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re: Biden wants to kill 1031 Exchanges (read this. it's important)
Posted on 7/21/20 at 7:37 pm to keks tadpole
Posted on 7/21/20 at 7:37 pm to keks tadpole
quote:
Fair Warning: If he gets this passed, they'll be coming after the capital gains on the home next.
Then 401Ks, 529 plans. They want it all.
1
Posted on 7/21/20 at 7:40 pm to stickly
Thanks for the good info Bob, and hope you get to keep your gains.
Posted on 7/21/20 at 7:43 pm to mtntiger
As long as we're on this subject, let me just say that I've never understood how we even have a thing called capital gains that doesn't take into account inflation.
Just as an example. If you had a 5 year stretch with 3% inflation and earned 3% annually on an investment, how the frick is that a "gain" at all? And, why does it owe tax?
Just as an example. If you had a 5 year stretch with 3% inflation and earned 3% annually on an investment, how the frick is that a "gain" at all? And, why does it owe tax?
Posted on 7/21/20 at 7:43 pm to RockyMtnTigerWDE
quote:
Thanks for the good info Bob, and hope you get to keep your gains
LOL. I'm not actually *Bob* but I am a person that would be negatively effected by Biden's progressive policies.Seriously, frick that useless guy. He never encountered a thing that he couldn't pander to.
Posted on 7/21/20 at 7:47 pm to boosiebadazz
quote:
I’d like to read the rationale of why he’s behind it
Posted on 7/21/20 at 7:50 pm to stickly
quote:This is stupid. It's also different than if someone actually just wanted to get rid of 1031s. At least in that instance you could just pay the tax out of liquid sales proceeds.
What Biden's plan does...
Biden's platform wants to go after the *stored value* of 1031 Exchanges and apply a tax bill on the unrealized capital gains that is payable immediately.
Posted on 7/21/20 at 7:51 pm to ItNeverRains
quote:
quote:
I’d like to read the rationale of why he’s behind it
AOC is the tip of the spear. Cenk and the Justice Democrats deserve recognition for their success while we were all sleeping. Now let's destroy them unapologetically.
This post was edited on 7/21/20 at 7:52 pm
Posted on 7/21/20 at 7:51 pm to stickly
Well, you said it wasn't for residences so I guess you meant owner-occupied residences.
Posted on 7/21/20 at 7:56 pm to Big Scrub TX
quote:
quote:
What Biden's plan does...
Biden's platform wants to go after the *stored value* of 1031 Exchanges and apply a tax bill on the unrealized capital gains that is payable immediately.
This is stupid. It's also different than if someone actually just wanted to get rid of 1031s. At least in that instance you could just pay the tax out of liquid sales proceeds.
Man, I really do appreciate your Boy Scout ideology of where we are as a country. I honestly wish I had the same level of gosh-darn-ism. Unfortunately I don't think you understand what the game is. The progressives will reluctantly take a simple, small victory because they know it will ultimately allow them to take everything.
Posted on 7/21/20 at 7:57 pm to stickly
quote:Not sure what you are trying to say. Biden's plan is stupid.
Man, I really do appreciate your Boy Scout ideology of where we are as a country. I honestly wish I had the same level of gosh-darn-ism. Unfortunately I don't think you understand what the game is. The progressives will reluctantly take a simple, small victory because they know it will ultimately allow them to take everything.
Posted on 7/21/20 at 7:57 pm to stickly
This is targeted to Trump.
It's going to smoke a lot of small investors, but the target is Trump himself.
It's going to smoke a lot of small investors, but the target is Trump himself.
Posted on 7/21/20 at 8:00 pm to ShortyRob
quote:
I've never understood how we even have a thing called capital gains that doesn't take into account inflation.
Inflation may be part of the reason they are cashing out in the first place. Not to mention the high prices investors can get for their investments may be a factor in the inflation numbers themselves.
I know what you mean but it can get kind of circular. A leftest will not see it the same way you do. In a bit of irony they are placing more value on work. From their perspective it is silly to tax earnings made on investments less than earnings you made while working.
Posted on 7/21/20 at 8:01 pm to Big Scrub TX
quote:
Not sure what you are trying to say. Biden's plan is stupid.
Finally, we can agree on something. Where you are still being naive, assuming that Biden actually matters. He has proven over 50 years that he is just a useless fool that will say whatever it takes. His platform is not his. He is just a useless piece of shite that is parroting what his handlers tell him to say. He is an empty vessel for a progressive agenda.
Posted on 7/21/20 at 8:15 pm to BeepNode
quote:I submit that only one of those things is "earnings"
I know what you mean but it can get kind of circular. A leftest will not see it the same way you do. In a bit of irony they are placing more value on work. From their perspective it is silly to tax earnings made on investments less than earnings you made while working.
Posted on 7/21/20 at 8:19 pm to stickly
quote:I still don't understand. I'm not voting for Biden. What are you trying to say here?
Finally, we can agree on something. Where you are still being naive, assuming that Biden actually matters. He has proven over 50 years that he is just a useless fool that will say whatever it takes. His platform is not his. He is just a useless piece of shite that is parroting what his handlers tell him to say. He is an empty vessel for a progressive agenda.
Posted on 7/21/20 at 8:22 pm to RTRinTampa
quote:
I wish they'd all eat a cyanide tablet, my mother included.
That escalated quickly.
Posted on 7/21/20 at 8:26 pm to stickly
Capital gains should be adjusted to today’s dollars. Say a family buys farmland in the 1930’s for $50 acre and the owner dies and leaves it to his kids and the land is now worth $7000 acre the estate pays taxes on the difference. But that $50 in 1930 should be adjusted to today’s dollars. $50 in 1930 is worth a shite ton more than $50 today.
Posted on 7/21/20 at 8:31 pm to highcotton2
quote:
Capital gains should be adjusted to today’s dollars.
That is an interesting idea. It would certainly alter the tax burden. I like it. Makes sense.
Posted on 7/21/20 at 8:41 pm to stickly
I have seen reports that this only kicks in if your annual income is $400k or greater. Can anyone verify one way or the other?
Posted on 7/21/20 at 8:43 pm to rpg37
quote:
I have seen reports that this only kicks in if your annual income is $400k or greater. Can anyone verify one way or the other?
That's the soft limit that will be eliminated ASAP. That's how progressivism works.
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