Posted on 01/26/2021 9:35:30 AM PST by amorphous
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Someone is trying to push peoples buttons for a reaction, or they are really effin stupid. There is no way this would be workable.
You may need to see a tax accountant. I was able to write-off losses on the sale of my house and if its a large enough loss, I believe you can span the losses for three years. Don't quote me on the particulars, I'm just going by memory of about 8 years ago.
In today’s environment, that will make the market go up.
I’m a retired CPA, and I can tell you that this would be a bookkeeping nightmare.
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Yep, it’s a complicated scheme to fleece responsible investors out of more of their gains.
Schumer is the senator from Wall Street.
In my opinion, he would not allow such a tax.
Florida once had an intangibles tax of .1 to .2% annually enacted in 1931. On $21,000 of stock, the tax was $22.
I think Pennsylvania still has an intangibles tax.
Help I can’t remember the term used when a politician proposes a program and then those affected would rush in with campaign donations to stop it. (Not blackmail)
“I won’t be selling that Asset. Could be a 1040-.556 Form.”
No.... It’ll prolly be seized and redistributed to those less fortunate.
That's the key part; instead of paying the tax from profits with actual cash, you would have to finance the tax from other sources. Eventually, you could get to a point where you can't get loans to finance other stuff, because you have spent all of your credit on getting loans to pay taxes. And this would encourage selling off assets to pay the tax, but that works with stocks, not with real estate.
What if the market is closed on the day a tax period ends? What if experts cannot agree on today’s value of my art? What if I store my valuables overseas? What happens if I sell my valuables to a friend at a very good deal while I buy his for a very good price? How is the government to know of my valuables and where they are stored? This is just off the top of my head without even putting any effort into enforcement issues.
That is a wealth tax in a different name.
Those are all questions we crypto miners and traders asked when the hammer came down on us. So, someone invented software that tracts the price of practically every crypto coin in existence back in time and will give you the “market price” when you bought or sold for tax purposes. Sure, it’s not 100% accurate, but it seems to have been accepted by the community and the IRS. Because 100% accuracy isn’t possible, either here are in taxing any unrealized capital gain. When I began mining BTC, it wasn’t required to be reported because the price was less than $65, so, I have no basis when selling now. I just report the entire amount sold as a long term capital gain.
No, you probably would, or at the very least, your basis will now be $70, but they’re hanging a sword of Damocles over their own head. Can you imagine what a stock market crash would do to tax receipts? They’d get nothing, and then they’d be whining that for “essential government services”, (is there such a thing?), they have to raise rates (only to make them even MORE inequitable than they were before).
Bottom line, governments do not care about accuracy as long as they get what they consider their share....
“ Help I can’t remember the term used when a politician proposes a program and then those affected would rush in with campaign donations to stop it. (Not blackmail)”
Graft?
didnt clinton suggest something similar? imputed income..if you can rent your house or a room in it, you are taxed on that. whether you rent it or not.
I am convinced that most Dems are economic illiterates.
This is what it's all about.
It's about taking generational wealth by slowly forcing its divestiture to pay a theoretical tax.
-PJ
Our country's founders warned us about this day...
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