Biden Admin Floats Taxing Unrealized Capital Gains
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wrote on 26 Oct 2021, 01:58 last edited by
Genius
Biden Admin Floats Taxing Unrealized Capital Gains
In search of ways to pay for their massive spending bills that the Biden Administration also assures us somehow cost nothing, Nancy Pelosi and Janet Yellen have floated taxing income that people haven’t actually earned yet.
While currently people only have to pay taxes on the price appreciation of an asset when its sold, the Biden administration wants those on the top to have to pay tax on their unrealized gains too.
It cannot be emphasized enough that this is a tax on something that someone technically doesn’t have yet. If such a tax were implemented affecting everyone, it means that someone who purchased a $200,000 house that went up in value to $250,000 in a year therefore “earned” $50k and would have to pay tax on that as if it were cash income.
There are some obvious questions about how the tax would handle capital losses. For instance, would this tax work in both directions, where if someone had an unrealized capital loss in a particular year, the government would be writing billionaires a check for the difference (which would be their loss multiplied by their tax rate)?
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wrote on 26 Oct 2021, 02:12 last edited by
The left is convinced that the voters they are trying to reach do not care of such things.
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump". That will be their messaging platform, while stuff like this will be their economic platform. It'll work pretty well.
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The left is convinced that the voters they are trying to reach do not care of such things.
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump". That will be their messaging platform, while stuff like this will be their economic platform. It'll work pretty well.
wrote on 26 Oct 2021, 02:19 last edited by jon-nyc@horace said in Biden Admin Floats Taxing Unrealized Capital Gains:
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump".
I don't think they'll need to, since his foul mug will likely lead the ticket.
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wrote on 26 Oct 2021, 02:21 last edited by
And if the economy is as bad as I think it will be, he might even win.
Enjoy!
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@horace said in Biden Admin Floats Taxing Unrealized Capital Gains:
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump".
I don't think they'll need to, since his foul mug will likely lead the ticket.
wrote on 26 Oct 2021, 02:41 last edited by@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
@horace said in Biden Admin Floats Taxing Unrealized Capital Gains:
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump".
I don't think they'll need to, since his foul mug will likely lead the ticket.
Is that your real prediction, or just pessimism?
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wrote on 26 Oct 2021, 02:46 last edited by
Yeah that’s my prediction.
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The left is convinced that the voters they are trying to reach do not care of such things.
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump". That will be their messaging platform, while stuff like this will be their economic platform. It'll work pretty well.
wrote on 26 Oct 2021, 03:29 last edited by@horace said in Biden Admin Floats Taxing Unrealized Capital Gains:
The left is convinced that the voters they are trying to reach do not care of such things.
In 2024, the left will aggressively message that "a vote for the next Republican is just like a vote for Trump". That will be their messaging platform, while stuff like this will be their economic platform. It'll work pretty well.
The entire McCauliffe message is “a vote for Youngkin is a vote for Trump”.
The last three polls have it a dead heat. This is a race that McCauliffe was leading by 8 points in a state that Biden won by 10… I don’t think that message is working.
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wrote on 26 Oct 2021, 03:58 last edited by
Back to the OP, the unrealized gains won’t pass the senate.
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wrote on 26 Oct 2021, 04:26 last edited by
@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Back to the OP, the unrealized gains won’t pass the senate.
That's the response every time a horrible idea presented by a prominent Democrat is discussed here. So, I suppose the senators voted in by Trump supporters are the saviors of the republic. Those same voters are the devil when it comes to a presidential election though.
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wrote on 26 Oct 2021, 04:34 last edited by
Nope. Manchin and Sinema alone would stop this.
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wrote on 26 Oct 2021, 05:10 last edited by
@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Nope. Manchin and Sinema alone would stop this.
Alone huh? Republicans could vote Present and the legislation would be defeated?
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wrote on 26 Oct 2021, 05:11 last edited by
I hope Trump runs, and I hope he wins.
