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RebelExpress38
Ole Miss Fan
In your base, killin your dudes
Member since Apr 2012
10184 posts

Yellen wants Treasury to tax unrealized capital gains
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quote:

In more than three hours of confirmation hearing testimony, the former Federal Reserve chair laid out a vision of a more muscular Treasury that would act aggressively to reduce economic inequality, fight climate change and counter China’s unfair trade and subsidy practices.

Taxes on corporations and the wealthy will eventually need to rise to help finance Biden’s ambitious plans for investing in infrastructure, research and development, and for worker training to improve the U.S. economy’s competitiveness, she told members of the Senate Finance Committee.

But that would only come after reining in the coronavirus pandemic, which has killed over 400,000 in the United States, and the economic devastation it brought.

Yellen, who spoke by video link, said her task as Treasury chief will be to help Americans endure the final months of the pandemic as the population is vaccinated, and rebuild the economy to make it more competitive and create more prosperity and more jobs.

“Without further action we risk a longer, more painful recession now and longer-term scarring of the economy later,” she said.

Yellen said pandemic relief would take priority over tax increases, but corporations and the wealthy, which both benefited from 2017 Republican tax cuts “need to pay their fair share.”


She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues.



51% of the country can just vote to take away everything from 49%.

Democracy


GoldenBoy
Georgia Fan
Winning!
Member since Nov 2004
40984 posts

re: Yellen wants Treasury to tax unrealized capital gains
Someone needs to be Yellen at her dumbass.


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900
genuineLSUtiger
LSU Fan
Nashville
Member since Sep 2005
61583 posts

re: Yellen wants Treasury to tax unrealized capital gains
They are coming for those 401k’s. The peasants can’t be allowed to accumulate too much.


thejudge
USA Fan
Westlake, LA
Member since Sep 2009
10526 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains


Reading this with ominous marvel music im the background playing as Spiderman ended is creepy.

Hope that's not foreshadowing of things to come


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110
Oates Mustache
US Space Force Fan
Member since Oct 2011
10645 posts

re: Yellen wants Treasury to tax unrealized capital gains
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.


Jake88
George Mason Fan
LSU/Saints Fan
Member since Apr 2005
49661 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

 to reduce economic inequality
This is bull shite and cannot be done. There are always less functional people. That will never change regardless of how much they try to redistribute wealth.

quote:

She raised eyebrows of some senators and Wall Street
How many of those imbeciles on Wall St. supported Biden? Could they not see this coming?
This post was edited on 1/21 at 9:59 pm


Freauxzen
USA Fan
Utah
Member since Feb 2006
35460 posts

re: Yellen wants Treasury to tax unrealized capital gains
"Pay their fair share"

Decades of using this term and no one has specifically defined it.

But yet we make policy based on it.


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
78003 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

unrealized capital gains


Tha frick?

Then can I take deductions on my unrealized capital losses?

Where does it end with these people?


ClampClampington
Nebraska Fan
Nebraska
Member since Jun 2017
3696 posts
 Online 

re: Yellen wants Treasury to tax unrealized capital gains
Image: https://thumbs.gfycat.com/PoliticalPoorGlassfrog-size_restricted.gif


And we're all taking money out of the market in 3..2...1...


genuineLSUtiger
LSU Fan
Nashville
Member since Sep 2005
61583 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:


Where does it end with these people?


It ends when they have sucked this honey pot dry and have moved on to the next fleecing.


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260
TD SponsorTD Fan
USA
Member since 2001
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Malik Agar
TBD Fan
Member since Nov 2012
10398 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

Can't wait to see the reaction when they come after 401k's. I seriously can't wait.

You already know the line. Blacks and other underprivileged groups do not have 401k savings. It's racist not to share and give everyone the same footing.


CrabInMyShoeMouth
Arkansas Fan
Member since Jul 2016
1724 posts

re: Yellen wants Treasury to tax unrealized capital gains
Taxing unrealized capital gains would completely alter the manner in which income taxation functions. Don't make no sense Paul.


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240
thetempleowl
Temple Fan
dallas, tx
Member since Jul 2008
12952 posts

re: Yellen wants Treasury to tax unrealized capital gains
So people who save money are punished and get to give money to the idiots who spend it and haven't saved any.

This is genius. Because they are idiots and will just spend it.


Oates Mustache
US Space Force Fan
Member since Oct 2011
10645 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

Blacks and other underprivileged groups do not have 401k savings. It's racist not to share and give everyone the same footing.


I wonder if this is where people will finally have enough.


MoarKilometers
Florida Atlantic Fan
Member since Apr 2015
10255 posts

re: Yellen wants Treasury to tax unrealized capital gains
Can I write off unrealized losses as well? Could make this fun.


SCLibertarian
South Carolina Fan
Conway, South Carolina
Member since Aug 2013
24868 posts

re: Yellen wants Treasury to tax unrealized capital gains
I can't wait to hear the vapid suburban white women who voted against Trump because he was mean complain about this because their husbands have cut their allowance due to these taxes. This is what they all deserve.


LSUbest
LSU Fan
La
Member since Aug 2007
2874 posts

re: Yellen wants Treasury to tax unrealized capital gains
The lunatics are talking.


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BobBoucher
LSU Fan
Member since Jan 2008
12456 posts

re: Yellen wants Treasury to tax unrealized capital gains
quote:

she said that Treasury would consider the possibility of taxing unrealized capital gain


Since we’re at it.... my bank need to adjust my bank account for my unrealized earnings potential.


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200
Auburn80
Auburn Fan
Member since Nov 2017
3001 posts

re: Yellen wants Treasury to tax unrealized capital gains
There will be blow back on this. Mutual Fund companies are already fighting against the proposed 401K tax credit vs deduction. Centrists Democrats and old people will raise hell also.


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211
teke184
LSU Fan
Zachary, LA
Member since Jan 2007
57590 posts
 Online 

re: Yellen wants Treasury to tax unrealized capital gains
If they tax unrealized capital gains, will they be paying that back to the investors if business turns and they suddenly have a loss?

Didn’t think so.


I know groups who had an unrealized massive gain through investing in Worldcom only to see it go bust later because Bernie Ebbers was cooking the books.


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