Taxing unrealized capital gains of the rich

[America 1st]

 

[CDDP]

So this just has to be a way for the DNC to milk more donations to prevent this? No way something like this would pass, IMO.

 

[Zgdaf]

It’s supposedly only for the rich? Doubtful, it will apply to everyone by classifying everyone as rich. This is Yellens backhanded approach to screw anyone holding crypto currencies.
So Ameicafirst you should be aligned with this?

 

[America 1st]

So this just has to be a way for the DNC to milk more donations to prevent this? No way something like this would pass, IMO.

Seems like talking points.

Even if I thought the idea was good, I don’t understand how such a system would even be put in place.

Wouldn’t it require the government to then give tax rebates / breaks on those same assets if there were a loss / market correction?

The fact that they’re acting like this is a real solution shows how fucked they really are. They’re gonna pass something and it’s going to leave everyone, on both sides, with a bad taste in their mouths which is hard to do nowadays.

 

[America 1st]

It’s supposedly only for the rich? Doubtful, it will apply to everyone by classifying everyone as rich. This is Yellens backhanded approach to screw anyone holding crypto currencies.
So Ameicafirst you should be aligned with this?

I’m all for heavily regulating cryptos just like Trump has suggested we do.

That aside it would seem if this weren’t just for the “rich” then they would be able to tax working class Americans IRAs and 401ks which would collapse the market and likely the whole economy.

It’s a terrible idea and that’s coming from someone who identifies as a national populist and not a conservative.

 

[BigBucnNole]

Revenue based taxes > Profit based taxes

 

[tiderollsonu]

Does this mean they will tax the cocaine and hookers I buy before I buy them?

 

[ChicagoFats]

It’s supposedly only for the rich? Doubtful, it will apply to everyone by classifying everyone as rich. This is Yellens backhanded approach to screw anyone holding crypto currencies.
So Ameicafirst you should be aligned with this?

Typical Dem move. "We are gonna tax the rich and get those greedy bastards!"

Checks notes "rich is anyone making over $60,000 a year"

 

[LVRebel]

They've been discussing this for a while. If this passes, it's just the next step to socialism/communism. Eventually, they'd keep moving the goalposts and changing the definition of "rich" to where they are able to take everyone's money and give it to other countries or whatever group they decide.

It's a disgusting overreach of power..

 

[PowerMEGA]

Revenue based taxes > Profit based taxes

You are ignorant about the most basic topics of business finances.

 

[LVRebel]

Typical Dem move. "We are gonna tax the rich and get those greedy bastards!"

Checks notes "rich is anyone making over $60,000 a year"

The issue isn't even really how much you make a year, but how much you've accumulated. Say you bought a house or some land 30 years ago for 200k. Now, due to costs increase and demand, maybe that property is worth 1.5 million. You'd now be taxed, each year, on the value of your 1.5 million dollar property, even though you still own it and haven't sold it (to actually realize the gain in value).

I think I saw something like 5-10% wealth tax that they were considering initially, so in this case, you'd have to be 75k - 150k per year, on top of any taxes you already pay. Imagine what this would do to people that have worked their whole life to own property and retire. You've been financially responsible and now, you are on a fixed budget but have to add this new wealth tax into your budget. It would bleed people dry in no time.

Edit to add that the 5-10% amount may be off, but the point still stands. Regardless of the dollar amount, it would in many cases force people to take out new loans on their properties just to pay this new wealth tax. Even at 2%, for the 1.5 million dollar concept above, that would still be 30k per year to pay in taxes for something that you haven't actually received any money from.

 

[BigBucnNole]

You are ignorant about the most basic topics of business finances.

I bet you know a lot more.

 

[PowerMEGA]

I bet you know a lot more.

I know the basic meaning of revenue and business expenses, which is apparently much more than you know.

Do you believe that an unprofitable corporation should pay taxes?

 

[BigBucnNole]

I know the basic meaning of revenue and business expenses, which is apparently much more than you know.

Do you believe that an unprofitable corporation should pay taxes?

 

[America 1st]

The issue isn't even really how much you make a year, but how much you've accumulated. Say you bought a house or some land 30 years ago for 200k. Now, due to costs increase and demand, maybe that property is worth 1.5 million. You'd now be taxed, each year, on the value of your 1.5 million dollar property, even though you still own it and haven't sold it (to actually realize the gain in value).

I think I saw something like 5-10% wealth tax that they were considering initially, so in this case, you'd have to be 75k - 150k per year, on top of any taxes you already pay. Imagine what this would do to people that have worked their whole life to own property and retire. You've been financially responsible and now, you are on a fixed budget but have to add this new wealth tax into your budget. It would bleed people dry in no time.

Edit to add that the 5-10% amount may be off, but the point still stands. Regardless of the dollar amount, it would in many cases force people to take out new loans on their properties just to pay this new wealth tax. Even at 2%, for the 1.5 million dollar concept above, that would still be 30k per year to pay in taxes for something that you haven't actually received any money from.

Would it be an annual tax or a one time tax according to the proposal?

Haven’t seen anything in writing either way.

 

[LVRebel]

Would it be an annual tax or a one time tax?

From what I understand from reading about this previously, it's annual.

 

[ShaolinNole]

Seems like talking points.

Even if I thought the idea was good, I don’t understand how such a system would even be put in place.

Wouldn’t it require the government to then give tax rebates / breaks on those same assets if there were a loss / market correction?

The fact that they’re acting like this is a real solution shows how fucked they really are. They’re gonna pass something and it’s going to leave everyone, on both sides, with a bad taste in their mouths which is hard to do nowadays.

Yeah, we know they'll fuck us with massive taxes on unrealized gains and then the next year throw us a couple of peanuts of $3,000 on capital loss carryover. While I disagree with much of your stance on most crypto, this will be their Nixon shock, or FDR seizing gold.

 

[America 1st]

I know the basic meaning of revenue and business expenses, which is apparently much more than you know.

Do you believe that an unprofitable corporation should pay taxes?

We would need to know how big the corporation is, what type of corporation it is, where they are claiming those expenses from (domestic vs international), how much they are paying the non salary employees, how much the are paying their executives, ect.

The fuck stick you were responding to is a moron but don’t let him off the hook so easily.

 

[Rebarcock.]

It’s supposedly only for the rich? Doubtful, it will apply to everyone by classifying everyone as rich. This is Yellens backhanded approach to screw anyone holding crypto currencies.
So Ameicafirst you should be aligned with this?

I believe it is to get 401k or simple ira gains prior to retirement. The growth is simply confiscated by a tax.
I pay min 40-48% for state and fed. Add on top sales,property, road, and vice taxes. Maybe I keep 35% or so of my earnings. That is fucking ludicrous

 

[ChicagoFats]

I believe it is to get 401k or simple ira gains prior to retirement. The growth is simply confiscated by a tax.
I pay min 40-48% for state and fed. Add on top sales,property, road, and vice taxes. Maybe I keep 35% or so of my earnings. That is fucking ludicrous

Seems high!