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Message
re: This unrealized capital gains thing
Posted on 8/21/24 at 9:51 pm to Notrub14
Posted on 8/21/24 at 9:51 pm to Notrub14
quote:
The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000. If you don't have net wealth in excess of $100,000,000, then you would pay $0.
Everyone is saying we don’t trust shite they say. They’re proposing multiple tax changes that will frick everyone in many different areas.
0
Posted on 8/21/24 at 9:53 pm to Notrub14
quote:
but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
“You will get to keep your doctor”
Posted on 8/21/24 at 9:53 pm to Notrub14
quote:
If you don't have net wealth in excess of $100,000,000, then you would pay $0.
So just get your business to own the property?
Posted on 8/21/24 at 9:55 pm to Dawgfanman
Those of you that keep spouting the $100,000,000 mark. What happens when that’s not enough? Top 1%? What about top 10%? Top 10% is $840k. Hits a little closer to home.
Posted on 8/21/24 at 9:57 pm to aTmTexas Dillo
Same a-hole logic was presented to the public when the income tax started in USA , " will only hit the very wealthy "...now today only the poor don't pay an income tax
We all know how DC operates ... get a foot in door with 'only the rich' then modify it every year thereafter
We all know how DC operates ... get a foot in door with 'only the rich' then modify it every year thereafter
Posted on 8/21/24 at 9:59 pm to OU Guy
Jameson Lopp
@lopp
·
Aug 20
Has anyone told her how taxing unrealized gains worked out for Norway?
Norway expected an additional $150M in annual tax revenue, but caused $54B in wealth to flee the country, costing them $600M in annual tax revenue.
@lopp
·
Aug 20
Has anyone told her how taxing unrealized gains worked out for Norway?
Norway expected an additional $150M in annual tax revenue, but caused $54B in wealth to flee the country, costing them $600M in annual tax revenue.
Posted on 8/21/24 at 10:00 pm to OU Guy
Worse is they have no grasp of what they propose .
Who would go around to value all the assets of the wealthy and their cost basis to determine the unrealized gain on art , rare cars , land , homes , buildings , rare coins ?? ..... gold would go to $10,000 oz fast as wealthy sought to liquidate assets before new taxes kicked in to bury somewhere
Who would go around to value all the assets of the wealthy and their cost basis to determine the unrealized gain on art , rare cars , land , homes , buildings , rare coins ?? ..... gold would go to $10,000 oz fast as wealthy sought to liquidate assets before new taxes kicked in to bury somewhere
Posted on 8/21/24 at 10:02 pm to OU Guy
quote:
Same a-hole logic was presented to the public when the income tax started in USA , " will only hit the very wealthy "...now today only the poor don't pay an income tax
We all know how DC operates ... get a foot in door with 'only the rich' then modify it every year thereafter
You beat me to making this same post. "Those who don't study history, are doomed to repeat it."
Posted on 8/21/24 at 10:05 pm to aTmTexas Dillo
quote:
This unrealized capital gains thing
Will never happen
Posted on 8/21/24 at 10:08 pm to Notrub14
quote:
I'm not in favor of the tax on unrealized capital gains, but to be clear: you would only pay it if you are very wealthy. It only applies to households with net wealth in excess of $100,000,000.
I don't know why this dude is getting so much hate for this post. He is correct. Although I DO NOT AT ALL AGREE WITH THIS POLICY, it is only for (I read) individuals with a net worth over $100 million. He's correct and also says he doesn't agree with it in the first sentence. Why the hate?
Eta: I meant why the hate for the poster. I think this is a terrible policy as well.
This post was edited on 8/22/24 at 4:05 am
Posted on 8/21/24 at 10:09 pm to KCSilverTiger
quote:
Why the hate?
On the surface, it is bad policy to tax something (income)that hasn’t been earned. Second, once they get their hands on the super rich, they’ll come for the common folk.
Posted on 8/21/24 at 10:14 pm to Notrub14
quote:
only applies to households with net wealth in excess of $100,000,000.
Both of my kids are here because of "just a backrub." See how things change quickly?
Posted on 8/21/24 at 10:28 pm to KCSilverTiger
quote:Where do you think they’ll get it from?
Although I DO NOT AT ALL AGREE WITH THIS POLICY, it is only for (I read) individuals with a net worth over $100 million. He's correct and also says he doesn't agree with it in the first sentence. Why the hate?
Grab a mirror, take a good look. When you realize it’s you, congratulations.
You’ll hate it then too. Because assuming they’re actually stupid enough to do it, the one getting the bill will be you.
Rich people didn’t get that way for the most part by being stupid.
Posted on 8/21/24 at 10:35 pm to aTmTexas Dillo
As first it will be for high earners or high net worth individuals. But those criteria will change .
I believe they known how devastating this will be to taxpayers, to business owners, to investors, to job creators and to entrepreneurs.
That’s exactly why they are doing this. All part of the plan.
I believe they known how devastating this will be to taxpayers, to business owners, to investors, to job creators and to entrepreneurs.
That’s exactly why they are doing this. All part of the plan.
Posted on 8/21/24 at 10:37 pm to aTmTexas Dillo
quote:
This unrealized capital gains thing
I don't understand how they even think this makes sense. Surely this would have to come with a reduction for unrealized losses, so while it might resort in some sort of immediate increase in taxes collected, this would soon level off.
Posted on 8/21/24 at 10:45 pm to Notrub14
quote:
The Biden proposal, which Kamala says she supports, only taxes unrealized capital gains of people with net wealth in excess of $100,000,000.
And how will they measure your "net worth"?
That's not something that comes up on any tax form (that's "income" not "net worth"). You need accountants to look at all your assets, cars, artwork, properties, bank accounts, digital currency, etc.
And you can bet that people with $100,000,000 net worth can and will hire the best lawyers and CPAs to document their net work is $99,999,999.99.
Posted on 8/21/24 at 10:46 pm to aTmTexas Dillo
And to think, our ancestors started a revolution over far less...
Posted on 8/21/24 at 11:53 pm to KCSilverTiger
quote:
it is only for (I read) individuals with a net worth over $100 million. He's correct and also says he doesn't agree with it in the first sentence. Why the hate?
read a book about income tax in America. that’s why this is retarded, and it’s how they get normies like you to knock over the first domino
Posted on 8/21/24 at 11:55 pm to aTmTexas Dillo
quote:
And then upon sale will have to pay 40 something percent more.
If you sell within 2 years.
Posted on 8/21/24 at 11:57 pm to KCSilverTiger
I'd say most of it has to do with people not trusting anything that the opposite party says.
I mean, of course it's a terrible idea, but I agree that there is a massive overreaction to it from people it won't impact to nearly the same extent it would impact the rich.
That being said, I believe there's a 0% chance this ever passes.
I mean, of course it's a terrible idea, but I agree that there is a massive overreaction to it from people it won't impact to nearly the same extent it would impact the rich.
That being said, I believe there's a 0% chance this ever passes.
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