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Message
re: Morgan Stanley: "The Biden Tax Proposal: Answers to 5 Top Questions"
Posted on 4/27/22 at 4:30 pm to MrLSU
Posted on 4/27/22 at 4:30 pm to MrLSU
quote:
The Biden proposal would treat death as a recognition event that would trigger income tax on any appreciated assets owned by the decedent at death.
frick that.
0
Posted on 4/27/22 at 4:31 pm to MrLSU
quote:Millennials should be pissed about this. But they are too blinded by “get the rich!” to understand they will miss out on a huge chunk of the greatest pass down of generational wealth in history.
recognition event that would trigger income tax on any appreciated assets owned by the decedent at death.
Posted on 4/27/22 at 4:34 pm to LNCHBOX
(no message)
This post was edited on 4/27/22 at 5:27 pm
Posted on 4/27/22 at 4:36 pm to Pettifogger
quote:
In all honesty, I'd love to hear the basis for your support for a 40% income tax.
Decades of fiscal irresponsibility.
Wars.
Subsidizing the national defenses of allies.
Subsidizing having children.
Subsidizing home buying.
Implementing the thought that an individual has some sort of right to retire at, currently, 67. Lower ages in prior years.
Doling out loans, and partial forgiveness, for business owners who are ill-prepared for adverse circumstances.
Bills have to be paid. We've passed the point where we can cut our way to enough growth to pay off the debt. Like it or not, it is what it is.
Posted on 4/27/22 at 4:38 pm to LockDown
So is it your contention that raising rates creates more revenue?
Posted on 4/27/22 at 4:39 pm to cahoots
quote:
It just feels like the amount of attention this is given is way beyond the actual impact. It is nothing to 99.999% of Americans and that is not an exaggeration.
99.99% of Americans don't get murdered, let's not worry about the ones that do.
Posted on 4/27/22 at 4:44 pm to Taxing Authority
(no message)
This post was edited on 4/27/22 at 7:26 pm
Posted on 4/27/22 at 4:44 pm to TDTOM
quote:
So is it your contention that raising rates creates more revenue?
If the revenue increase is greater than the corresponding dead weight loss, yes.
And it isn't a contention.
It's basic math.
Posted on 4/27/22 at 4:47 pm to Mingo Was His NameO
-Senior builds up a ~100 employee business, with Junior helping out for the past 15-20 years.
-Senior dies.
-Junior can't afford the taxes, so he's forced to sell.
-~100 employee business is bought out by publicly traded, 15K employee competitor. Redundancies in the small business are eliminated. Those lucky enough to keep their jobs now get introduced to monthly diversity training and corporate pep rallies.
This is the goal of increasing inheritance taxes.
-Senior dies.
-Junior can't afford the taxes, so he's forced to sell.
-~100 employee business is bought out by publicly traded, 15K employee competitor. Redundancies in the small business are eliminated. Those lucky enough to keep their jobs now get introduced to monthly diversity training and corporate pep rallies.
This is the goal of increasing inheritance taxes.
Posted on 4/27/22 at 4:57 pm to cahoots
quote:
You can't just automatically raise your prices every time your costs go up
oh really? my grocery store and gas station didn't get that memo.
Posted on 4/27/22 at 5:02 pm to gorillacoco
quote:
t’s not theirs until the dead guy dies. I’m supposed to boohoo for someone because they couldn’t get more than a million bucks tax free that they didn’t work for themselves?
So the government deserves it more then my kids? The government didn't work for the money either moron.
Posted on 4/27/22 at 5:31 pm to frogtown
You wont get a response there 
This post was edited on 4/27/22 at 5:35 pm
Posted on 4/27/22 at 5:39 pm to gorillacoco
quote:
I’m supposed to boohoo for someone because they couldn’t get more than a million bucks tax free that they didn’t work for themselves?
What part of "It's not your fricking money" do you not comprehend dipshit?
