Biden Proposes Massive Tax Increase

[Grape Ape]

True but raising corporate tax rate will cause the prices to go up and that will hit all people.

Basic economics is lost on these folks.

The issue is those promoting the Democrats - hollywood, etc will not be affected by this - they will be rich, regardless of who is in charge.

But take a family that made a good choice - say the bought a house for 300k that's worth 750lk now.  They want to live in that house another 5-10 years, sell it, then downsize and retire.

They'd have to pay tax on that unrealized 450k, could be 115k out of pocket or something.  Most people don't have that cash to just give to the gov't.

It is ridiculous.

[GymnJuice]

Basic economics is lost on these folks.

The issue is those promoting the Democrats - hollywood, etc will not be affected by this - they will be rich, regardless of who is in charge.

But take a family that made a good choice - say the bought a house for 300k that's worth 750lk now.  They want to live in that house another 5-10 years, sell it, then downsize and retire.

They'd have to pay tax on that unrealized 450k, could be 115k out of pocket or something.  Most people don't have that cash to just give to the gov't.

It is ridiculous.

What do they do when the market or real estate prices go back down? I doubt the government is going to be giving that tax money back.

[LurkerNoMore]

True but raising corporate tax rate will cause the prices to go up and that will hit all people.

So will implementing tariffs on all imports.  But I don't see anyone whining about that.

[Humble Narcissist]

So will implementing tariffs on all imports.  But I don't see anyone whining about that.

We are pretty much screwed regardless.

[Irongrip400]

So will implementing tariffs on all imports.  But I don't see anyone whining about that.

I’d hope that some good would come out of it, like we start producing more here rather than importing crap from overseas. Does anybody not feel bad knowing your cheap Chinese shit was built with what equates to slave labor?

[GymnJuice]

I’d hope that some good would come out of it, like we start producing more here rather than importing crap from overseas. Does anybody not feel bad knowing your cheap Chinese shit was built with what equates to slave labor?

For me personally I don't care at all. (I think other countries like Bangladesh do it cheaper than China anyway, at least for clothes.) And if we weren't buying it those countries would be even worse off. Me owning something made in a third world nation isn't hurting the poor person in the factory because they'd just get laid off if nobody bought it.

I can see a national interest for some industries. For example, it's probably a good idea for our country have a capacity to make our own airplanes, car engines, food. But I don't know if we need tariffs broadly across all industries. How hard would it be for our country to start making our own clothes if we ended up in a war and couldn't import? I'm no expert but I don't imagine it would be all that difficult to do it here or import from poor South American countries.

[SOMEPARTS]

From the basement desk of Obama on order of the Red Cabinet that backs him. More redistribution of private capital to gov.

[Primemuscle]

What do they do when the market or real estate prices go back down? I doubt the government is going to be giving that tax money back.

Real estate does go up and down in value for a variety of reasons, but in the long run it is the gains that win.

[Primemuscle]

I’d hope that some good would come out of it, like we start producing more here rather than importing crap from overseas. Does anybody not feel bad knowing your cheap Chinese shit was built with what equates to slave labor?

It is nearly impossible to find products fully produced in the U.S. Check your labels. Amazon has a section of goods supposedly made in the U.S.

[Grape Ape]

So will implementing tariffs on all imports.  But I don't see anyone whining about that.

Because that is necessary to win the long game vs china.

Giving our gov't more money in the form of taxes does not.

[GymnJuice]

Real estate does go up and down in value for a variety of reasons, but in the long run it is the gains that win.

Is that Kamala's position? That most of the time most stocks and most real estate goes up in value, so the poor suckers who pay unrealized capital gains on a profit, and then next year if they lose their profits they're just shit out of luck because in the long run the gains win?

[OzmO]

Basic economics is lost on these folks.

The issue is those promoting the Democrats - hollywood, etc will not be affected by this - they will be rich, regardless of who is in charge.

But take a family that made a good choice - say the bought a house for 300k that's worth 750lk now.  They want to live in that house another 5-10 years, sell it, then downsize and retire.

They'd have to pay tax on that unrealized 450k, could be 115k out of pocket or something.  Most people don't have that cash to just give to the gov't.

It is ridiculous.

Spot on.  Shit like this is fake food to feed people that don't earn a lot of money. 

Keep them broke and keep them working.

[Primemuscle]

Is that Kamala's position? That most of the time most stocks and most real estate goes up in value, so the poor suckers who pay unrealized capital gains on a profit, and then next year if they lose their profits they're just shit out of luck because in the long run the gains win?

I have no idea what VP Harris' position on federal capital gains tax is. Do you?

Currently with real estate there are multiple ways to avoid paying capital gains on your primary residence. The first 250K is not taxed. The cost of maintenance, repairs and improvements are deductible. No beneficiaries will pay capital gains tax on any assets passed on to them. They may have to pay estate tax depending on the amount.

Since 1997 the capital gains rate has decreased.

[GymnJuice]

I have no idea what VP Harris' position on federal capital gains tax is. Do you?

