Posted on 08/21/2024 3:12:59 AM PDT by Kid Shelleen
In President Joe Biden’s proposal in the Fiscal Year 2025 Budget of the United States Government, and more specifically in the General Explanations of the Administration’s FY 2025 Revenue Proposals, the Biden administration has proposed a slate of bold shifts in tax policy that could redefine high income tax planning and investment strategies.
Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept ---SNIP-- . A shift in tax policy towards tapping revenue streams in unrealized gains is almost certainly on the horizon-
(Excerpt) Read more at forbes.com ...
Don't worry. They'll give you the assumed growth curve, and it won't be in your favor.
Socialism at work.
“25% tax on unrealized gains”
If the tax rate on unrealized gains is greater than the tax rate on realized gains, then you might as well sell all your stocks and mutual funds. Middle class stock ownership will be a thing of the past. The stock market will fall, as it did in the great depression. What to do with your money after cashing out? Put it under a mattress? Buy gold?
If the Democrats pull back from a 25% tax and go down to 10% tax, the lowest tax rate, stocks will still be depressed, but there might be a more orderly exit from the stock market.
I wonder if the fat cat Democrats are noticing what’s going on. Perhaps they don’t care. With most Americans rendered as poor as Mexicans, day care costs for their children will be less.
So when she would start liquidating our financial assets?
Correction to last paragraph:
“So when should we start liquidating our financial assets?”
Classic example of outright communist RAT insanity.
The big money will be leaving the country, and then that tax will drop down to the hard-working class folks that are trying to save a few bucks to live on down the road.
FWIW, FJB is also the evil prick that proposed and pushed thru the income tax on Social Security benefits when it should have been treated to something similar to a Roth IRA.
The basstids give away billions of our hard-earned tax dollars to foreign entities (a lot of likely being laundered back to their personal accounts) and do NOTHING for the American citizen but tax us more and more and more, except for maybe a few crumbs going to the elderly every once in awhile. It’s eventually gonna become unsustainable.
*I found the Strength through Joy campaign posters.*
Interesting. It’s like what the NFL does these days.
I wondered about where the buyers will come from.
And if by some miracle the financial system still works, what will we owe in unrealized capital gains the second year? 25%?!!
I’m ordering myself a vintage tee from their website today.
My daughter got a T-Shirt, but she didn’t even know about that band, LOL!
“25% tax on unrealized gains”
Is this year to year until its all gone?
I believe the Supreme Court ruled sometime ago that realization was required before you could measure income and tax it
No problem because what do you think those 87000 IRS agents are for.
A limit of $3,000 per year.......
Maybe an Article V Convention of States is our only hope. They could enact an Amendment to the Constitution to prohibit a federal wealth tax. While, I’m hoping, perhaps they could set the number of Supreme Court Justices to nine.
Best to just stop paying taxes.
If my gains are 10-15k then that’s 100% taxable.
But, if my losses are 10-15k then that’s out the window.
Got it.
All those Wall Street and Hollywood types are gonna be pissed that they ever supported her................
“I wondered about where the buyers will come from.”
Some reasons the American stock market is going well...
The rest of the world is doing very poorly. Captial flight from Russia, Ukraine, China, Turkey and other nations is huge. Where does all that money go? Into hard assets like American land, buildings and things in the nature of sports teams, golf clubs, office buildings, etc. But by far the easiest thing to invest in is the American stock market.
As for the rest of the world, at the link you’ll find a list of key interest rates across the world. The countries with rates lower than the US are experiencing some form of pressure and low rates are an attempt to counter that pressure. It isn’t working, for various reasons in different countries. So, you have money in those economies, and its value isn’t improving. What do you do? You invest in the American stock market. Interest rates in the US are nine percent. The countries with higher interest rates are fighting inflation and none of them are being successful because that inflation is systemic due to policies or other issues. What do you do with your cash in those countries. Yep, you invest in the American market. A Mexican once said to me, “America gets the sniffles and Mexico gets the flu.” I think on a larger scale The World gets Sick and America Gets Well. It sucks to be poor in some far part of the world, but it’s great to be an American.
https://tradingeconomics.com/country-list/interest-rate
The billionaires will simply move away from the US and shift their assets to places that the US can’t reach. If there is a pile of money out there, you can bet your last buck that the DemocRats want it.
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