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Started By
Message
re: Boom. Manchin already comes out against Biden tax on unrealized gains. It’s dead
Posted on 3/28/22 at 9:45 pm to HailHailtoMichigan!
Posted on 3/28/22 at 9:45 pm to HailHailtoMichigan!
Give it up, bub. You're still a suckhole Biden voter.
0
Posted on 3/28/22 at 9:46 pm to HailHailtoMichigan!
quote:
HailHailtoMichigan
Aren’t you one of the people who voted for this sort of thing?
Posted on 3/28/22 at 11:53 pm to HailHailtoMichigan!
quote:That would require you to have an opinion worth hearing
I would love to engage in dialogue on here about various subjects
Posted on 3/29/22 at 12:01 am to HailHailtoMichigan!
quote:Predicted everyone the very second this was revealed.
Boom. Manchin already comes out against Biden tax on unrealized gains. It’s dead
Posted on 3/29/22 at 1:22 am to HailHailtoMichigan!
quote:
HailHailtoMichigan!
You did that!
Posted on 3/29/22 at 1:53 am to CGSC Lobotomy
quote:
OP is a POS
Late to the game huh?
Posted on 3/29/22 at 3:14 am to HailHailtoMichigan!
quote:
STOP derailing my threads
Stop promoting Marxism!
quote:
I would love to engage in dialogue on here about various subjects
I am... and have been.
Posted on 3/29/22 at 3:31 am to Jjdoc
You are to HHTM what Defiant Ls is to Libs on Twitter 
No doubt they/them want you banned.
No doubt they/them want you banned.
Posted on 3/29/22 at 3:57 am to HailHailtoMichigan!
quote:Phew? Really? You're that personally relieved?
Phew
The proposal only targeted holdings over $100 million.
I didn't know you were rolling in that territory.
On the serious side, this was obviously an ill-wrought effort to more effectively tax überwealthy folks like Bezos, Buffett, etc. who continue to build massive assets without any tax exposure.
As one example, a billionaire can allow his assets to accumulate untaxed as collateral while he takes out low interest loans against those holdings to fund his lifestyle. The loans are not taxable. Their interest-rate is a far lower cost than taxes on the same amount would run. Designing effective tax laws to capture that money without undercutting more "legitimate" borrowing is a daunting task.
That was one of the reasons Musk cashing out of billions in Tesla stock this past year was so extraordinary. In cashing out rather than lending himself the money, he deliberately incurred billions in tax liability that he needn't otherwise have ever paid.
A more easily correctable tax avoidance scheme centers on our idiotic philanthropy loopholes. E.g., Barely a penny of Buffett's $126Bn estate will be taxed at his death. Nor necessarily will even 1¢ of that $126Billion go to aiding impoverished Americans, or to charitable causes in this country. It will be channelled, untaxed, into the Gates Foundation which like the Clinton Foundation, can do nearly anything it wants with its money. That could be and should be addressed and changed. Further, if philanthropy is to avoid US taxation, it should be required to target US charities. That bit seems like common sense.
Posted on 3/29/22 at 6:35 am to HailHailtoMichigan!
He’ll vote for it once he “understands “.
Posted on 3/29/22 at 6:48 am to HailHailtoMichigan!
Joe Manchin: the kind of Republican HHTM can support.
Posted on 3/29/22 at 6:53 am to NC_Tigah
quote:
The proposal only targeted holdings over $100 million
The income tax was only for the top 1% when initially enacted.
Posted on 3/29/22 at 7:00 am to NC_Tigah
quote:
a billionaire can allow his assets to accumulate untaxed as collateral while he takes out low interest loans against those holdings to fund his lifestyle. The loans are not taxable.
Many people I know had no idea how this works. Converting their assets into low interest loans shields them from tax liability. In essence, the banks fund their lifestyles.
Posted on 3/29/22 at 7:09 am to llfshoals
quote:
That would require you to have an opinion worth hearing
Posted on 3/29/22 at 7:11 am to HailHailtoMichigan!
The country is screwed when the Manchin moderates are gone
Posted on 3/29/22 at 7:35 am to NC_Tigah
quote:Isn't the money with which they pay back the loan taxed previously?
a billionaire can allow his assets to accumulate untaxed as collateral while he takes out low interest loans against those holdings to fund his lifestyle. The loans are not taxable. Their interest-rate is a far lower cost than taxes on the same amount would run
Posted on 3/29/22 at 7:41 am to HailHailtoMichigan!
quote:
STOP derailing my threads I would love to engage in dialogue on here about various subjects
Really? You want to engage in dialogue against things you actually voted for?
The problem is the inability to take you seriously.
Posted on 3/29/22 at 7:44 am to HailHailtoMichigan!
Does it address unrealized losses?
Posted on 3/29/22 at 7:47 am to Mo Jeaux
quote:
So I don’t have to report income on my K-1s, HHTM?
K1s are issued for partnerships and S-corps. Any retained earnings would still be earnings and you would have full access to those funds. Do you think an unrealized gain is the same thing as a retained earning in a pass through entity?
Posted on 3/29/22 at 7:52 am to NC_Tigah
quote:
Barely a penny of Buffett's $126Bn estate will be taxed at his death.
Why should death be a taxable event.
quote:
It will be channelled, untaxed, into the Gates Foundation which like the Clinton Foundation, can do nearly anything it wants with its money.
Any distributions from a private foundation must go to a charity. If they aren’t then that should be investigated. Also the foundation must distribute 5% of the principle annually.
Also
quote:
NC_Tigah
Good to see you!
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