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re: Yellen: Treasury will consider taxing unrealized capital gains
Posted on 1/22/21 at 8:15 am to RebelExpress38
Posted on 1/22/21 at 8:15 am to RebelExpress38
A lot of capital gain is simply inflationary gains so the swamp weasels will generate more inflation and then capture the "unrealized capital gains." Quite a racket.
1
Posted on 1/22/21 at 8:17 am to Auburn1968
Yellen was pretty moderate as Fed chairman. This is surprising to me. Also, can she do this without Congress?
Posted on 1/22/21 at 8:18 am to Jake88
quote:She was Fed Chairman before. Now she is nominated to be Treasury Secretary.
Why didn't she say this the last time she was in charge?
The IRS is in the Treasury Department, not in the Federal Reserve.
Posted on 1/22/21 at 8:23 am to LSURussian
Does the Treasury Dept have the authority to change tax law, or just enforce existing tax law?
Posted on 1/22/21 at 8:24 am to TDTOM
quote:I believe it would require a change in tax laws by congress.
Also, can she do this without Congress?
However, I am not very confident of that.
For example, I don't know if the IRS code wording can simply be changed (they would say "tweaked") to include unrealized gains to be within the definition of taxable income. In which case it may not require a change in tax law to be passed by congress.
Posted on 1/22/21 at 8:26 am to OT_alter
quote:The Treasury Department can "interpret and implement" tax laws.
Does the Treasury Dept have the authority to change tax law,
Posted on 1/22/21 at 8:29 am to Auburn1968
quote:
They gonna tax unrealized gains and subsidize unrealized losses
You got 1/2 of it right. Unrealized losses will not be subsidized.
Posted on 1/22/21 at 8:35 am to go ta hell ole miss
quote:By "back-door" I mean it's a wealth tax without them openly referring to it as a wealth tax.
This idea is a back-door wealth tax.
Back-door? I think they are kicking the front door down and taking what they want.
Posted on 1/22/21 at 8:39 am to LSURussian
Ah, yes. Thanks.
Posted on 1/22/21 at 8:39 am to LSURussian
quote:
I believe it would require a change in tax laws by congress.
Would require legislation. This is not something Treasury or the IRS could do on their own. Will never happen as it would tank the markets. Even a lot of the Dems in Congress would choke on this. Yellen must know this. Makes me wonder what her motivation was for even mentioning it.
Posted on 1/22/21 at 8:43 am to RebelExpress38
To anyone who thinks elections don't matter, here you go. One party proceeds from the premise that your stuff really isn't your stuff. Rather, it all belongs to the government.
Posted on 1/22/21 at 8:50 am to Zachary
The volatility this would cause would be nuts. Day trading would skyrocket.
Posted on 1/22/21 at 9:00 am to SloaneRanger
quote:
Yellen must know this. Makes me wonder what her motivation was for even mentioning it.
it’s a shot across the bow on billionaire stock holders.
particularly holders of stock in corporations who have successfully avoided paying corporate taxes
Posted on 1/22/21 at 9:02 am to ldts
quote:They do this shite with everything. Throw out 100 crazy arse ideas. “Let’s compromise”. 1 crazy arse idea gets through. Rinse repeat for decades and eventually all 100 crazy arse ideas are through based on “compromise” and “common sense”
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.
Posted on 1/22/21 at 9:08 am to jimbeam
quote:
They do this shite with everything. Throw out 100 crazy arse ideas. “Let’s compromise”. 1 crazy arse idea gets through. Rinse repeat for decades and eventually all 100 crazy arse ideas are through based on “compromise” and “common sense”
Yeah, what I don't want to see is bumping up the long term capital gains tax to regular income level over a certain threshold. The medicare Obamacare bolt-on was bad enough.
Posted on 1/22/21 at 9:18 am to Diseasefreeforall
So like, why do we hate upward mobility in this country? If you aren't rich now, it will be impossible to ever get there, currently cost of capital is inflating so fast, the only way to move up is to buy an asset that can appreciate at that same pace or faster, you can no longer salary your way to being rich. Why take risks? Why work hard? Why take on liability as a business owner? This is so un-American.
Now they just print print print, technology holds down inflation on consumer goods, and then they choke the hyper inflation in cost of capital. Redistribution complete, innovation and American small business, dead.
Now they just print print print, technology holds down inflation on consumer goods, and then they choke the hyper inflation in cost of capital. Redistribution complete, innovation and American small business, dead.
This post was edited on 1/22/21 at 9:46 am
Posted on 1/22/21 at 9:30 am to cgrand
I find this humorous coming from Yellen:
Yellen’s irresponsible easy money Fed created a bunch of the unrealized capital gains she now wants to tax.
And, of course, don’t forget that the inflation our current Fed is begging for is a back door way for the government to increase taxes without Congressional approval for two reasons:
1. The oft-mentioned notion that inflation itself is a “hidden tax”
2. But more directly, in an inflationary environment, business revenues tend to go up as they pass inflation through to consumers. This puts them in a higher tax bracket (assuming a return to bracketed taxes for C Corps, but automatically applies for pass through entities). Consumers, then, require higher salaries in order to make ends meet, which also puts them in a higher tax bracket.
Yellen’s irresponsible easy money Fed created a bunch of the unrealized capital gains she now wants to tax.
And, of course, don’t forget that the inflation our current Fed is begging for is a back door way for the government to increase taxes without Congressional approval for two reasons:
1. The oft-mentioned notion that inflation itself is a “hidden tax”
2. But more directly, in an inflationary environment, business revenues tend to go up as they pass inflation through to consumers. This puts them in a higher tax bracket (assuming a return to bracketed taxes for C Corps, but automatically applies for pass through entities). Consumers, then, require higher salaries in order to make ends meet, which also puts them in a higher tax bracket.
Posted on 1/22/21 at 9:32 am to RedStickBR
So what happens to something like Tesla this year? You guys are telling me that Musk owes like $18 billioni in taxes this year due to the rise? Come on, this would never happen guys.
ETA: If anything remotely close to this happened it would destroy corporate growth in the USA and everything would immediately be moved internationally.
ETA: If anything remotely close to this happened it would destroy corporate growth in the USA and everything would immediately be moved internationally.
This post was edited on 1/22/21 at 9:34 am
Posted on 1/22/21 at 9:33 am to baldona
Not saying it will happen. Just saying even the mere mention is ridiculous.
Posted on 1/22/21 at 9:35 am to baldona
It’s not going to happen. It’s some red meat for the base. This would decimate the people who actually run this country, which is exactly why it won’t happen. Pelosi et al likely have millions in unrealized gains. They aren’t ending the gravy train.
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