It's Happening: Biden proposes tax on UNREALIZED gains.
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Poast new message in this thread
Date: April 17th, 2024 3:17 PM Author: razzle-dazzle mischievous base blood rage
Biden promises to impose a tax on "unrealized gains." If your land or stock account has increased in value in the last year you would pay taxes on the unrealized gain. You have not sold the property; you do not have the income. It isn’t "real." Yet you will be taxed as if you had made the sale and received the income.
https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term
lol at bitch bois and their pathetic crypto and brokerage account that they will have to pay taxes on.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591064) |
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Date: April 17th, 2024 3:21 PM Author: lemon home
To be fair,
We'll just tax them based on the highest amount that the asset in question (BTC, Stonk, etc) was worth in any given calendar year on the open market. Because ya know, you *could* have sold it at that price and *that* would have been a taxable event! It's a *fact*!
;)
PS: Don't worry, a government that will try to pull shit like this would NEVER just shamelessly make it "legal" for them to raid your 401(k) down the line in the name of "promoting racial equity" or "addressing legacies of systemic racism" or whatever. Haha. Keep contributing, goys! It's a great use of your money! ;)
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591081) |
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Date: April 18th, 2024 6:46 PM Author: boyish smoky feces garrison
"how do you tax something that is always in flux"
Like real estate prices?
It's easy. You pick a valuation date.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593995) |
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Date: April 17th, 2024 5:55 PM Author: jet-lagged jap
do you understand that a scenario where the wealthy are permitted to leave the us tax free due to tax policy and expatriate all of their wealth is so ludicrous that only blithering retards believe it's possible? and that those that argue it to discourage taxing the wealthy are simply easily duped useful idiots carrying water for them?
this is without even touching the obvious roadblocks of (1) how tf could wealth held in land, property, american businesses, etc. ever leave the country to begin with? and (2) what countries would they be going to that has more lenient tax policy for the rich than the us?
but yeah, uh, i guess apple will just dissolve it's american corporations and reform in uruguay or something.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591493) |
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Date: April 17th, 2024 6:27 PM Author: Insecure abode
Before we proceed, do you have any background in corporate law at all? Simply put, these aren't "American businesses" they are large multinational corps. Tesla isn't truly "American" it is a company that has entities around the world. Many truly rich people don't hold their assets in personal bank accounts, their wealth is tied up in things like trusts, holding cos, etc. There are international tax implications with all of this but the question isn't whether they can leave "tax free" (they often will pay SOME tax) but it may be advantageous to take a one-time hit and leave with everything else. However, if wealthy people decide to do that then that will be a terrible result of the US.
As to other things, like land (land is inherently American, right?) that land can be either a) be held by a foreign corp, or b) simply sold with the proceeds transferred abroad.
"what countries would they be going to that has more lenient tax policy for the rich than the us?"
Singapore, UAE, Hong Kong, etc. There are advisors that do nothing but answer questions like these.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591590) |
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Date: April 18th, 2024 4:08 PM Author: jet-lagged jap
even before rearmament germany's economy was soaring due to hitler's economic policy. all the way up to the anschluss they were flying high. yeah, the economy collapsed due to the war. that doesn't mean the domestic economic policy prior to the war was anything but a massive success.
we're deficit spending and have been for some time, so i don't think tax cuts are a great idea. and all i'm advocating for the wealthy being taxed as much as the middle class. lowering taxes there would be a nice bonus, but at the very least i think they should be getting taxed at the rate of their laborers.
lol @ flat tax though.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593463) |
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Date: April 18th, 2024 4:46 PM Author: jet-lagged jap
lmao we spend freely regardless of revenue already! that's what a deficit is.
i don't see what's so controversial about insisting that billionaires at least pay what their workers pay. you just said you were in favor of a flat tax, and this is that in principle. spending is a different thing entirely.
also, this type of thinking is the type of thing that keeps elites entrenched.
"we should make sure the kikes get taxed at the same rate as the goys"
"but the kike run government will waste it!"
"regardless of how it's spent, i don't think we should bare all the taxes."
"until the kike government gets to deficit neutral spending i refuse to tax the kikes."
"but that will never happen so long as the kikes run everything, because their spending benefits them at our expense too. why should we let them take our money to spend on themselves? shouldn't they, at the very least, bare an equal burden?"
"NO NEW TAXES!"
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593553)
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Date: April 18th, 2024 8:30 PM Author: jet-lagged jap
bro i know you know that the cap gains rate is far, far lower than the rate for wages. so, even in your answer here i know you know that they'd be paying a far lower rate than workers. but i also know you know that through lending they avoid paying that, and often pay absolutely no taxes.
if you want to say a wealth tax will be hard to achieve that's fine but it's not what we're talking about. you're saying it shouldn't be attempted at all because it will just result in more spending. actually achieving it is a separate issue entirely, and i agree it's a pipe dream.
hypothetically, if a wealth tax in some form was proposed that would tax billionaires at the same rage as wagies, would you be for or against?
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47594147) |
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Date: April 18th, 2024 10:09 AM Author: jet-lagged jap
yes.
your logic that the law could not accomplish something because the current law has mechanisms that prevent it is circular. legal entities, trusts, securities, etc. are all fictional.
