Biden proposes tax on unrealized gains
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Don't equate morality and wealth. It doesn't work. Not for individuals or for society.
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@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?
I was only joking
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@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?
@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?
I do. Progressive tax systems are inherently immoral.
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@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?
I do. Progressive tax systems are inherently immoral.
@Jolly said in Biden proposes tax on unrealized gains:
I do. Progressive tax systems are inherently immoral.
So, I can't equate morality and wealth, but you can equate, albeit indirectly?
I believe that a flat tax rate would be immoral. The less money you make, the higher proportion of your total earnings you are required to spend on essentials such as food and shelter. So taking the same amount from somebody who has little or none to spare is not 'fair' or 'equitable' or 'moral'.
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@Jolly said in Biden proposes tax on unrealized gains:
I do. Progressive tax systems are inherently immoral.
So, I can't equate morality and wealth, but you can equate, albeit indirectly?
I believe that a flat tax rate would be immoral. The less money you make, the higher proportion of your total earnings you are required to spend on essentials such as food and shelter. So taking the same amount from somebody who has little or none to spare is not 'fair' or 'equitable' or 'moral'.
@Doctor-Phibes said in Biden proposes tax on unrealized gains:
@Jolly said in Biden proposes tax on unrealized gains:
I do. Progressive tax systems are inherently immoral.
So, I can't equate morality and wealth, but you can equate, albeit indirectly?
I believe that a flat tax rate would be immoral. The less money you make, the higher proportion of your total earnings you are required to spend on essentials such as food and shelter. So taking the same amount from somebody who has little or none to spare is not 'fair' or 'equitable' or 'moral'.
Just because one is not making much money in a capitalistic economy is no reason to stay at that economic level. I want the person who longs to do better to know that for every extra dime he makes, he'll keep nine cents of it (at least at the Federal level).
That's inherently fair.
If 10% is good enough for God, it ought to be good enough for Uncle Sam.
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@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?
@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.
From now on, the speed limit is 45MPH if your net gross assets is greater than $10 Million.
Is that moral or ethical?
The Brad
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Now, you want to place limits on CEO compensation as stock? No problem.
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@taiwan_girl said in Biden proposes tax on unrealized gains:
@LuFins-Dad I understand what you are saying, but in the US, tax laws are rarely (maybe never) the same for everybody.
Make USD $10K/year - pay X% in taxes.
Make USD $100K/year - X+% in taxes.Own a home and have a mortgage - get a tax break on mortgage interest
Dont own a home or already pay off your home - no tax breaketc.
In a perfect world, everybody would be subject to the same tax rules. But it doesn't happen.
Everyone is subject to taxes on income. Unrealized gains are not income until you sell the asset.
@Mik said in Biden proposes tax on unrealized gains:
@taiwan_girl said in Biden proposes tax on unrealized gains:
@LuFins-Dad I understand what you are saying, but in the US, tax laws are rarely (maybe never) the same for everybody.
Make USD $10K/year - pay X% in taxes.
Make USD $100K/year - X+% in taxes.Own a home and have a mortgage - get a tax break on mortgage interest
Dont own a home or already pay off your home - no tax breaketc.
In a perfect world, everybody would be subject to the same tax rules. But it doesn't happen.
Everyone is subject to taxes on income. Unrealized gains are not income until you sell the asset.
I am not saying the proposed law is fair.
I am not saying that I agree with it.(For the little information I know (only from above) I dont agree and I dont think it is fair.)
HOwever, like @Doctor-Phibes , I have difficulty getting too outrage about something that affects 0.002% of the population, and that 0002% have more money than alot of countries. These people are so so far out of my economy league that I have no comprehension of them.
Sure, the new law may cause some of them to cut back on the hours of their upstairs maid in their 5th vacation home, but all reality, it wont have much impact on their lives.
I wish I were rich enough to worry about this, but unfortunately no. LOL
My brain only has so many things I can get outrage about and this one isnt one of them.
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@Renauda said in Biden proposes tax on unrealized gains:
Words like “immoral” and “fair” are meaningless buzz words when discussing taxes.
Perzaktly.
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@Renauda said in Biden proposes tax on unrealized gains:
Words like “immoral” and “fair” are meaningless buzz words when discussing taxes.
Perzaktly.
@George-K said in Biden proposes tax on unrealized gains:
@Renauda said in Biden proposes tax on unrealized gains:
Words like “immoral” and “fair” are meaningless buzz words when discussing taxes.
Perzaktly.
Sure and, while we’re at it, take no prisoners and accept no substitutes.
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@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.
From now on, the speed limit is 45MPH if your net gross assets is greater than $10 Million.
Is that moral or ethical?
@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.
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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.
