Vaccine

Grace T. said:
"Oh Magoo...you've done it again, old boy!"
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You did much better with the book author explanation.

Many here just keep repeating and thus reinforcing the false statements made about the proposal to close a 40-year-old tax loophole.
 
espola said:
You did much better with the book author explanation.

Many here just keep repeating and thus reinforcing the false statements made about the proposal to close a 40-year-old tax loophole.
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Meh. I didn’t make the book analogy. If you are dealing with creative assets the painting is better (but it also illustrates the problem with unrealized value for something which is not market prices day to day like a business or a house).
 
Grace T. said:
A better analogy would have been a painter. But the painting also illustrates the problem with unrealized income. Let's assume I paint 3 paintings. One is the new Mona Lisa...everyone raves about it...I donated it though to the espola home for ophans in year 1, though, so it's no longer mine and therefore I haven't realized any value to it, but because of that painting, my fame spreads far and wide and everyone wants to own a Gracey. The value of my two other paintings goes up (even though they may or may not be as good as my first one hit wonder). I want to retire from the law, so I decide to sell painting two in year 2. It's value is locked in at year two, and I am taxed on the entirety of that income, less the painting costs deductions year over year (my first painting having been enough to no longer qualify my painting as a hobby but a profession). I decide to hold the 3rd painting in year 2 thinking it's value will probably increase after my death to leave to the kids....so I haven't realized the benefit of that painting....I don't even know what that painting will sell for in the future...but the IRS wants to come and tax me for holding painting 3 (even though I haven't sold it) because painting 1 did so well it increased its value (hopefully I haven't gambled away the money from painting 2, or I'm going to be forced to sell the painting 3 anyways to cover the tax on painting 3).

In year 3 I visit espola's home for orphans and get so upset with one of the kids that I slap them. Everyone is shocked and outraged and I get canceled. No one wants to own a Gracey....the value of the paintings plummets to less than the cost it made to make the painting. Painting 1 I don't own so it doesn't matter when espola's home for orphans tosses it in the fire. Painting 2 is sold and income has been taxed, so it's the problem of whoever it got sold to. Painting 3, which I've held, has collapsed in value....IRS going to write me a check for the difference since I've already paid the tax? I've retired so giving me a deduction that particular year doesn't really help. And what was the value of painting 3...the opinion of some appraiser...what if I had not slapped the ophan in year 3 and decided not to sell the painting until year 4, when the market turned down...did the auditor get the value in year 3 right? There's some Soviet style central planning right there with auditors telling you how much a painting should be worth rather than the actual market, which fluctuates day to day, telling you what the price is.
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...again, put all this logic in a book, you'll have a bestseller...hurry, before the lefty loons voted in by mindless sheep tax away all forms of incentives for creativity and innovation.

...henceforth, this form of logic and common sense will be known as The Gracey Theory...in fact, moving forward all positions and arguments must be measured against The Gracey Theory.
 
Grace T. said:
Meh. I didn’t make the book analogy. If you are dealing with creative assets the painting is better (but it also illustrates the problem with unrealized value for something which is not market prices day to day like a business or a house).
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The unrealized value in question in the tax proposal has to do with bumping the basis for calculating capital gains on an inheritance, not a cockamamie tale of painters being "canceled" because of misbehavior. No one is proposing an annual tax on gains, but that is the scare story you are participating in spreading.
 
watfly said:
Apparently I can't hear that dog whistle. ;)
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Wat Fly, I read people for a living. However, I can;t do it if someone where's a mask. My read on you is this. You truly want to believe in God and know that something brought us all together on this beautiful planet. The ocean and all the colors of the Universe is one big, Yes, God is real. It's so easy for me to believe and I say that with humility. He/Mother Earth loves you to the moon & back. I know you know, we all have a good side and naughty side. Some call that a true self and false self or one's ego and alter ego. I love you man and know when the time comes to get your ass on right deck, you won;t let America down. Playing it safe is easy btw. I bet 100% when the real call goes out you will find the true light and right deck to go to. It will be your choice too. I don't ignore people because I like to debate all walks of the spirit realm. EOTL and his side kicks Long Game and Golden Gate are not playing around. Evil means business and the darkness actually think they can upset God and win this war on humanity. I swear these little devil monsters will not be around soon and all will be able to walk freely, give someone a hug, no more mask and just free to worship and free to date and be with anyone you want.
 
