RebelExpress38
They will onluy raise taxes omn people making $400k or more 
Posted on 1/22/21 at 7:31 am to Ross
quote:
Cryptos would become the last vestige of investment I think.
How the hell would this policy even work with a privately held business? The valuation on those things swing wildly depending on who you are talking t
Maybe, but they are also wanting to regulate it like they do other financial transactions. Plus like rocket said, any gains crom crypto would be up for this tax too.
but atleast with crypto you will be able to hide it if you are really good.
Whats going to happen if they did this(besides exactly what russian said) is you will have a big influx of crypto buys from on exchanges that value privacy or are in countries that dont bow to our governement and you will see BTC atms.
People will start tumbling coins again to make it untraceable. The rich will open off shore accounts and tumble and move it around as needed.
There will be ways around it, especially for the wealthy, but the majority, especially middle and upper middle are going to take a fricking beating.
and its going to collapse everyones 401k in a matter of weeks, at most.
Posted on 1/22/21 at 7:43 am to Paul Allen
quote:
Paul Allen
frick off you little bitch. Go somewhere else with that bullshite.
back to the topic,
Does the Government give us a tax credit if the stock goes down? I mean how the hell does that work. One year I pay because I made money, the next year i lose my arse and I dont get shite?
Not to mention this will kill all small businesses and especially farms. This is going to be like when steinbrenner was on his death bed and if he died before the end of the year, the family would have had to sell the yankees to pay the taxes, he held on and they got to keep the team. or vice versa, dont remember exactly.
point is, its fricking stupid.
Posted on 1/22/21 at 7:49 am to Jimmy2shoes
quote:\
They will onluy raise taxes omn people making $400k or more
Well, when the value of $1 is only $.25cents then you get a lot more people who make "$400K".
Posted on 1/22/21 at 7:49 am to Jimmy2shoes
quote:
They will onluy raise taxes omn people making $400k or more
You are confusing this article with another piece of legislation. This is a proposed wealth tax (balance sheet) by Yellen. The tax you're referring to is an income tax (P&L) proposed by Biden. Different things.
Posted on 1/22/21 at 7:53 am to RebelExpress38
Wow, this is an incredibly stupid idea. I suspect this is them throwing something really crazy out there to make a slightly less crazy idea seem more palatable. Makes it easier to get an idea through that would normally garner a lot of opposition. Need to keep an eye out to see what they try to slip by.
This post was edited on 1/22/21 at 7:54 am
Posted on 1/22/21 at 7:56 am to Fox McCloud
quote:
What if I pay the taxes and then the stock tanks.
Posted on 1/22/21 at 7:59 am to ldts
Why didn't she say this the last time she was in charge?
Posted on 1/22/21 at 8:04 am to RebelExpress38
quote:
How far are we from them just raiding 401k accounts at this point?
or losing 1031 exchanges?
only economic morons amid other dumbasses vote democrat with these polices.
Posted on 1/22/21 at 8:10 am to RebelExpress38
How are these loons going to do that when the market is up 10% one day and down 11% the next? They gonna tax unrealized gains and subsidize unrealized losses?
Posted on 1/22/21 at 8:15 am to Dixie.Reb
quote:The article you linked is almost two years old. There was no reason for concern the Oregon communist's idea would be passed into law as long as Trump was President. Now it's a real concern.
We literally had this discussion 2 weeks ago
quote:Nowhere in the article you linked does it say that.
It only applies if you have gains > $1 million
quote:Millionaires are everywhere these days thanks to house values and stock market holdings. And that is NOT saying only gains exceeding one million dollars will be taxed. It's saying all gains by taxpayers whose net worth is a million dollars would be taxed.
(article says millionaires and billionaires).
quote:Yeah, so what? Dow Jones futures are down this morning over 200 points.
From the OPs article: “ Wall Street stocks rose on Tuesday in reaction to Yellen’s call for a hefty stimulus package, as well as to positive bank earnings updates”
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