"Singapore, UAE, Hong Kong, etc. There are advisors that do nothing but answer questions like these."
so silicon valley is just going to pack up and move to these places? finance is fiction. the iphones apples makes and the cars tesla sells are real. a $100m coastal house in bel-air is real. a holding company is not. the dollars that it could be sold for are not. they are legal fictions and tokens.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47592749) |
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Date: April 18th, 2024 3:07 PM Author: jet-lagged jap
oh wow a lot of talented people come here... you think it's the tax policy? brin came here because he knew he was going to be a billionaire and didn't want that taxed?
taxing wealth at the same level as umc wagecucks won't cause people to flee the country you dumbfuck. and they could be prevented from doing so anyway.
there is probably some level of wealth tax that will lead to some sort of brain drain. however, i don't think if the wealthy are forced to pay tax rate as me will do it. buffet and plenty of other billionaires agree with me. even trump once proposed a large wealth tax on the ultra wealthy.
it's stunning that libertarian cucks like you are fine with bezos and his progeny paying no tax until the end of time because "oh are blessed billionaires and their generational wealth are sacred!" and then fork over 30%+ of your income like a good lil' boy. can't think of anything more cucked than that, really.
also nice "oof." and i get lambasted for reddit shit. that's a big yikes from me dawg!
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593251) |
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Date: April 18th, 2024 4:03 PM Author: Insecure abode
"you think it's the tax policy?"
Absolutely. If taxes increased dramatically and QOL declined (and yes, that's how it works) then you would absolutely see shifts to other places of the world.
"taxing wealth at the same level as umc wagecucks won't cause people to flee the country you dumbfuck"
Depends on what their alternatives are.
"there is probably some level of wealth tax that will lead to some sort of brain drain. however, i don't think if the wealthy are forced to pay tax rate as me will do it"
At least you recognize the first sentence. Now, stop and think about what that rate might be and what would influence that.
"it's stunning that libertarian cucks like you are fine with bezos and his progeny paying no tax until the end of time because "oh are blessed billionaires and their generational wealth are sacred!""
I raised some proposals I'm fine with ITT.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593446) |
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Date: April 17th, 2024 5:47 PM Author: Insecure abode
1. Close loopholes like the PE loophole that allows fund managers to be taxes as investors and not employees paying income tax.
2. Death tax makes more sense than this.
3. Slash spending. Our idiotic congress is planning on sending $100 billion abroad to foreign countries over the weekend. That should be a total nonstarter. The question isn't who we should tax to pay for it, it is how do we stop doing stupid shit like this.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591461) |
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Date: April 17th, 2024 6:24 PM Author: jet-lagged jap
1) agree, but there are endless loopholes to close
2) fine, but this is simply another form of a wealth tax
3) reducing spending doesn't really address the issue of UMC wagecucks funding everything regardless of how much money we spend. but yes, spending should be cut.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591581) |
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Date: April 17th, 2024 8:59 PM Author: Insecure abode
1) so we should do that instead of doing something that is obviously just going to end up another UMC tax. Especially when there are tons of obvious loopholes that everyone refuses to close even though there's zero chance of them being used against the UMC.
2) but a far more reasonable one for a bunch of reasons.
3) speaking as a UMC wagecuck, that's simultaneously true and not true. It is true in that the burden on the UMC is insane, but this doesn't inherently change that particularly since it is easy to modify this in a way that it primarily hurts us. It is untrue in that when you constantly spend too much you are left constantly hunting for new sources of tax revenue. Because the truly rich can leave and start over somewhere else and we generally can't, we end up getting hosed.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591979) |
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Date: April 18th, 2024 4:25 PM Author: Insecure abode
As a company doing it is much easier than for individuals. Every large co is a multinational and they just transfer assets via intra-company agreements and/or using a variety of strategies. And if you're a high net worth individual (not any of us, but think the big names) then it is pretty easy. In all of these examples they have teams of people that do nothing but manage these.
"anyway, i agree that the government should incentivize entrepreneurship and commerce. i think our current regime does the exact opposite regarding tax policy by allowing massive wealth accumulation to be completely untaxed and instead taxing wage earners only. not only is it unfair, it stifles competition and commerce by allowing de facto quasi monopolies. it's the same as trust busting and the gilded age."
Based on this, death tax above some large threshold is the most efficient tool.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593515) |
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Date: April 18th, 2024 5:32 PM Author: jet-lagged jap
i don't believe it would. because in this fire sale situation what value would they be getting on their wealth? who would be buying? let's say they're able to get 50% in that scenario, which is wildly ambitious as you point out... at what level of wealth tax would it even be in their interest to do so?
0.5% on assets over $100m? 1%? 2%? obviously not, it doesn't even work out mathematically when you compound for growth if they stayed. there are a lot of other holes in this but it's easy to show this wouldn't happen at some wealth tax level.
again, i want to incentive growth and investment here. but i don't think giving the wealthy a free pass does that. and there is some level of taxation which will not cause a mass exodus, obviously.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47593763) |
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Date: April 18th, 2024 1:29 PM Author: jet-lagged jap
lmao bro your opinion on this matter is irrelevant considering you've exposed yourself as being completely clueless on even the fundamentals of this shit
http://www.xoxohth.com/thread.php?thread_id=5471233&mc=19&forum_id=2
you couldn't do it before but i'll give you another opportunity: why do you consider a tax on income not to be theft but a tax on wealth theft? the only difference taxing things you received during a year versus taxing things you have. in both cases the government is taking wealth people own.
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47592959) |
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Date: April 18th, 2024 8:23 PM Author: jet-lagged jap
"who said income taxes aren't theft? they are, but they basically affect everyone equally and, if taxes must occur, they should be through a flat tax systm"
holy shit dude. i don't want to get into you with this in multiple threads, but this is just too good.
are you seriously not aware wealthy people report almost no income? for example, jeff bezos has often paid $0 in income tax, and in fact has received a child care tax credits designed for impoverished people?
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47594138) |
Date: April 17th, 2024 8:20 PM Author: Grizzly codepig
I'll tax the street
(If you try to sit, sit) I'll tax your seat
(If you get too cold, cold) I'll tax the heat
(If you take a walk, walk) I'll tax your feet
(http://www.autoadmit.com/thread.php?thread_id=5518810&forum_id=2#47591859) |
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