Posted on 10/27/2021 5:42:24 AM PDT by Blood of Tyrants
Home | Politics Tags: Joe Biden | congress | budget | billionaire tax | biden Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape ron wyden speaks to press Sen. Ron Wyden, D-Ore., speaks to reporters about a corporate minimum tax plan at the U.S. Capitol Oct. 26, 2021, in Washington, D.C. (Drew Angerer/Getty Images)
Wednesday, 27 October 2021 07:58 AM
facebook twitter Comment| Print| A A
Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package and edge his party closer to an overall agreement.
The proposed tax would hit the gains of those with more than $1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.
[snip]
It would require those with assets of more than $1 billion, or three consecutive years of income of $100 million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.
[snip]
Manchin’s resistance may scuttle one other tax idea — a plan to give the IRS more resources to go after tax scofflaws.
(Excerpt) Read more at newsmax.com ...
One Billion or 300 Million Taxed the same ???
Democrats Unveil Billionaires’ Tax as Biden Plan Takes Shape
—
Mark to Market coming to a retirement account near you. Wherein every time your holdings goes up, you are taxed on the amount of gain, whether you take the gain or not. Social Security COLA is a realized gain. You stock going up a point, or a reinvested dividend are unrealized gains to be taxed ; if you sell it, you are taxed again.
You can have gains this month and losses next month.
—
Its a daily accumulative tax, I’ve read somewhere. Losses are your problem.
Generally makes the stock market or any other investment a losers bet.
If you own a house and have a 401k/IRA, you have unrealized capital gains. So, let’s say you bought your first home for $80,000 in 1990 and it’s worth $400,000 today. EVEN IF YOU DON’T SELL IT, THE DEMOCRATS WANT YOU TO PAY CAPITAL GAINS ON THE $320,000 YOU THEORETICALLY GAINED.
They never quit. I keep expecting them to reintroduce something like Clinton’s plan to tax imputed income.
Better for the rich to keep their wealth in crypto. Then they can move anywhere on Earth they like and take it with them.
About makes as much sense taxing a junk yard owner on the value of the of his 5,000 rusted and wrecked cars and trucks on the value when they were brand new.
Question: Can the taxpayers covered by this proposal claim unrealized losses.
LOL! You’re kidding, right?
Questions. I have questions.
1. How will these un realized gains be valued?
2. If they are taxed now will there still be a capital gains tax when they are sold?.
3. What if someone pays taxes on unrealized gains no but the investment actually sells at a loss. Does the investor get a tax credit?
I’ll let others here DEFEND these billionaire animals - personally, I’d like to see ALL their wealth seized.
https://freerepublic.com/focus/f-news/4007211/posts
“.. pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.”
And of course tax them again when sold.
(The precedent? The required distributions from IRA and 401(k) instruments. I found out you can put the money right back into a retirement vehicle, and it meets the letter of the law.)
The victim gets to choose which parts.
That's OK for people who trade in financial markets. It's not OK for people who trade in collectibles.
Hey, I didn't say this was a GOOD idea, just an alternative to the present BAD idea -- which is just as bad, frankly.
This “Plan” would require access to all balance sheets & would require Certified APPRAISERS to accomplish such a tax.
WHEN your real estate values take a dive-—where is your REFUND????
KEEP IN MIND-—THEIR APPRAISERS are doing the valuations.
In today’s dollars (about 20x) 8000 would be 160k and 500k would be 10 millions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.