Biden Proposes Massive Tax Increase

[Soul Crusher]

This is indefensible.

They don’t care !   Team blue no matter what and who.  They are a Jim jones radical religious cult.   


How can anyone possibly defend this insanity.    But here we are.   They would defend their children getting raped and killed in the name of the party if need be.   

[Grape Ape]

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.

Exactly.

And this was also blatantly obvious in the fictional scenario I posted.

Most people don't have six figures of CASH sitting around to give to the government, unless they sell, and that is not a realistic option for many.

[Primemuscle]

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.

Just to be clear, the rates I used are current. Capital gains are taxed and capital losses may be deducted only after they're realized from the sale of an asset. If she is not selling her property she pays nothing.

[Grape Ape]

Just to be clear, the rates I used are current. Capital gains are taxed and capital losses may be deducted only after they're realized from the sale of an asset. If she is not selling her property he pays nothing.

Dude the whole point of the discussion is we are discussing UNREALIZED capital gains, which is in the Harris/Biden plan.

You get taxed even if you DON'T sell.

[Dos Equis]

Dude the whole point of the discussion is we are discussing UNREALIZED capital gains, which is in the Harris/Biden plan.

You get taxed even if you DON'T sell.

Thank you. 

[Dos Equis]

They don’t care !   Team blue no matter what and who.  They are a Jim jones radical religious cult.   


How can anyone possibly defend this insanity.    But here we are.   They would defend their children getting raped and killed in the name of the party if need be.

And they use projection to say that people they disagree with are in a cult. 

[GymnJuice]

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.

Are you trolling? If the Harris tax plan of pursuing unrealized capital gains is enacted, you advise people to get an estate planner to sell their homes to pay their taxes?

Why can't you just admit that it is a bad tax plan?

[Primemuscle]

Dude the whole point of the discussion is we are discussing UNREALIZED capital gains, which is in the Harris/Biden plan.

You get taxed even if you DON'T sell.

So, are you saying that Dos Equis' friend would have to pay unrealized capital gains? Is she worth over $100 million and at least 80% of it is in tradeable assets? This seems unlikely since he said paying capital gains tax would 'destroy' her.

It seems some of you are grousing about something you will never owe or pay. This is an excellent example of scare tactics. Why am I not afraid? Oh that's right, I am not worth over $100 million... not even close.

On a more positive note, the state of Hawaii has the lowest property tax rates in the country at 0.29%. The median home value is around $773,000.  I envy your property tax rates. The median home value in Clackamas Co, OR is $422,000. In West Linn, OR the median home value is $780,000. The combined state and County rates here are nearly 2%.

[Dos Equis]

So, are you saying that Dos Equis' friend would have to pay unrealized capital gains? Is she worth over $100 million and at least 80% of it is in tradeable assets? This seems unlikely since he said paying capital gains tax would 'destroy' her.

It seems some of you are grousing about something you will never owe or pay. This is an excellent example of scare tactics. Why am I not afraid? Oh that's right, I am not worth over $100 million... not even close.

That is incredibly naïve.  It starts with "the wealthy" and eventually affects everyone.  And it's horrible policy even it only applies to "wealthy" people.

It wasn't too long ago that Obama thought raising taxes on anyone making over about $250k was ok.  Biden raised that threshold to $400k.  As if people making above a certain amount deserve to pay an even greater disproportional share of taxes.  And anyone who has worked in business knows that people making between $250k and $400k include a lot of small business owners whose net income is much less.  Saying all this to say that tax policy that targets "the rich" never ends with "the rich."   

[Soul Crusher]

Are you trolling? If the Harris tax plan of pursuing unrealized capital gains is enacted, you advise people to get an estate planner to sell their homes to pay their taxes?

Why can't you just admit that it is a bad tax plan?

Because they are in a fanatical cult.   What is so hard to grasp ? 

[Grape Ape]

That is incredibly naïve.  It starts with "the wealthy" and eventually affects everyone.  And it's horrible policy even it only applies to "wealthy" people.

