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re: Four Demorcat tax changes with grave consequences
Posted on 9/10/20 at 1:07 pm to Jorts R Us
Posted on 9/10/20 at 1:07 pm to Jorts R Us
quote:
You are asking people to compute tax on estimated wealth, not income. There's not really much more to say, man.
Sure there is. And maybe you're the guy that can explain it.
When and how does he ever pay taxes on his fortune?
2
Posted on 9/10/20 at 1:09 pm to David_DJS
quote:
When and how does he ever pay taxes on his fortune?
This has been answered several times by several people including myself.
Posted on 9/10/20 at 1:11 pm to Janky
quote:
Oh for fricks sake. I am convinced you are a troll.
Why is this such an emotional topic for some of you?
Because I ask a question nobody has bothered to even try to answer, I'm a troll. Why is someone questioning how much the ultra-wealthy assholes funding all the political bullshite we post about 24/7 on this site such an emotional event for you guys?
And by the way, I'm probably more conservative than nearly every one of you guys (read my history) ... because you're all about to get to the point where I'm told to vote for Biden and am called a liberal nutjob.
Posted on 9/10/20 at 1:12 pm to David_DJS
Back to the estate tax....why are you a thief?
Why take my dad's money that he already paid taxes on...just because I might get it?
Why take my dad's money that he already paid taxes on...just because I might get it?
Posted on 9/10/20 at 1:14 pm to Janky
quote:
This has been answered several times by several people including myself.
Except it hasn't.
He doesn't pay income taxes on his unrealized capital gains. Check. We all agree. But that doesn't answer the question. When does he have to realize his capital gains and pay those taxes?
Posted on 9/10/20 at 1:16 pm to David_DJS
Posted on 9/10/20 at 1:16 pm to David_DJS
quote:
When does he have to realize his capital gains and pay those taxes?
He doesn't. He pays taxes on his wealth upon liquidation or death as has been stated multiple times.
Posted on 9/10/20 at 1:17 pm to David_DJS
quote:
Sure there is. And maybe you're the guy that can explain it.
When and how does he ever pay taxes on his fortune?
He pays tax on his income when there is a realization event. Something we're all hoping for you.
This post was edited on 9/10/20 at 1:18 pm
Posted on 9/10/20 at 1:18 pm to Janky
quote:
He doesn't. He pays taxes on his wealth upon liquidation or death as has been stated multiple times.
But isn't the basis for his holdings in Amazon adjusted to present value by his estate? Or am I wrong about that?
Posted on 9/10/20 at 1:18 pm to Jorts R Us
quote:
Something we're all hoping for you.
Posted on 9/10/20 at 1:19 pm to Jorts R Us
Why won't Bezos liquidate Amazon so he can be taxed to my liking??
Posted on 9/10/20 at 1:25 pm to wutangfinancial
But isn't the basis for his holdings in Amazon adjusted to present value by his estate? Or am I wrong about that?
Anybody? Hello?
Anybody? Hello?
Posted on 9/10/20 at 1:31 pm to David_DJS
quote:
But isn't the basis for his holdings in Amazon adjusted to present value by his estate?
Only when he dies*. Living people don't have estates.**
*Unless Biden wins and stepped up basis is eliminated.
**Unless he can be like Hotblack Desiato from The Restaurant at the End of the Universe, who spent a year being dead for tax reasons.
Posted on 9/10/20 at 1:32 pm to David_DJS
quote:
But isn't the basis for his holdings in Amazon adjusted to present value by his estate? Or am I wrong about that?
Yes, there would be a step-up, but the estate taxes are based on the value of the estate.
Posted on 9/10/20 at 1:41 pm to Rex Feral
quote:
2. A potential reduction in the gift tax exemption and potential elimination of annual exclusion gifts
This is the first link I have seen that says anything about elimination of annual exclusion gifts. I can see a reduction in the annual exclusion gift amount, but an outright elimination would surprise me. I've looked through some longer write-ups on Biden's tax proposal and just haven't seen any mention of the annual exclusion anywhere.
To be clear: I do NOT support Biden's tax plan, I just haven't seen anything yet that corroborates the above potential 'grave consequence.'
Posted on 9/10/20 at 1:43 pm to Janky
quote:
but the estate taxes are based on the value of the estate.
In theory. Ask Audrey Walton about that.
Posted on 9/10/20 at 2:41 pm to David_DJS
I explained in the previous thread that taxation is an immoral theft of private property by the government... Conservatives should not be in the business of retaliating or exacting "revenge" through government coercion on anyone who has prospered and legally profited in our existing Capitalist system.
Period.
Period.
Posted on 9/10/20 at 2:43 pm to Janky
quote:
Yes, there would be a step-up, but the estate taxes are based on the value of the estate.
So the answer to the question that got so many panties in a bunch is that Bezos will never pay much in the way of taxes on his fortune. I don't even care whether you're okay with that or not, it's instructive it took 5 pages to get to the answer we all knew back on page 1.
I think it's a reasonable argument that the ultra-wealthy don't pay taxes at a level consistent with their wealth. But I've never cared much about that. I'm not a fan of the bloated federal government, and at the end of the day the ultra-wealthy are just another class that is advantaged by the load the middle/upper-middle class carries.
But then everything became political, all the time. Then I noticed that about 90% of the ultra-wealthy are opposed to the Right, and they're not reluctant to use their power (rooted in wealth) in this struggle. They want to crush the Right (and notice I don't say Republicans).
Think of the players behind the things that are discussed on the poli board daily - a clear majority of the wealthiest Americans are behind the bullshite. BLM/Antifa, COVID, cancel culture, freedom of speech (for the Right), freedom of religion, small businesses getting hosed, the border, universities, the media, all the wacko DAs, etc., etc. Where is this all rooted? Do you not see the direct link to the owners of google, FB, Twitter, funders of BLM/Antifa, the money behind the BS on campuses, the control of media? Are you and I directly in control of any of that? Hell, we can't even have a virus run through the population without it taking freedom, power and wealth away from the middle/upper-middle class, and guess what - it's not migrating down the food chain.
So now it matters to me what the ultra-wealthy pay in taxes. I see taxing the shite out of them (and the very high income taxpayers that are also now activist liberals) as the last and most powerful weapon in our arsenal, and I think you're moronic (and half-cucked by the Left) if you don't understand this.
Posted on 9/10/20 at 2:44 pm to Rex Feral
quote:
Add to this list removing 1031 exchanges and they're trying their best to wreck the economy.
Take it to the bank that they'll try that one time tax on 401k money, too. They've been salivating over that since Slick Willie's first term.
Posted on 9/10/20 at 2:45 pm to The Maj
CONgress already attacked IRA beneficiaries a year ago by forcing all withdrawals within 10 years instead of using the beneficiaries AMD.
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