re: Biden's Tax Policy is HOT Garbage

Senseless printing of money has caused the price of goods to go up. Thus more tax money.

The man is a walking genius!!!!

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Senseless printing of money has caused the price of goods to go up. Thus more tax money.

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We just need to have less inflation to solve the inflation crisis.

- Brandon, probably

Bernie & pals seem to think there are millions of billionaires.

Let's hope so. Very worried about my investments that I managed to save for working 2 jobs and doing without.

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This person is retarded then. A personal home is a liability and expense NOT an investment.

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Either you've not read the proposal, or you don't understand it. Someone who has lived in a home for a decade or more very likely has an unrealized currently valued asset far outstripping liability. Current value is the way Biden's proposal intends to assess/tax property holdings. Just as is the intent with security holdings.

As I've pointed out repeatedly though, this move has painfully little to with taxing übergazillionaires. That is the shiny object. The tax, as proposed, is likely unconstitutional. Übergazillionaire attorneys will likely keep the thing tied up in court until it withers and dies. Even if it somehow passes unscathed, and even if übergazillionaires couldn't skirt it (theycan btw), it would only generate $0.25 trillion over 10 years. That is a mere pebble in the pond.

The real money isn't with übergazillionaires. The real money is held in 50 million older households and totals about $68 trillion. Uncle Sam wants that money. So he needs to know exactly what each of those households own, and where they have it saved/invested.


The Feds hope is the tax law lasts just long enough to force you and me to fill out a personal wealth and savings estimate along with our income tax. That way, future law can effectively go after the real target, the $68 Trillion honeypot.

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Someone who has lived in a home for a decade or more very likely has an unrealized currently valued asset far outstripping liability.

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Sure if you do not account for property taxes, insurance, maintenance and repairs, mortgage payments.

Replace a roof, HVAC system, etc. and get back to me.

I completely understand Brandon's proposal and their plan.

I am just arguing the meme that a personal home is an investment is retarded and just not true.

A personal residence is not an investment or path to great wealth. It's a liability and expense first and foremost and always will be.

Yep lived in my last house 12-1/2 years. Sure I sold it for 60k more than I paid but I sunk at least that much into it over those years. Floors, roof, fence, outbuildings, patio addition etc. I barely broke even and maybe lost a few grand. It was cheaper than paying rent though. Taxing personal assets on a yearly basis is a path towards communism because in a few short years people will default on their tax liabilities

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Sure if you do not account for property taxes, insurance, maintenance and repairs, mortgage payments.

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You're ignoring the fact that sans ownership, the same money would still go to rental expense. But the more salient point is, they don't account for it!

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You're ignoring the fact that sans ownership, the same money would still go to rental expense

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Wrong. I could rent some shitty apartment for cheaper if my only concern was financial.

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But the more salient point is, they don't account for it!

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Sadly this is true and the most frustrating part of this whole discussion. Let's conveniently ignore all the other costs of ownership and call you rich even when it is not the case.

I'm very fortunate and do not want for anything in this world. I just do not like the trajectory of these discussions and were they are leading.

These proposals are pure greed and envy politics which are no way to govern.

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This is my point.

I replaced my roof and HVAC system and had a backed up condensate line and installed a whole home surge protector this year.

Those alone has wiped out most of my URGL in the property anda that is not even accounting for insurance, property taxes, other maintenance or any closing costs.

My house is not making me wealthy that is for damn sure.

And to naively come in and say you paid $250K and now it is worth $320K, you are so rich, is retarded and just flat wrong.

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Don't those improvements add to the cost basis of your home?