All Things showing Biden’s (or whoever is running the show) weakness, ineptitude, and progressive leftism







Wally

Well-known member
Joined
Dec 15, 2016
Messages
12,704
Reaction score
5,592
Points
113
The left is satanic!
You don't pay tax on your primary home.

Easier solution would be a federal property tax with a healthy exemption for your primary home. I don't like property tax but it is one tax that actually helps the economy by ensuring that valuable land is used for the best and most efficient purpose.
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
You don't pay tax on your primary home.

Easier solution would be a federal property tax with a healthy exemption for your primary home. I don't like property tax but it is one tax that actually helps the economy by ensuring that valuable land is used for the best and most efficient purpose.
Hahahaha hahaha hahahaha!!!
 

howeda7

Well-known member
Joined
Nov 22, 2008
Messages
59,748
Reaction score
15,397
Points
113
You don't pay tax on your primary home.

Easier solution would be a federal property tax with a healthy exemption for your primary home. I don't like property tax but it is one tax that actually helps the economy by ensuring that valuable land is used for the best and most efficient purpose.
They could limit it to stocks/securities. Paying the unrealized tax is no more difficult to calculate then realized in that instance. And people under X in assets could be exempt.
 

FormerFatOL

Well-known member
Joined
Nov 21, 2009
Messages
1,052
Reaction score
1,013
Points
113
RE: unrealized capital gains, it sounds like the proposal is to limit it to the top 1,000 richest individuals (I haven't seen the threshold) and to liquid assets only, which I assume means publicly traded securities.

Random thoughts,

1) I have no problem with this if they limit it to the only a few uber-rich individuals with the resources to track and pay the tax without needing to cash in the portfolio to do so. It's not a new tax but the timing on triggering the tax is brought forward. These individuals include tech icons, big Wall Streeters, and such with immense political power. I'm skeptical.

2) The plan will probably impact the markets somehow as it makes publicly traded stocks less beneficial than other illiquid assets such as privately held businesses, real estate, etc. The "masters of the universe" level individuals have enough wealth to move the market if they dump public stocks and invest elsewhere or dump stocks to pay the taxes.

3) As many Congress members are in the bag for large donors, there's a high probability this plan is political theater to satisfy the base with minimal teeth. If all the current tax shelter loopholes like trusts and foundations stay in place, the uber wealthy can continue to hold stocks inside those shelters and minimize taxes. Top tax professionals probably make hay with new tax regulations like this.

We'll see.
 
Last edited:





Wally

Well-known member
Joined
Dec 15, 2016
Messages
12,704
Reaction score
5,592
Points
113
You disagree that property tax ensures that valuable land is used at closer to its potential?

Really...
My wife was looking for commercial property and bitching about how all these fucking churches are sitting on prime property and you know why these little shit churches with hardly any congregants can do that, NO Property Tax.
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
They could limit it to stocks/securities. Paying the unrealized tax is no more difficult to calculate then realized in that instance. And people under X in assets could be exempt.
What giant bureaucracy are you going to build to administer these new taxes?
 



Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
My wife was looking for commercial property and bitching about how all these fucking churches are sitting on prime property and you know why these little shit churches with hardly any congregants can do that, NO Property Tax.
Our economy would be booming if those churches didn’t exist!! There’s just not enough commercial property space in the US!
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
You disagree that property tax ensures that valuable land is used at closer to its potential?

Really...
Ensures? You don’t have the faintest idea what you’re talking about. It helps the economy to tax stuff more!! I’m not even sure you’re qualified to be a stay at home dad.
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
RE: unrealized capital gains, it sounds like the proposal is to limit it to the top 1,000 richest individuals (I haven't seen the threshold) and to liquid assets only, which I assume means publicly traded securities.

Random thoughts,

1) I have no problem with this if they limit it to the only a few uber-rich individuals with the resources to track and pay the tax without needing to cash in the portfolio to do so. It's not a new tax but the timing on triggering the tax is brought forward. These individuals include tech icons, big Wall Streeters, and such with immense political power. I'm skeptical.

2) The plan will probably impact the markets somehow as it makes publicly traded stocks less beneficial than other illiquid assets such as privately held businesses, real estate, etc. The "masters of the universe" level individuals have enough wealth to move the market if they dump public stocks and invest elsewhere or dump stocks to pay the taxes.