watfly said:
It's not a loophole its a fundamental change to the definition of income.
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Remember he's supposedly a conservative, albeit a weak-minded coward mentally short-circuited by Trump, who helped usher in this garbage and the corresponding shit show we're all currently living through. So, of course he's flopping around in the pen trying to catch the pig and put lipstick on it.
 
espola said:
The unrealized value in question in the tax proposal has to do with bumping the basis for calculating capital gains on an inheritance, not a cockamamie tale of painters being "canceled" because of misbehavior. No one is proposing an annual tax on gains, but that is the scare story you are participating in spreading.
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Again, I wasn't the one who raised the book as the analogy. My comment was limited to the painting is the better one if we are going to deal in creative fixed assets
 
Grace T. said:
Meh. I didn’t make the book analogy. If you are dealing with creative assets the painting is better (but it also illustrates the problem with unrealized value for something which is not market prices day to day like a business or a house).
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"he IRS wants to come and tax me for holding painting 3" is a fantasy in line with the current obfuscations. Is that because you were misled? Or you don't understand how capital gains works? Or you are deliberately lying? Is there another choice?
 
watfly said:
I'd suggest you educate yourself. Both WSJ and WAPO have good articles on why taxing unrealized gains is likely unconstitutional because its a wealth tax which is prohibited by the constitution.
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I suggest you educate yourself on what is actually in the proposed tax law changes.

I am also amused by the proposition on the concept that "wealth tax" is unconstitutional since it is the foundation of the funding of most local and state governments.
 
Grace T. said:
Well...I give you kuddos at least for being consistent....no club/elite ball until age 13. Future Pulisic plays with the fat kid that can barely kick. You are a man of principle, I will say that.

"gifted underachievers that quit when things get challenging"....that's an argument that the gifted child wasn't challenged enough....more tiers not less.

"gifted in math may struggle socially"....they can be put into a gifted math class....no reason to take them out socially from the school and because they are gifted in math doesn't mean they should be in honors English
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I actually agree with a lot of of what you’re saying. But, I also think most schools have problems meeting the needs of gifted math students and the pursuit of excellence in math becomes socially isolating very fast.

Yep basic fundamentals until 13 and we can stop pretending like bad fundamentals are a style of play. And FYI, one of my favorite players in TJ is a fat kid that dances like a ballerina when he receives the ball
 
Speaking of artists and their paintings.

As I recall someone else saying - You're being played!

________________________________

Signed Picasso paintings selling for $100,000 less than Hunter Biden's.
 
MacDre said:
I actually agree with a lot of of what you’re saying. But, I also think most schools have problems meeting the needs of gifted math students and the pursuit of excellence in math becomes socially isolating very fast.

Yep basic fundamentals until 13 and we can stop pretending like bad fundamentals are a style of play. And FYI, one of my favorite players in TJ is a fat kid that dances like a ballerina when he receives the ball
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I never thought of a math class as a social event, maybe therein lies the problem.
 
espola said:
I suggest you educate yourself on what is actually in the proposed tax law changes.

I am also amused by the proposition on the concept that "wealth tax" is unconstitutional since it is the foundation of the funding of most local and state governments.
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Again, I suggest you read the articles instead of just shooting from hip.
 
espola said:
"he IRS wants to come and tax me for holding painting 3" is a fantasy in line with the current obfuscations. Is that because you were misled? Or you don't understand how capital gains works? Or you are deliberately lying? Is there another choice?
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Yeah I was responding to dad4s nonsensical example of a creative asset and pointing out some things are difficult to assess value on (a farm, a creative object, a business, a house) unless there’s an active market (stocks frozen concentrated orange juice)
 
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