Vaccine

The proposal of taxes on unrealized gains , is absolute bonkers

does that mean the government will give me a check if my portfolio drops 20% in a year, what about the equity in my home ?

fortunately, I don’t think it stands a chance of passing
 
espola said:
Is it too soon to call BDS?
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You're a fool, not to mention a shit stain on the fabric of this great country.
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Pentagon Confirms 450 Americans Still Stranded in Afghanistan – Far More Than Previously Estimated
 
MicPaPa said:
You're a fool, not to mention a shit stain on the fabric of this great country.
________________________________

Pentagon Confirms 450 Americans Still Stranded in Afghanistan – Far More Than Previously Estimated
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Afghanistan was a success , it went as planned

You see , it was always the plan to leave Americans stranded over there
 
Brav520 said:
The proposal of taxes on unrealized gains , is absolute bonkers

does that mean the government will give me a check if my portfolio drops 20% in a year, what about the equity in my home ?

fortunately, I don’t think it stands a chance of passing
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That would kill the Bond market. But we've never had smart folks in charge of the economy anyway.
 
crush said:
Is crush in your head or t or both? You got serious issues you little weirdo WHO wants to know way too much about crush and his personal family business. You actually threaten my child on this forum and now you want all this new information. Lawyers are funny....lol!
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You are defintely in his head. It now feels squeamish attacking a minor, now it's playing Billy Bad Ass on someone over 16. It's a step in the right direction at least. Horse paste and all.
 
GoldenGate said:
For your next conspiracy theory let me recommend that Alec Baldwin has resorted to shooting anti-vaxxers, and the CDC is covering it up by listing them as Covid-19 deaths, although they only died "with" Covid-19.
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Nahhh, he and his crew just did't know shit about guns and stuff. Guns go bang, the ones wth those conical things on the end of the brass or steel thingy can kill people. Make money at all cost, even if it means killing members of your own crew.
 
watfly said:
Its insane. This mentality that we should penalize the working, saving and investing is mind boggling.
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You should realize that we are talking about unrealized gains that are never taxed. The basis resets on inheritance.

So, if you are rich, you live very well, but pay zero income taxes. You just borrow against your unrealized gains, and pass the whole thing on to your kids.

Meanwhile, people who work for a living are paying 20-40% of their income in tax. And the owner is paying zero, because all that money he just made doesn’t technically count as income.
 
dad4 said:
You should realize that we are talking about unrealized gains that are never taxed. The basis resets on inheritance.

So, if you are rich, you live very well, but pay zero income taxes. You just borrow against your unrealized gains, and pass the whole thing on to your kids.

Meanwhile, people who work for a living are paying 20-40% of their income in tax. And the owner is paying zero, because all that money he just made doesn’t technically count as income.
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Jesus effing christ...finally someone who knows what they're talking about.

Thanks @dad4
 
dad4 said:
You should realize that we are talking about unrealized gains that are never taxed. The basis resets on inheritance.

So, if you are rich, you live very well, but pay zero income taxes. You just borrow against your unrealized gains, and pass the whole thing on to your kids.

Meanwhile, people who work for a living are paying 20-40% of their income in tax. And the owner is paying zero, because all that money he just made doesn’t technically count as income.
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You missed the punch line - tax the loan against unrealized gains. That's different that taxing the unrealized gains.
 
dad4 said:
You should realize that we are talking about unrealized gains that are never taxed. The basis resets on inheritance.

So, if you are rich, you live very well, but pay zero income taxes. You just borrow against your unrealized gains, and pass the whole thing on to your kids.

Meanwhile, people who work for a living are paying 20-40% of their income in tax. And the owner is paying zero, because all that money he just made doesn’t technically count as income.
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So what about the working class person who pays income tax, invests their money into a stock that turns $5k into $10k by the end of the year. Now said person has to pay tax on the $5k his stock grew. Then in Feb the stock crashes and is now valued at $5k again. But he owes taxes on the $5k of “unrealized gains”. Now he only has his $5k and a large tax bill and nothing to show for it.
Taxed when he earns it, taxed on gains he never saw. How is that fair?
 
Kicker4Life said:
So what about the working class person who pays income tax, invests their money into a stock that turns $5k into $10k by the end of the year. Now said person has to pay tax on the $5k his stock grew. Then in Feb the stock crashes and is now valued at $5k again. But he owes taxes on the $5k of “unrealized gains”. Now he only has his $5k and a large tax bill and nothing to show for it.
Taxed when he earns it, taxed on gains he never saw. How is that fair?
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That would not be fair, and it's not what's in the proposal. Here is a more sane analysis --

itep.org

It’s Not About Farms: Don’t Let Lies Crush Biden’s Tax Plan

Several former Democratic members of Congress have joined a campaign to misrepresent President Biden’s proposal to close a huge tax loophole for wealthy people with capital gains. This proposed reform is the cornerstone of the president’s tax plan. If lawmakers fall for the lies, Biden's plan...
itep.org itep.org
 
Hüsker Dü said:
Pisses you off I see. trump suckers would love nothing more than for everyone to just forget the attempted coup and the other trump insanity.
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It's the Christian thing to forgive sins.

(Ignoring the technicality that the sinner is supposed to confess the sins first)
 
Kicker4Life said:
So what about the working class person who pays income tax, invests their money into a stock that turns $5k into $10k by the end of the year. Now said person has to pay tax on the $5k his stock grew. Then in Feb the stock crashes and is now valued at $5k again. But he owes taxes on the $5k of “unrealized gains”. Now he only has his $5k and a large tax bill and nothing to show for it.
Taxed when he earns it, taxed on gains he never saw. How is that fair?
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The reality of the proposal is that if a working-class person invests in stock that turns $5k into $10k by the end of his life, and his heirs later sell the stock for $20k, the capital gains tax they owe is the difference between their sale price and the original basis of $5k. Under the current loophole, the heirs would owe CG taxes between $20k and $10k, the "stepped-up basis" established on the fair market value at the tome of inheritance. If they sell for $5k, they would owe no CG tax.

The 1976 tax code revisions used that "original basis" formula, but within a year wealthy persons paid to have the stepped-up basis loophole written into the law. No one has been able to pay enough to get it taken back out.

And the whole example is moot unless the total of all such transactions exceeds $1 million.
 
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