I feel like we're going around in circles. She supports the Biden tax plan which includes taxing unrealized capital gains (they say only for the very wealthy, but I suspect if they are successful with this it will expand from there to regular folks eventually). I asked about how that works when values of stocks fluctuate. Hypothetically - you own 500k in stocks and the market goes up. Now you own 1 million in stocks. You pay unrealized capital gains taxes on the 500k profit. Next year there's a market crash and now your stocks are only worth 500k again. You've paid taxes on money you never had in your pocket!

[Dos Equis]

Basic economics is lost on these folks.

The issue is those promoting the Democrats - hollywood, etc will not be affected by this - they will be rich, regardless of who is in charge.

But take a family that made a good choice - say the bought a house for 300k that's worth 750lk now.  They want to live in that house another 5-10 years, sell it, then downsize and retire.

They'd have to pay tax on that unrealized 450k, could be 115k out of pocket or something.  Most people don't have that cash to just give to the gov't.

It is ridiculous.

I was just talking to an elderly lady who has well over $1M in equity in her house (not that uncommon for Hawaii homes).  A tax on her equity would destroy her. 

[LurkerNoMore]

Because that is necessary to win the long game vs china.

That’s not going to work.  The average consumer doesn’t make enough individual personal purchases to have any effect or impact on China.  You think Wish and Temu carrying their economy?   No it’s the corporate purchases in technology, computers, electronics, machinery/equipment, plastics, etc.. that drive their exports.  Those purchases and demands are not going anywhere?  Raising the price won’t even make them blink.   We have no other reliable option and they know this.  You think India or the rest of Asia could handle a surge in demand if we dropped China?  Not a chance.

[LurkerNoMore]

The taxes won’t matter if Harris wins.  Not for Republicans.  They will be saving money every month once the grifting emails from Angry Yam stop. 

[chaos]

I have no idea what VP Harris' position on federal capital gains tax is. Do you?

Nobody knows her position on anything other than the position that got her start in politics. She is hiding from any sort of interview or debate.

[LurkerNoMore]

The infantile turd that red hats are claiming is going to lower prices, end inflation and cut taxes is the same “businessman” selling you $59 Bibles, $99 picture book, and $299 shoes while begging for money every week.

 

[Soul Crusher]

I feel like we're going around in circles. She supports the Biden tax plan which includes taxing unrealized capital gains (they say only for the very wealthy, but I suspect if they are successful with this it will expand from there to regular folks eventually). I asked about how that works when values of stocks fluctuate. Hypothetically - you own 500k in stocks and the market goes up. Now you own 1 million in stocks. You pay unrealized capital gains taxes on the 500k profit. Next year there's a market crash and now your stocks are only worth 500k again. You've paid taxes on money you never had in your pocket!

Why is this so freaking hard for liberal cultists to grasp!!!

[LurkerNoMore]

Nobody knows her position on anything other than the position that got her start in politics. She is hiding from any sort of interview or debate.

Don’t worry, when she decides you are ready she will tell about sharks, electric batteries, cancer causing windmills - where with wind power you can’t watch tv if the wind isn’t blowing, magnetic elevators, how US spells “us”, which cereals you need to show ID for, low flow toilets that don’t flush everything down, steam vs electric catapults, exploding trees, and other really important stuff that nobody has explained to you yet.

[Primemuscle]

I was just talking to an elderly lady who has well over $1M in equity in her house (not that uncommon for Hawaii homes).  A tax on her equity would destroy her.

If she had no deductions for repairs, maintenance, or remodeling which is unlikely, and her income is within the 15% capital gains tax threshold, with the first $250,000 reduction, her Federal capital gains tax would be $112,500.  In addition Hawaii's long term capital gains tax is 7.25% which on 1,000,000 $72,500. This means she would owe a total of $185,000 in state and federal long term capital gains on her real estate. She would still have a net equity of $815,000. Also, she can avoid paying capital gains tax by buying another house and using the 121 home sale exclusion.

If she doesn't already have a financial/estate planner, she'd be well advised to consult with one prior to selling her property.

[Dos Equis]

If she had no deductions for repairs, maintenance, or remodeling which is unlikely, and her income is within the 15% capital gains tax threshold, with the first $250,000 reduction, her Federal capital gains tax would be $112,500.  In addition Hawaii's long term capital gains tax is 7.25% which on 1,000,000 $72,500. This means she would owe a total of $185,000 in state and federal long term capital gains on her real estate. She would still have a net equity of $815,000. Also, she can avoid paying capital gains tax by buying another house and using the 121 home sale exclusion.

If she doesn't already have a financial/estate planner, she'd be well advised to consult with one prior to selling her property.

She is not selling her property and she doesn't have $185k to pay in taxes on unrealized capital gains.  That's the whole point.  This kind tax will crush a lot of people. 

[Soul Crusher]

She is not selling her property and she doesn't have $185k to pay in taxes on unrealized capital gains.  That's the whole point.  This kind tax will crush a lot of people.

Liberal cultists like prime fag don’t care.   Got it yet ?   They are in a cult.   Policies don’t matter

[Dos Equis]

Liberal cultists like prime fag don’t care.   Got it yet ?   They are in a cult.   Policies don’t matter

This is indefensible.