It wasn't too long ago that Obama thought raising taxes on anyone making over about $250k was ok.  Biden raised that threshold to $400k.  As if people making above a certain amount deserve to pay an even greater disproportional share of taxes.  And anyone who has worked in business knows that people making between $250k and $400k include a lot of small business owners whose net income is much less.  Saying all this to say that tax policy that targets "the rich" never ends with "the rich."   

Exactly.  "Rich" ends up being middle class / upper middle class who get stung the most.

But anyway, it's not about if it affects us.  The government does not need any more of our money.  It won't solve inner city problems, cure cancer, stop crime.  The government has all the money it needs, it just needs to utilize it correctly and stop wasting it.

[chaos]

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.

 

You sound upset. Embarrassed that Kuntmala and Ballz can't move any products? They just straight out begging for money with nothing in return.

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.

She's got to tell us something soon. Maybe she can tell us about killing babies, sterilizing low test lefties, starting wars and allowing our country to be invaded by illegal immigrants?

[Primemuscle]

Are you trolling? If the Harris tax plan of pursuing unrealized capital gains is enacted, you advise people to get an estate planner to sell their homes to pay their taxes?

Why can't you just admit that it is a bad tax plan?

Because it is not a bad tax plan. This taxes only those very wealthy people worth over $100 million, who often pay a lower percentage of income tax than most of us regular folks.

My advice is for all folks to hire an estate planner if they expect to have to pay capital gains tax whether through investments in the stock market or real Estate, etc. or have large or complex estates.

[Soul Crusher]

Because it is not a bad tax plan. This taxes only those very wealthy people worth over $100 million, who often pay a lower percentage of income tax than most of us regular folks.

My advice is for all folks to hire an estate planner if they expect to have to pay capital gains tax whether through investments in the stock market or real Estate, etc. or have large or complex estates.

Exactly how the income tax started.   How fng naive and stupid you are

[Dos Equis]

Exactly.  "Rich" ends up being middle class / upper middle class who get stung the most.

But anyway, it's about if it affects us.  The government does not need any more of our money.  It won't solve inner city problems, cure cancer, stop crime.  The government has all the money it needs, it just needs to utilize it correctly and stop wasting it.

You are preaching to the choir.  I've been saying that for years.  I created a Waste Fraud and Abuse thread where I've been posting stories about how the government spends our money.  Like using our tax dollars to teach men in Africa how to wash their balls after sex to help stop the spread of STDs.  Or studying why a disproportionate number of lesbians are alcoholics.  True stories. 

And they want more of our money after running the country into the ground?  Heck no.  The analogy I always use is your kid asks for $100, you give it to them, they turn it into -$200, then they come back and ask for more.  That is precisely what the government does, except they can put taxpayers in prison if they refuse to pay up. 

[Grape Ape]

You are preaching to the choir.  I've been saying that for years.  I created a Waste Fraud and Abuse thread where I've been posting stories about how the government spends our money.  Like using our tax dollars to teach men in Africa how to wash their balls after sex to help stop the spread of STDs.  Or studying why a disproportionate number of lesbians are alcoholics.  True stories. 

And they want more of our money after running the country into the ground?  Heck no.  The analogy I always use is your kid asks for $100, you give it to them, they turn it into -$200, then they come back and ask for more.  That is precisely what the government does, except they can put taxpayers in prison if they refuse to pay up.

Or losing 6 billion to ukraine....

How do you feel about a flat tax on goods and services for all?  Admittedly, I've never seen an estimation how this would affect total tax revenues for the country.

[Dos Equis]

Or losing 6 billion to ukraine....

How do you feel about a flat tax on goods and services for all?  Admittedly, I've never seen an estimation how this would affect total tax revenues for the country.

I have mixed feelings.  I think a flat sales tax is good and gives people much more control over how much they pay.  But the cynical side of me believes that if we tried to replace income tax with a sales tax that we would wind up with both. 

But I am all in favor of flat income tax of ten percent.  I loved Herman Cain's attempt to get it done.  Ben Carson talked about it.  And so did Steve Forbes.  But it's a dead issue right now. 

