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Posted on 8/26/24 at 7:07 am to udtiger
If it happened I would hope the Supreme Court would kill it.
Posted on 8/26/24 at 7:07 am to udtiger
quote:
Imagine your house. You bought it for $250k and it's now worth $500k. So, you have an unrealized gain of $250k. Let's say the tax is 20%, so you suddenly have to stroke a check for $50k.
Happening on a local level all the time and it’s wrong.
Doing it on a national level would be devastating
Posted on 8/26/24 at 7:11 am to udtiger
That's the situation I'm in. They better gas up them F15s.
Posted on 8/26/24 at 7:14 am to udtiger
Where is this proposal exhibited so I can read exactly what they’re proposing?
Posted on 8/26/24 at 7:43 am to udtiger
You should educate yourself on what the actual proposal is rather than indulging in paranoid fantasy
Posted on 8/26/24 at 7:45 am to icheerforgeorgia
quote:
You should educate yourself on what the actual proposal is
99% of the people who say this have no clue what the proposal is about.
Posted on 8/26/24 at 7:50 am to oklahogjr
frick off, lying fig.
Posted on 8/26/24 at 7:59 am to Big Scrub TX
Ok, pal. Whatever you say
Posted on 8/26/24 at 8:03 am to Bard
quote:
Constitutional Amendment allowing it. The 16th does not allow for any exception to this other than derived income, in other words: "realized gains".
Have we started following the Constitution again?
I get what you are saying but all it would take is one year and it would ruin most people financially in this country...
Posted on 8/26/24 at 8:17 am to Meauxjeaux
quote:
You’ll own nothing and be happy
This seems to be the end goal.
Posted on 8/26/24 at 8:59 am to udtiger
quote:
In three more years, the government will have completely consumed the entire built in equity of your house and they'll be there in year 6.
frick these people.
And there will be entire armed army of FBI just waiting for you to not be able to pay it.
Posted on 8/26/24 at 9:57 am to Hangit
quote:
Buy Gold and silver. They have been an appreciating asset for a long time, with dips
Hi I’m William DeVane and this is why I buy gold and silver from Rosland Capital.
That fricking commercial will stick with me every time I consider buying gold or silver until I’m dead. It’s up there with JG Wentworth
Posted on 8/26/24 at 10:39 am to udtiger
Its a tax that makes you reliant on the government because at a point you can't afford your house. Not only that it's going to force inflation to skyrocket, making those values go higher.
Posted on 8/26/24 at 10:41 am to udtiger
quote:
Imagine your house. You bought it for $250k and it's now worth $500k. So, you have an unrealized gain of $250k. Let's say the tax is 20%, so you suddenly have to stroke a check for $50k.
Yeah, what about next year when your unrealized gain is STILL $250k?
Another $50k?
Once you pay the tax on it, wouldn't that mean the gain has now been realized and your basis would now be at $500k?
Posted on 8/26/24 at 10:42 am to SlidellCajun
quote:
Where is this document?
Harris has no formal written explanation of her tax initiatives, but supports Biden’s 2025 tax Initiatives that have been public for at least two months.
Tax foundation
If the point is to make billionaires pay appropriate taxes, well then just fix the current tax models. They are smarter than your tax plan, and quicker than bureaucracy. They will adapt to this new policy quicker than the ink is dry, not that it will ever happen. If a 100k household is paying 16% federal taxes after deductions so should billionaires.
If the intent is to stop them from taking out loans on their unrealized gains then just tax the loans, Like he would on an early withdrawal from 401(k). Not that I believe in that, just an example of something that can be done. The tax is the risk of getting over leveraged just like someone with a couple HELOCs
This post was edited on 8/26/24 at 10:48 am
Posted on 8/26/24 at 10:42 am to Taxing Authority
quote:
Better question, what if it goes down? Does the government give me a check for $50k for an unrealized loss? Somehow I doubt it.
I speculate it would be an offset against unrealized gains, and if you have more losses then gains you would be able to carry them forward to future years to offset against future gains?
Posted on 8/26/24 at 3:41 pm to Weekend Warrior79
quote:
Once you pay the tax on it, wouldn't that mean the gain has now been realized and your basis would now be at $500k?
It SHOULD, but I doubt it.
Posted on 8/26/24 at 3:48 pm to udtiger
Ignoring the 100 million dollar rule..wouldn’t it just benefit the government to take measures to make sure everyone’s homes went up in value… constantly? What about when foreign entities drive up values higher due to supply and demand? Like printing themselves even more money than they already take. Bonkers!
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