Maybe it doesn't make sense and will never go into effect. Cool cool.
So to clarify, your main stance on one of the few proposed policy pieces from the Harris campaign is, “maybe it will never go into effect. Don’t know what it is anyways. Don’t care.”
What do you think my main stance on a non existent policy that doesn't affect me and that I know nothing about should be?
I think if I don’t know what something is, and I’m discussing it, I’d go try to learn what it is and not be apathetic.
Eh, FWIW, I've read a lot of Project 2025, and it's right up his alley. You straight up cannot say with a straight face that he wouldn't be fascinated by the prospects it promises, given his fascination/adulation with authoritarian figures and his propensity for wanting to control everything.
americansfortaxfairness.org
R - Super-rich people use an untaxable infinite money glitch. They don't sell their stocks, they use the growth in value to borrow and borrow and borrow at low cost. They don't have income like you or me. Income tax rate doesn't work. Capital Gains Tax is not sufficient either.
When I'm discussing something with someone and they don't understand the topic I go ahead and provide them with info. Like you not understanding how much smoke there is with trump and project 2025. I gave you the smoke you were unaware of.
It is almost a thousand pages of dry policy documents, and you claim you've read "a lot" of them? I'm calling BS on that.
Im just pointing out the hypocrisy.
What hypocrisy? I whine about project 2025 after reading a bunch about it and not liking what I read
Not doubting it. Just saying the Mango Manchild would very much get a joyboner reading from Project 2025.
Will I ever have enough money for it to matter under the proposed law? Unlikely, but I know how this goes. It won’t generate enough tax dollars to cover all the spending, so the floor gets expanded. Rinse and repeat. We’ve all seen it happen with taxes before. It will depress the market in a serious manner.I'm with Fish, IDGAF. but since somebody is demanding the legwork be done for them, here is the reason people are proposing an unrealized gains tax:
View attachment 17092
The Ultra-Wealthy's $8.5 Trillion of Untaxed Income - Americans For Tax Fairness
Authors: Zachary Tashman, senior research & policy associate; and William Rice, senior writer Principal researcher: Zachary Tashman EXECUTIVE SUMMARY According to an analysis by American for Tax Fairness of new Federal Reserve data on household income and wealth, America’s billionaires and...
TL
Will it depress the stock market if this hits? possibly, in the short term. but at the end of the day a 25% unrealized gains tax is a 25% reduction in ROI, The stonks are still going up but not as fast.
How would it work in detail? I don't know, I'm not the IRS and I'm never going to be worth 100 million dollars. I seriously doubt they'd move this tax below the ultra-wealthy mark, there's no upside to doing so.
Also: stop holding water for these parasites. These people make more use of and benefit more from society and our tax-funded infrastructure than anybody else.
I don't blame them for paying the minimum amount of taxes they can, I would too. However, when a novel way to increase their taxes to ensure they pay as much as their vastly poorer brethren is proposed, your first instinct is to defend their honor.
I literally wrote out what the hypocrisy was. Do you need everything spelled out for you?
Yeah....*grumblegrumble*safetydan always beating me to the p....*grumblegrumble*...motherf...*grumblegrumble....even had some snark...*grumble*
This is the rub, they take advantage of money-hacks no one else can access at all. I saw an interesting interview with Mark Cuban when he laid out how he buys a house or other major asset and it involves spending zero of his own money, taking out loans against other assets, including primarily his stock portfolio, then using that to leverage extremely low rates, then using other loopholes to generate "cash" from his investments, usually in the form of some version of "owner's equity" to then simply cancel the loan. Or he arranges for the ultra-low-rate loans to be put off indefinitely or paid off slowly over a huge amount of time with tiny amounts of money from other investment returns such as bonds which, when converted straight to payments on the asset in question, which is then bought through a shell company or something so that the payment and interest nets further tax benefits. So he buys a $10 million dollar house and ends up money ahead in his personal wealth on the entire transaction because he leverages it through various high-wealth financial vehicles to generate and actual tax BENEFIT for him in the long run. And then he owns a $10 million house, and effectively pays himself for the privilege. Someone with an accounting background could explain it a lot more cleanly for sure, but that is the general gist.I'm with Fish, IDGAF. but since somebody is demanding the legwork be done for them, here is the reason people are proposing an unrealized gains tax:
View attachment 17092
The Ultra-Wealthy's $8.5 Trillion of Untaxed Income - Americans For Tax Fairness
Authors: Zachary Tashman, senior research & policy associate; and William Rice, senior writer Principal researcher: Zachary Tashman EXECUTIVE SUMMARY According to an analysis by American for Tax Fairness of new Federal Reserve data on household income and wealth, America’s billionaires and...
TL
Will it depress the stock market if this hits? possibly, in the short term. but at the end of the day a 25% unrealized gains tax is a 25% reduction in ROI, The stonks are still going up but not as fast.
How would it work in detail? I don't know, I'm not the IRS and I'm never going to be worth 100 million dollars. I seriously doubt they'd move this tax below the ultra-wealthy mark, there's no upside to doing so.
Also: stop holding water for these parasites. These people make more use of and benefit more from society and our tax-funded infrastructure than anybody else.
I don't blame them for paying the minimum amount of taxes they can, I would too. However, when a novel way to increase their taxes to ensure they pay as much as their vastly poorer brethren is proposed, your first instinct is to defend their honor.
Tax policies are outcome-based. We obviously have high wealth inequality in this country. A tax on unrealized capital gains for the ultra wealthy only (people whose income exceeds $100 million for 3 straight years or people whose assets exceed $1 billion for 3 straight years) would help to reduce that.
