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re: Yellen wants Treasury to tax unrealized capital gains
Posted on 1/22/21 at 9:27 am to Jorts R Us
Posted on 1/22/21 at 9:27 am to Jorts R Us
quote:
It'll be interesting to see if they actually push legislation with a minimum tax on "book" earnings. Thinking about tracking the impact of something like that on deferreds...bwahahaha.
I would think if this would happen, there would be a lot of work with the SEC to push PCAOB standards to align with tax standards. Basically, your US taxable net should be the same as your US share of accounting net.
Eventually, that would eliminate most DTA and DTL.
0
Posted on 1/22/21 at 9:31 am to RebelExpress38
quote:
but corporations and the wealthy, which both benefited from 2017 Republican tax cuts “need to pay their fair share.”
I guess anyone earning over 40K a year is "wealthy" to her.
Posted on 1/22/21 at 9:32 am to llfshoals
quote:
They’ll couch the 401k grab as necessary to save SSI, the media will proclaim it as the greatest idea ever and if you don’t support it you’ll be starving seniors.
Said seniors will be told their Social Security will disappear and fall all over themselves to talk about how necessary it is. Guilt their kids and grandchildren to support it. Opposition to it will be crushed without any outcry in the media.
Think about this for a minute. 401Ks can't be stolen via the tax system. They are already taxed (at distribution).
If it appears that there would be some actual confiscation, to having a 401K, everyone would just cash it out and put it in a retail investment account. There would be no tax benefits.
Even if someone wanted to "steal" them, it won't work.
Now, it's possible they remove the ability to have one, and force everyone to take a total distribution now. In that case, I guess you could say the "theft" was in the amount of tax collected on that transaction.
Posted on 1/22/21 at 9:34 am to RebelExpress38
quote:
Treasury would consider the possibility of taxing unrealized capital gains
quote:
Yellen was born to a Polish Jewish family
Got it
Posted on 1/22/21 at 9:34 am to genuineLSUtiger
quote:
They are coming for those 401k’s.
As stupid as taxing unrealized gains are, this shouldn't affect 401k's, whose gains are tax exempt. Even the realized gains in a 401k are not taxable until withdrawn. This is something that would affect non-qualified investment accounts.
Posted on 1/22/21 at 9:34 am to Oates Mustache
quote:
Can't wait to see the reaction when they come after 401k's. I seriously can't wait.
You will still have idiots arguing that it is not actually happening as you watch your money disappear in real time.
Posted on 1/22/21 at 9:36 am to Ace Midnight
quote:
Then can I take deductions on my unrealized capital losses?
Stupid, but it should work this way. Talk about a good way to stifle investment in equities. I wonder if she is also considering making people pay for the increases in value of real estate (like when a new assessment is made).
Posted on 1/22/21 at 9:42 am to LSURussian
quote:
Lowering RMDs would decrease taxes due.
Not the amount, but at age. They don't like waiting until you're 70 1/2 to tax
Posted on 1/23/21 at 12:09 pm to bstew3006
quote:The age for RMDs has been raised to 72. Are you saying Biden is proposing lowering it? I missed that proposal...
Lowering RMDs would decrease taxes due.
Not the amount, but at age. They don't like waiting until you're 70 1/2 to tax
Posted on 1/23/21 at 1:09 pm to RebelExpress38
quote:Warren Buffett, Zuck, Bezos, and the Google POS's won't like that one bit
she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism
Posted on 1/23/21 at 1:15 pm to NC_Tigah
quote:
Warren Buffett, Zuck, Bezos, and the Google POS's won't like that one bit ?
They will be exempt
Posted on 1/23/21 at 1:33 pm to Jake88
quote:
How many of those imbeciles on Wall St. supported Biden? Could they not see this coming?
Biden doesn't need Wall Street. He has Chinese Communist Party and Dominion.
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