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Message
re: Biden wants to kill 1031 Exchanges (read this. it's important)
Posted on 7/21/20 at 5:54 pm to CoachChappy
Posted on 7/21/20 at 5:54 pm to CoachChappy
The Left wants a Central Planned Economy; total Government control. Capitalism is unfair...they want to make disbursement of the GNP...fair.
More so, and ultimately, the Left believes that God is unfair; 'heaven' should be open to everybody...since God "predestinates" and "numbers the hairs" on our heads. Therein...there is no God.
Lucifer is smart...but he ain't gonna win. Though he will get his pound of flesh.
More so, and ultimately, the Left believes that God is unfair; 'heaven' should be open to everybody...since God "predestinates" and "numbers the hairs" on our heads. Therein...there is no God.
Lucifer is smart...but he ain't gonna win. Though he will get his pound of flesh.
0
Posted on 7/21/20 at 5:54 pm to stickly
Democrats have no clue how the tax code or the economy work together.
Posted on 7/21/20 at 5:54 pm to boosiebadazz
quote:
Do you have a link to this proposal or a clip of Biden explaining it?
Biden explaining it? You are kidding...right?
Posted on 7/21/20 at 5:55 pm to Mud_Till_May
quote:
What they should do is tax stock owners. That’s the real money. They charge you property tax, why not a stock ownership tax?
I guess because that's a terrible, anti-American, and destructive idea that only a marxist would think is smart?
Posted on 7/21/20 at 5:58 pm to stickly
frick this!
Posted on 7/21/20 at 5:59 pm to stickly
quote:
The plan would target a provision for avoiding capital gains taxes on property sales to raise cash for childcare and elderly services. Known as the like-kind exchange, the tactic allows investors to roll the proceeds of real estate sales into future purchases, shielding investors from taxes on their profits.
The strategy is projected to save investors $51 billion between 2019 and 2023, according to Congress’s Joint Committee on Taxation. Whether or not it is repealed, the proposal lets Biden contrast his bid to help single-parents and aging Americans with Trump’s career in real estate.
Damn, so it really is just naked pandering.
Posted on 7/21/20 at 6:01 pm to stickly
Here is the *secret strategy* of the left that makes them so hard to combat: THEY LOVE TO USE THE SYSTEM AGAINST ITSELF. They love the power of precedent. The power of precedent is the power to implement a bloodless coup. They can use the system to kill the system.
Posted on 7/21/20 at 6:03 pm to stickly
quote:
It is how old shitty parts of town get gentrified...
Ergo, they're racist!
Posted on 7/21/20 at 6:03 pm to stickly
So it’s this or they close the loophole allowing them to claim losses on the devaluation of property year after year while the opposite is obviously true. Fun fact: Trump (rightfully) closed this kind of loophole for lots industries in his tax bill...except for one, real estate. I’m sure that was an oversight.
Posted on 7/21/20 at 6:07 pm to CajunLiberal
quote:
So it’s this or they close the loophole allowing them to claim losses on the devaluation of property year after year while the opposite is obviously true. Fun fact: Trump (rightfully) closed this kind of loophole for lots industries in his tax bill...except for one, real estate. I’m sure that was an oversight.
I know that sounded smart in your head but no. Every investment has the potential to go UP or to go DOWN. Don't be a simpleton. The 1031 powers a huge part of the economy and creates a ton of jobs.
Posted on 7/21/20 at 6:09 pm to stickly
Actually, what BOb did is depreciate the real estate investment (which he is allowed to do over 27.5 years), so that when he sells the property his cost basis is much, much lower than the purchase price. Thus, his capitol gains tax will be larger. Of course, Bob avoided income tax by depreciating as the years roll by. Changing the rules in the middle of the game is bad for Bob.
Taxation is robbery, pure and simple.
Taxation is robbery, pure and simple.
Posted on 7/21/20 at 6:09 pm to boosiebadazz
quote:
I’d like to read the rationale of why he’s behind it
His handlers told him to be behind it.
Posted on 7/21/20 at 6:10 pm to keks tadpole
quote:
Fair Warning: If he gets this passed, they'll be coming after the capital gains on the home next.
Exactly. The precedent of a 1031 tax on unrealized gains would 100% enable an attack on taxing home equity. I'm kind of ashamed I didn't think of this and mention it. Good man.
Posted on 7/21/20 at 6:11 pm to stickly
quote:
cap-gains tax at a 25% tax rate
How does that work in your hypo?
Posted on 7/21/20 at 6:13 pm to boosiebadazz
quote:
rationale of why he’s behind it
Posted on 7/21/20 at 6:14 pm to stickly
Here's a better and more real world example...
Bob and Linda scraped for 5 years living in a apartment to get their 20% for their starter home, which they bought in 2005 for $200k. In 2020, they sell the house for $325k (owing $125k) and take their equity of $190k (equity after less commission), as a down payment on their $600k dream (and last) house.
Now...under Biden's plan, instead of $190k, the g takes 20% ($40k) so now they only have $150k to put down.
Bob and Linda scraped for 5 years living in a apartment to get their 20% for their starter home, which they bought in 2005 for $200k. In 2020, they sell the house for $325k (owing $125k) and take their equity of $190k (equity after less commission), as a down payment on their $600k dream (and last) house.
Now...under Biden's plan, instead of $190k, the g takes 20% ($40k) so now they only have $150k to put down.
Posted on 7/21/20 at 6:14 pm to TSLG
This will go well. This will kill the real estate world. Investors will then pass these costs onto the renter and rents will increase. People that vote Democrat are fricking retarded.
Posted on 7/21/20 at 6:16 pm to TSLG
quote:
cap-gains tax at a 25% tax rate
Isn't cap gains set at either 15 or 20% right now?
50-400k total household income 15%
400k> total household income 20%
Posted on 7/21/20 at 6:16 pm to stickly
And just add a note. If he gets his way he not only screws Bob. He explodes rent
Posted on 7/21/20 at 6:16 pm to CajunLiberal
quote:
losses on the devaluation of property year after year while the opposite is obviously
So a roof, stoves, air conditioners and other stuff appreciate?
Or does the property, of which you can’t depreciate though taxes, appreciate?
This is the problem with you guys, you’re so ill informed that you look fricking stupid.
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