Close.
Here's the actual table from the 1913 1040 form...
Posted on 10/25/2021 7:11:58 AM PDT by SeekAndFind
Real Estate in particular goes up & down in swings....about 7 year cycles.
Yellen wants to TAX UNREALIZED gains on those assets....
IS she going to pay property owners $$$refunds when the market goes down?????
Appraisers are going to be on the hot seat.
It will find its way to all income classes. It’ll start with the “rich.” Then, the definition of “rich” will change to include anyone who can invest.
The original income tax was based on income that exceeded $20,000 and started at 1% climbing to 13% for incomes above $2,000,000.
In todays dollars the 1% tax would start at $500,000 and the 13% tax would be for incomes exceeding $50 million.
Seem familiar?
1. Establish a not-for-profit corporation that serves as a "virtual art museum" for all the art the guy has in his own home.
2. Donate all the artwork to the museum. He won't even have to take the things off the wall of his home.
3. Write off the value of the donations on his tax return.
4. Show $0 worth of artwork on his balance sheet every year for the rest of his life.
No need for a week-long retreat with the tax attorney. Just make a $100 donation to FR and we'll call it even. :-P
The guy has donated art to museums, but I think his intent is to keep control of most of the art to pass on to his heirs.
That is why the off shore entities may be necessary.
Wyden is a real SOB
1. Plan his estate so that his heirs have a controlling ownership of the non-profit corporation that runs the art museum after he passes away.
2. Have his estate buy the artwork back from the museum after he dies, and have the heirs take possession of it that way.
Even if this stupid tax idea doesn't get passed, the heirs are still going to have a tax problem if they inherit the artwork because there will be estate taxes on it if it really is worth a lot of money.
Quit spending!!!!
I've always balanced my own finances...but Congress never has.
Yup—estate taxes will be a big deal—but this guy is very sharp and I am sure his tax attorney is off the charts brilliant—they will find a way....
Actually, now that I think about it, they already must have found a way since a lot of this art was passed down to him from his parents.
That is really my point—the rich just don’t follow the rules—they either create the rules or figure out a way around them.
“An annual tax on unrealized capital gains on liquid assets for the very rich.”
FINE WITH ME. It was the very rich that imposed Biden on this country, THEY can deal with the repercussions.
You forget that Wyden is from Oregon. Oregon just instituted a new tax that large companies that taxes receipts rather than just profits. This new tax ignores the cost of the product sold.
https://oregoncatalyst.com/53734-oregon-cat-tax-shoots-wounded.html
All this would do is screw up the economy. People with that kind of money know enough to move their money into other investments and avoid the tax. It would actually reduce tax revenue because of the hit on the economy.
Weidenstein is all over the place on his votes but mostly a nut.
The family escaped Germany and moved to Wichita, Ks during the war. Too bad.
Wasn’t there another family that escaped to Wichita during the war that had something to do with obama? Oh yeah, his mother’s family.
No connection but things that make me go, Hmmmm.
The new 700 Club?
Lunacy.
Unrealized IRA gains are next.
Marxists never quit. Destruction is their goal.
Whenever the rich or very rich are hit with these “so-called” taxes, the actual cost ends up being paid at the very middle (actual workers) of the food chain...
# There is zero difference when they raise the assessment on your house. They are taxing you on an unrealized capital gain that may or may not materialize
One of the =very= few things to come out of california was prop 13. You shouldn’t have to continue to pay more and more in taxes on the unrealized gains from your home. It is little wonder why that particular item never spread across the country like it should have.
# The income tax also started with only the very rich. Until WWII most did not pay a cent (and there was no withholding. But we all se how that worked out.
Exactly. Check out my site for a copy (PDF) of the original tax forms. Figure out what your taxes would be today even with inflation. You’ll probably cry.
https://www.zeugmaweb.net/histdocs/income_tax.html
# The original tax rate in 1913 was 7% in the highest bracket. Congress over the years raised it multiple times. Congress will do the same with this obscene idea. It will eventually encompass everyone. Congress is a hungry beast.
Exactly. Check out my site for a copy (PDF) of the original tax forms. Figure out what your taxes would be today even with inflation. You’ll probably cry.
https://www.zeugmaweb.net/histdocs/income_tax.html
Close.
Here's the actual table from the 1913 1040 form...
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