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Posted on 8/26/24 at 8:34 am to VABuckeye
And you think it would stay that way? Moron
Posted on 8/26/24 at 10:08 am to DawgCountry
I don't know. We'll have to see if this even gets passed.
BTW, take the other comments to the OT. We have actual discussions on this board.
Now, frick off.
BTW, take the other comments to the OT. We have actual discussions on this board.
Now, frick off.
Posted on 8/26/24 at 11:37 am to hawgfaninc
Wouldn't this effect everyone's 401K "gains" ?
Talk about shite show, one of the selling points to investing is that you will draw your money out after retirement when you are in a lower tax bracket.
Talk about shite show, one of the selling points to investing is that you will draw your money out after retirement when you are in a lower tax bracket.
Posted on 8/26/24 at 12:27 pm to Corinthians420
quote:
You should've included the part where this law only applies to households worth $100+ million for transparency
Even those with portfolios that large do not have the cash on hand to cover the taxes on gains.
Posted on 8/26/24 at 12:41 pm to The Torch
quote:
Wouldn't this effect everyone's 401K "gains" ? Talk about shite show, one of the selling points to investing is that you will draw your money out after retirement when you are in a lower tax bracket.
This wouldn’t directly impact 401ks since they’re taxed as ordinary income already. However, indirectly you could argue it would disincentivize investing in general, and that would impact asset prices and account values.
Posted on 8/26/24 at 1:13 pm to hawgfaninc
Was anyone unaware on the money board?
Posted on 8/26/24 at 1:36 pm to bayoudude
quote:
Even those with portfolios that large do not have the cash on hand to cover the taxes on gains.
And for those that do have portfolios large enough to put them this high, how would the eventual need to offload a bunch of assets affect their net worth? Just because a stock is listed, last sold, at $100, does not mean you will get $100 per share. Especially in a time frame where people may need to offload a decent chunk of their portfolio.
Posted on 8/26/24 at 1:54 pm to The Torch
quote:
Wouldn't this effect everyone's 401K "gains" ?
Y’all realize that only like 30% of the country has a 401k right? Like 55% of the country is on some form of welfare and doesn’t pay taxes. People with 401ks fall into the “tax the rich” category even though “poor” people have a way better standard of living because they get everything for free
Posted on 8/26/24 at 3:58 pm to el Gaucho
quote:
Y’all realize that only like 30% of the country has a 401k right?
It's higher than that. Over 70% but gen z is around 40%.
Posted on 8/26/24 at 4:07 pm to bigjoe1
That may be what the government says but like half of people don’t work and at least 10% of the population is illegal now
Posted on 8/26/24 at 4:09 pm to el Gaucho
quote:
That may be what the government says but like half of people don’t work and at least 10% of the population is illegal now
Oh BS.
Posted on 8/26/24 at 5:51 pm to hawgfaninc
This is only for high net worth individuals.
It is dumb. Yes.
But it is also dumb that high net worth individuals pay 10% - 20% when W-2 employees making far less pay up to 37%.
We need much more fair and simple system.
It is dumb. Yes.
But it is also dumb that high net worth individuals pay 10% - 20% when W-2 employees making far less pay up to 37%.
We need much more fair and simple system.
Posted on 8/26/24 at 8:11 pm to lsu13lsu
Has President Trump given a timeline for abolishing the IRS? He said he wants to do that and go with a 14% national sales tax on new goods, not to include essentials.
Some senators are already demanding 20-24%
Some senators are already demanding 20-24%
Posted on 8/26/24 at 8:35 pm to lsu13lsu
quote:
But it is also dumb that high net worth individuals pay 10% - 20% when W-2 employees making far less pay up to 37%.
None of them are paying 10%. They’re paying up to 23.8% if they’re actually high net worth and living on dividends/CGs.
Regardless, I can’t get behind more taxes until the government proves they’re even a remotely decent steward of capital.
Posted on 8/27/24 at 7:36 am to Bard
quote:
Unrealized gains haven't been derived, therefore they fail to qualify as taxable under the 16th (this has been upheld by SCOTUS decisions).
Which SCOTUS decision is this a reference to? Moore v US?
Posted on 8/27/24 at 8:13 am to slackster
quote:
None of them are paying 10%. They’re paying up to 23.8% if they’re actually high net worth
Mitt Romney was paying 14% when he ran for president and taxes were higher then before trump.
Warren Buffet has repeated said his tax rate is very low. Lower than his secretary. Some years less than 10%.
It is an easy search of these high net worth people who have tax lawyers and cpas to ensure they pay nothing many years.
Posted on 8/27/24 at 1:48 pm to lsu13lsu
quote:
Warren Buffet has repeated said his tax rate is very low. Lower than his secretary. Some years less than 10%.
Warren Buffet is a 16.45% owner of Berkshire Hathaway, and they paid $23B on $120B in pretax income last year. His share of taxes from the company alone was $3.786B.
Buffett donates a ton of money that helps offset his 23.8% marginal rate on his capital gains if/when he realizes them, but people seem to forget that corporations are paying taxes too. Taxing gains/dividends from investments in those corporations are typically the 2nd time the government has taken a cut from the investment.
If they want to revamp the tax code, that’s fine, but let’s at least be honest about them in their entirety.
ETA: oh by the way, the government will also take up to 40% of your estate that’s over the exemption amount when you die.
This post was edited on 8/27/24 at 1:51 pm
Posted on 8/27/24 at 2:01 pm to fallguy_1978
quote:
Even if you aren't that plan would totally frick the stock market. It would create tons of forced selling by some of the largest shareholders.
Correct, and that's why it'll never happen. Cap gains are the marginal driver of receipts and have been for the past decade. Keeping our tenuous fiscal position out of a debt death spiral is dependent on keeping R/E and equities inflated.
Forced selling will reduce tax receipts on a medium and long time horizon. Someone with a brain will inform its proponents of the math before it ever comes to a vote.
These are neither smart nor serious people. Unrealized cap gains is just one of many election year jokes we will be subject to between now and Nov.
Posted on 8/27/24 at 4:42 pm to slackster
So if you want to play the game that berkshires taxes are his. Then his tax rate was still 19% on those earnings.
Someone making $300k w-2 earnings would pay more of their income in taxes than him.
You are making my point for me.
Someone making $300k w-2 earnings would pay more of their income in taxes than him.
You are making my point for me.
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