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re: Yellen wants Treasury to tax unrealized capital gains
Posted on 1/21/21 at 10:13 pm to Oates Mustache
Posted on 1/21/21 at 10:13 pm to Oates Mustache
quote:
I wonder if this is where people will finally have enough.
No doubt about it. That's where the rubber would meet the road as far as something coming right into your living room and not just piss you off from afar, but get up close and personal with harming your own family. And this is the literal first comment I've ever even made about the "finally having enough" subject. I wouldn't consider it taking something from me personally as much as I would consider it a strong arm robbery of my family. And that could certainly make folks lose control and slip into another world altogether.
3
Posted on 1/21/21 at 10:13 pm to SCLibertarian
You are correct, sir.
These people voted for Biden with no regard for taxes or the economy. It was all emotion due to media brainwashing.
These people voted for Biden with no regard for taxes or the economy. It was all emotion due to media brainwashing.
Posted on 1/21/21 at 10:14 pm to davyjones
quote:
davyjones
You'd think they know what the limit is, but I'm honestly not sure that they do, or care.
Posted on 1/21/21 at 10:14 pm to RebelExpress38
Some people work for a living, others vote for a living.
Posted on 1/21/21 at 10:17 pm to Ace Midnight
quote:
Tha frick?
Then can I take deductions on my unrealized capital losses?
Where does it end with these people?
So this concept is a lot like personal property tax, where the county assesses the value of your property and you pay tax on the value they set.
Regardless of what you sell it for (a loss even).
Not a fan of either.
Posted on 1/21/21 at 10:19 pm to Oates Mustache
I hope they do. I absolutely believe there is a stark red line. And again, it's likely the moment at which a fella perceives that his family will literally suffer physically in some way. There's honestly no reason to even want to live if living means watching someone harm your family.
Posted on 1/21/21 at 10:19 pm to RebelExpress38
This is a back-door wealth tax.
Posted on 1/21/21 at 10:23 pm to BobBoucher
quote:Except property tax assessments are measured in “mills” which is a fraction of a cent. Marking to market unrealized gains for inclusion as income is taxed at 15%-39% of income.
So this concept is a lot like personal property tax, where the county assesses the value of your property and you pay tax on the value they set.
Posted on 1/21/21 at 10:29 pm to Oates Mustache
quote:
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.
The poors will cheer. The ultra wealthy will gladly give it up to maintain good Capitol status. The middle class will bear the brunt. Also can’t wait for them to come after the equity in homes. But it’s just homes over $400,000 you guys!
Posted on 1/21/21 at 10:31 pm to RebelExpress38
Well, setting a policy that would make it foolish to invest capital is certainly a way to ensure growth.
Wait - that can't be right and anybody with common sense should be able to see it.
Wait - that can't be right and anybody with common sense should be able to see it.
Posted on 1/21/21 at 10:31 pm to jcaz
Drugs look more appealing than ever
Posted on 1/21/21 at 10:32 pm to RebelExpress38
LOL
And everyone thought Trump having the election stolen from was such a hoot....
And everyone thought Trump having the election stolen from was such a hoot....
Posted on 1/21/21 at 10:35 pm to Oates Mustache
quote:
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.
I really do hate it for people that have been saving for retirement but I will be comforted by the cries of the NeverTrump Republicans
Posted on 1/21/21 at 10:36 pm to davyjones
This is a fast track to war
Posted on 1/21/21 at 10:37 pm to RebelExpress38
quote:
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.
If this happens some states will secede. This would unite dims, repubs, and independents.
Posted on 1/21/21 at 10:38 pm to jcaz
quote:
Also can’t wait for them to come after the equity in homes.
I have not heard this one. 401k's and home equity will push some people over the edge. You have to think they're smarter than this.
Posted on 1/21/21 at 10:41 pm to davyjones
We can have peaceful and non-violent protests where we don't make too much noise or litter!
That'll show 'em!
That'll show 'em!
Posted on 1/21/21 at 10:49 pm to Oates Mustache
They think they want a revolt in order to fundamentally change the country.
I think they need to be careful what they wish for.
I think they need to be careful what they wish for.
Posted on 1/21/21 at 10:52 pm to RebelExpress38
quote:
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.
Pardon my French, but you’d think an economist would understand how much this would frick up capital markets on so many levels.
Posted on 1/21/21 at 11:02 pm to RebelExpress38
I'll post what I posted on the MT thread on this topic.
Umm... that's going to require Congressional approval. That's not something that Treasury can just decide to do on their own.
HAVING SAID THAT...
Treasury for many years has wanted to reduce the differences between corporate tax earnings and corporate GAAP (financial statement) earnings. The tax vs GAAP rules allow companies to, probably, overstate financial earnings, and understate tax earnings.
Mark to Market would be horrific for individuals. For large C Corps... telling them that they have to unify their financial and their tax earnings... would be interesting. IRS has been collecting this data for a while now with the Schedule M-3.
Umm... that's going to require Congressional approval. That's not something that Treasury can just decide to do on their own.
HAVING SAID THAT...
Treasury for many years has wanted to reduce the differences between corporate tax earnings and corporate GAAP (financial statement) earnings. The tax vs GAAP rules allow companies to, probably, overstate financial earnings, and understate tax earnings.
Mark to Market would be horrific for individuals. For large C Corps... telling them that they have to unify their financial and their tax earnings... would be interesting. IRS has been collecting this data for a while now with the Schedule M-3.
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