That's because I care more about this nation than I care about politics.
And I don't give a flying fuck about the "he tweeted something mean" idiots.
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wrote on 26 Oct 2021, 08:31 last edited by
@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Back to the OP, the unrealized gains won’t pass the senate.
Then why even float the trial balloon?
Because the Resident and his band of merry pronouns have to find money for their multi-trillion dollar bills, without raping the individual American taxpayer. They are desperately seeking something, anything, to keep from increasing individual income taxes and committing political hari-kari.
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Genius
Biden Admin Floats Taxing Unrealized Capital Gains
In search of ways to pay for their massive spending bills that the Biden Administration also assures us somehow cost nothing, Nancy Pelosi and Janet Yellen have floated taxing income that people haven’t actually earned yet.
While currently people only have to pay taxes on the price appreciation of an asset when its sold, the Biden administration wants those on the top to have to pay tax on their unrealized gains too.
It cannot be emphasized enough that this is a tax on something that someone technically doesn’t have yet. If such a tax were implemented affecting everyone, it means that someone who purchased a $200,000 house that went up in value to $250,000 in a year therefore “earned” $50k and would have to pay tax on that as if it were cash income.
There are some obvious questions about how the tax would handle capital losses. For instance, would this tax work in both directions, where if someone had an unrealized capital loss in a particular year, the government would be writing billionaires a check for the difference (which would be their loss multiplied by their tax rate)?
wrote on 26 Oct 2021, 10:38 last edited by@copper said in Biden Admin Floats Taxing Unrealized Capital Gains:
In search of ways to pay for their massive spending bills that the Biden Administration also assures us somehow cost nothing, Nancy Pelosi and Janet Yellen have floated taxing income that people haven’t actually earned yet.
This gets back to the anti-wealth mentality that many on the left seem comfortable with. The false idea that it's a zero-sum game, "that person has money therefore he's taking it away from me!" Or as in this case, "That person has wealth, even if it's unrealized, therefore that is unfair to others and we should tax them!"
I also agree this would never pass. If it did, it would have ripple effects across the stock market that would tank everyone's 401k. People would look elsewhere to invest their cash.
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wrote on 26 Oct 2021, 10:44 last edited by
@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Yeah that’s my prediction.
Seems the most likely so far. His age might prevent it, but if not... just as in 2016 he'll take advantage of his passionate base compared to a fractured GOP primary stage, and he'll win the votes needed to get the nomination.
He wouldn't win the general election though. Everyone and their mother who wanted Trump to win last time came out and voted for him and he still lost in a landslide. Further, his actions after losing lost him a YUGE chunk of voters who voted for him.
Then again, don't underestimate the ability for Biden to eff up this economy enough... but that is muted anyway since it'll be Harris/Buttigieg or something on the ticket.
I am hoping for a Pence/Haley ticket on the GOP side.
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wrote on 26 Oct 2021, 11:16 last edited by jon-nyc
Seems to me instead of pursuing this they should get rid of the step-up basis. It’s never made any sense and keeps a lot of realized capital gains forever untaxed.
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Seems to me instead of pursuing this they should get rid of the step-up basis. It’s never made any sense and keeps a lot of realized capital gains forever untaxed.
wrote on 26 Oct 2021, 11:20 last edited by@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Seems to me instead of pursuing this they should get rid of the step-up basis. It’s never made any sense and keeps a lot of realized capital gains forever untaxed.
And the “carried interest” loophole … has that been eliminated yet?
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@jon-nyc said in Biden Admin Floats Taxing Unrealized Capital Gains:
Seems to me instead of pursuing this they should get rid of the step-up basis. It’s never made any sense and keeps a lot of realized capital gains forever untaxed.
And the “carried interest” loophole … has that been eliminated yet?
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wrote on 26 Oct 2021, 18:11 last edited by
My God, next thing you know they'll start requiring non-citizens to pay income tax and social security