3) As many Congress members are in the bag for large donors, there's a high probability this plan is political theater to satisfy the base with minimal teeth. If all the current tax shelter loopholes like trusts and foundations stay in place, the uber wealthy can continue to hold stocks inside those shelters and minimize taxes. Top tax professionals probably make hay with new tax regulations like this.

We'll see.
Why not cut out the middle man and send men with guns to collect money from the top 1000 richest individuals? Let’s just take half their wealth.
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
You don't pay tax on your primary home.

Easier solution would be a federal property tax with a healthy exemption for your primary home. I don't like property tax but it is one tax that actually helps the economy by ensuring that valuable land is used for the best and most efficient purpose.
Federal property tax!! Clearly the biggest problem in the US is that we aren’t taxing people enough, says stay at home dad. But he’s not greedy, he just wants them to tax YOUR home, not his. He will exempt his home from his plan.
 



Angry

Well-known member
Joined
Apr 8, 2012
Messages
2,464
Reaction score
833
Points
113
The majority of American wealth is federal lands and SS. Let’s take half that.
 

howeda7

Well-known member
Joined
Nov 22, 2008
Messages
59,748
Reaction score
15,397
Points
113
What giant bureaucracy are you going to build to administer these new taxes?
None. Why would you need a new one? Tracking the unrealized gain based on the price at 12/31 is no more complicated that tracking the realized gain if actually sold on 12/31. But if the IRS needs extra help (they're getting plenty in the BBB bill), they'll borrow staff from the Section2 Bureau of Net Taker Voter Eligibility Verification.
 

howeda7

Well-known member
Joined
Nov 22, 2008
Messages
59,748
Reaction score
15,397
Points
113
Why not cut out the middle man and send men with guns to collect money from the top 1000 richest individuals? Let’s just take half their wealth.
Might as well. Taxes are already theft, let's cut the charade.
 

Spoofin

Well-known member
Joined
Aug 11, 2013
Messages
23,295
Reaction score
7,059
Points
113
My wife was looking for commercial property and bitching about how all these fucking churches are sitting on prime property and you know why these little shit churches with hardly any congregants can do that, NO Property Tax.
This post was made after you gave up being selfish and started caring about others, right?
 


Spoofin

Well-known member
Joined
Aug 11, 2013
Messages
23,295
Reaction score
7,059
Points
113
Tracking the unrealized gain based on the price at 12/31 is no more complicated that tracking the realized gain if actually sold on 12/31.
Who sends the IRS anything on unrealized gains now? I gotta say, taxing unrealized gains is one of your dumber ideas. Pay in this year, rebate the next, net zero in the end. Brilliant!
 

howeda7

Well-known member
Joined
Nov 22, 2008
Messages
59,748
Reaction score
15,397
Points
113
Who sends the IRS anything on unrealized gains now? I gotta say, taxing unrealized gains is one of your dumber ideas. Pay in this year, rebate the next, net zero in the end. Brilliant!
They don't. But it wouldn't be much of an adjustment to do so. And for the wealthy, how often are they getting a rebate? Rarely.
 

Spoofin

Well-known member
Joined
Aug 11, 2013
Messages
23,295
Reaction score
7,059
Points
113
They don't. But it wouldn't be much of an adjustment to do so. And for the wealthy, how often are they getting a rebate? Rarely.
So it would be more work. Check.
In your plan, every year the market goes down folks would be getting a tax credit. I was referring to the CG on a particular stock compiled yearly. Bad wording.
 

Section2

Well-known member
Joined
Apr 30, 2009
Messages
50,792
Reaction score
4,676
Points
113
None. Why would you need a new one? Tracking the unrealized gain based on the price at 12/31 is no more complicated that tracking the realized gain if actually sold on 12/31. But if the IRS needs extra help (they're getting plenty in the BBB bill), they'll borrow staff from the Section2 Bureau of Net Taker Voter Eligibility Verification.
Ah. So this is really easy, but deciding if someone is a net taxpayer requires a giant new bureaucracy. I was just seeing if you were consistent. Ideas you favor are easy to implement. Ideas you oppose are not. Howie.
 


Wally

Well-known member
Joined
Dec 15, 2016
Messages
12,704
Reaction score
5,592
Points
113
So it would be more work. Check.
In your plan, every year the market goes down folks would be getting a tax credit. I was referring to the CG on a particular stock compiled yearly. Bad wording.
I agree it would be unworkable.

If you are going to go that way a straight up wealth tax is the only way and then you would need to get buy in from Europe and most of the world. I bet China would jump on board with a wealth tax given their current push against their super wealthy.😉
 




Top Bottom