[LurkerNoMore]

You sound upset. Embarrassed that Kuntmala and Ballz can't move any products? They just straight out begging for money with nothing in return.
She's got to tell us something soon. Maybe she can tell us about killing babies, sterilizing low test lefties, starting wars and allowing our country to be invaded by illegal immigrants?

Meltdown.

They don’t have to sell anything.  Don’t have to grift and after raising $540M in roughly a month, they aren’t begging. 

[Dos Equis]

Exclusive footage of Prime trying to explain and justify taxes on unrealized capital gains.   

Collin Rugg
@CollinRugg
NEW: CNBC host Joe Kernen rolls his eyes and laughs after Harris’ economic advisor Bharat Rama tries arguing in favor of Harris’ unrealized capital gains tax.

Rama sat in silence as the hosts poked fun after he tried saying that property tax was an unrealized gains tax.

“It’s probably unconstitutional… it's not income.”

“And it's never gonna happen.”

Video:
@RNCResearch

https://x.com/CollinRugg/status/1828797554563436685

[Primemuscle]

Exclusive footage of Prime trying to explain and justify taxes on unrealized capital gains.   

Collin Rugg
@CollinRugg
NEW: CNBC host Joe Kernen rolls his eyes and laughs after Harris’ economic advisor Bharat Rama tries arguing in favor of Harris’ unrealized capital gains tax.

Rama sat in silence as the hosts poked fun after he tried saying that property tax was an unrealized gains tax.

“It’s probably unconstitutional… it's not income.”

“And it's never gonna happen.”

Video:
@RNCResearch

https://x.com/CollinRugg/status/1828797554563436685

LOL! I was not trying to justify the possible proposed tax, just clarify its impact or lack thereof on the majority of folks. But not the lack of impact for folks on Getbig because all of us are worth well over $100 million so we have good reason to complain about it.

'Unrealized losses and gains have no immediate tax consequences because they are just paper profits or paper losses. Investors only have to report gains or losses when they divest capital assets, and then they must reconcile the profit or loss on Schedule D of their Form 1040 in the same tax year they sold the asset.'

https://www.realized1031.com/blog/where-do-you-record-unrealized-gains-and-losses#:~:text=Unrealized%20losses%20and%20gains%20have,year%20they%20sold%20the%20asset.

[Dos Equis]

LOL! I was not trying to justify the possible proposed tax, just clarify its impact or lack thereof on the majority of folks. But probably not any folks on Getbig because all of us are worth well over $100 million so we have good reason to complain about it.

The points you are missing include:

1.  This policy is unfair, regardless of who it impacts.   

2.  These kinds of policies never end with "the wealthy" and will eventually affect all of us. 

[Skeletor]

The points you are missing include:

1.  This policy is unfair, regardless of who it impacts.   

2.  These kinds of policies never end with "the wealthy" and will eventually affect all of us.

Also, these policies always have the "loopholes" built in by design (so the congressgoblins who passed these laws can later pontificate about the "loopholes"), plus the ultra wealthy they are supposed to target usually make generous political donations have enough connections, means and resources to get around these laws.

[Dos Equis]

Also, these policies always have the "loopholes" built in by design (so the congressgoblins who passed these laws can later pontificate about the "loopholes"), plus the ultra wealthy they are supposed to target usually make generous political donations have enough connections, means and resources to get around these laws.

I agree.

[Grape Ape]

There are just certain things that people should just go "yes that's stupid", regardless of political affiliation.

[GymnJuice]

Because it is not a bad tax plan. This taxes only those very wealthy people worth over $100 million, who often pay a lower percentage of income tax than most of us regular folks.

My advice is for all folks to hire an estate planner if they expect to have to pay capital gains tax whether through investments in the stock market or real Estate, etc. or have large or complex estates.

It is a horrible plan. It is tax creep. They aren't stopping at people with over 100 million even though that's what they're saying. 5-10 years down the road it will be those worth over 10 million, then later those worth over 1 million. Just look at the full history of the income tax adjusted for inflation to see how much it has expanded.