Posted on 4/27/22 at 5:42 pm to gorillacoco
quote:
It’s not theirs until the dead guy dies. I’m supposed to boohoo for someone because they couldn’t get more than a million bucks tax free that they didn’t work for themselves?
So who deserves that hard-earned money more? The direct descendants of the man/woman that spent decades earning it (most likely in an effort to give their kids and grandkids a better life than their own), or the government that'll simply piddle it away through welfare and did nothing to earn it and has already taxed it at least once?
Why on earth would you be supportive of the government taking a dead man's money when he earned it legitimately throughout his life? The only answer I could fathom is jealousy.
I'm not rich and my parents certainly aren't either, but I can at least understand how unfair it is to be taxed through the teeth after my death. Why should my kids owe ANYTHING to the government from the money I've worked my whole life to attain?
And you act like that's some reasonable or fair proposition, that's fricking asinine
This post was edited on 4/27/22 at 5:45 pm
Posted on 4/27/22 at 6:07 pm to RT1941
quote:
I die and my kids have to pay death taxes on my estate even after I worked my arse off paying taxes the whole time as I accumulated that wealth so I could leave them a few million inheritance?
So, a couple of things here:
1. I don’t think the Morgan Stanley link in the OP reflects the administration’s currently-proposed tax package. That Morgan Stanley article is about a year old. Just an FYI in case folks aren’t aware.
2. From what I’m reading right now, it appears that the current proposal has a trigger threshold of $5 million ($10 million per couple), up from the $1 million references in the OP.
3. That’s $5 million dollars of unrealized capital gains, not total assets. In other words, if you buy $30 million in stock and it’s worth $35 million when you die, your estate has to pay the capital gains tax on that $5 million. At least that’s how I understand it.
4. There are exceptions for family-owned businesses (the capital gains are deferred unless/until the business is sold), tangible property, and primary residences.
Again, that’s just what I’ve read in a few minutes of researching Biden’s latest tax plan. I’m not a tax expert so folks feel free to correct me.
My opinion is that this probably doesn’t matter much regardless, because those with the means will find new and creative estate planning methods to get around it anyway. It seems like the changes to ordinary income tax brackets will be far more impactful in reality, while this is likely more a political move to “stick it to generational wealth.” But maybe it has more teeth than I realize.
Posted on 4/27/22 at 6:30 pm to The Spleen
quote:learning from the left and their always immediate and often completely nonsensical play of the race card.
It took 4 pages before the jealousy card was played. Impressive constraint.
it took 3 pages before some dipshit came out to defend robbing dead people. impressive restraint from the robbing dead people demographic of which you're a huge fan. here's one of Spleen's heroes now taking what's rightfully hers from a dead guy. Gorillacoco films on his phone while cheering:
[video of dead person being robbed removed]
This post was edited on 4/27/22 at 7:59 pm
Posted on 4/27/22 at 7:09 pm to terriblegreen
quote:
Down $20,000 in a week. $45,000 in the last two months
I'll see your $20k/$45k and raise you another $40k on both. Sure is taking all the fun out of my recent retirement and living on a "fixed" income.
Posted on 4/27/22 at 7:33 pm to MrLSU
quote:
capital-gains taxes have not directly translated into negative or positive equity returns.
quote:
federal corporate tax rate from its current rate of 21% to 28%...could lead to a 6% decline in earnings for the S&P
Aka, when earnings decline, equity values and markets go down.
So tax individuals, not corporations is what Morgan Stanley is saying... How convenient!
Posted on 4/27/22 at 7:40 pm to Logician
What the frick did I just watch? You need to put a warning on that video.
Posted on 4/27/22 at 7:44 pm to MrLSU
This will frick so many people up - screw this guy. This will just guarantee that (R)s retake congress and Biden is a lame duck. Does he know how many people have tried to wade through the mire of estate planning the last 5 years and he wants to take this thing in the exact opposite direction? frick Biden.
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