Biden proposes tax on unrealized gains
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@LuFins-Dad said in Biden proposes tax on unrealized gains:
@Doctor-Phibes said in Biden proposes tax on unrealized gains:
@Jolly said in Biden proposes tax on unrealized gains:
Don't equate morality and wealth. It doesn't work. Not for individuals or for society.
It doesn't work for taxation either. That was my admittedly rather snarky point.
As far as taxing the rich more being unjust. Says who?
Want to tax rich people more? Fine. Higher rates? Okay. I’ll argue the effectiveness of it. I’ll debate the purposes of it. I won’t debate the morality of it.
You are the one who introduced morality into the discussion in the first place.
@Doctor-Phibes said in Biden proposes tax on unrealized gains:
@LuFins-Dad said in Biden proposes tax on unrealized gains:
@Doctor-Phibes said in Biden proposes tax on unrealized gains:
@Jolly said in Biden proposes tax on unrealized gains:
Don't equate morality and wealth. It doesn't work. Not for individuals or for society.
It doesn't work for taxation either. That was my admittedly rather snarky point.
As far as taxing the rich more being unjust. Says who?
Want to tax rich people more? Fine. Higher rates? Okay. I’ll argue the effectiveness of it. I’ll debate the purposes of it. I won’t debate the morality of it.
You are the one who introduced morality into the discussion in the first place.
Ah, my that’s what happens when a 4 year old interrupts your posting. I didn’t finish the thought.
I meant that I won’t debate the morality of higher income tax rates for those with higher income. That’s not what this is. This is specifically targeting and creating a tax for a very small group of people based on the fact that you think they have too much. That’s immoral.
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"It's time to tax the billionaires."
The chart shows how the "effective tax rate" has changed since the 1960 for the 400 richest Americans compared to those earning below the median.
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How much revenue will this generate?
ETA: Oh, I thought Biden told us that billionaires paid only 8% tax. Does the New York Times (finally) say that Biden lied (again)?
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How much revenue will this generate?
ETA: Oh, I thought Biden told us that billionaires paid only 8% tax. Does the New York Times (finally) say that Biden lied (again)?
@George-K said in Biden proposes tax on unrealized gains:
ETA: Oh, I thought Biden told us that billionaires paid only 8% tax. Does the New York Times (finally) say that Biden lied (again)?
Biden may be talking only about federal income tax, while The NY Times includes all federal, state, and local taxes.
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@George-K said in Biden proposes tax on unrealized gains:
@Axtremus said in Biden proposes tax on unrealized gains:
Biden may be talking only about federal income tax, while The NY Times includes all federal, state, and local taxes.So, it has nothing to do with Biden's proposal
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Context - the NY Times graphics show that in historical context, the richest of the rich have been paying taxes at lower and lower effective rates; one can take this and argue that imposing more/higher taxes on this population is just reverting to historical norms rather than something new and/or unorthodox.
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Again, you've not answered my question: How much revenue will it raise? If we're serious about raising revenue (and we're not), this is probably less than a small drop in the bucket.
It's election-year pandering.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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- Impose a minimum income tax on the wealthy: $503 billion. Currently, the federal government only imposes taxes on income, which includes wages, pass-through income from businesses, and gains from the sale of property; unrealized capital gains are not considered income under the present tax code. Applicable only to taxpayers with wealth greater than $100 million, the proposal would impose a minimum tax equal to 25 percent of a taxpayer’s taxable income and unrealized capital gains less the sum of their regular tax. The minimum tax payments would be treated as prepayments to be credited against future realized gains.
Not called out in the article linked in the opening post, per Biden's proposal, the tax paid on unrealized gains will be credited against future realized gains -- so things will eventually even out, you just cannot avoid paying for a long time by not selling for a long time.
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Again, you've not answered my question: How much revenue will it raise? If we're serious about raising revenue (and we're not), this is probably less than a small drop in the bucket.
It's election-year pandering.
@George-K said in Biden proposes tax on unrealized gains:
It's election-year pandering.
Populism - giving people what they want instead of what they need.
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@George-K said in Biden proposes tax on unrealized gains:
It's election-year pandering.
Populism - giving people what they want instead of what they need.
@Doctor-Phibes said in Biden proposes tax on unrealized gains:
@George-K said in Biden proposes tax on unrealized gains:
It's election-year pandering.Populism - giving people what they want instead of what they need.
Actually, it's worse than that. The only thing that people are being "given" in this case is the satisfaction that some wealthy dudes are paying more taxes.
