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The Biden Administration and All Things Politics

Gameface said:
What

What about the other thing where it could cause a massive selloff and crash the market?
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Or taxing people on money they’ve never received. How many people are going to be able to stay in a system like that? Hint: it’s not the people that do not have a lot of disposable income.
 
One Brow said:
It's a lot less massive when the retirement funds are exempt. The people with surplus wealth will primarily be the people affected.
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I don't agree. I think it would have massive unintended consequences. I think it would start with people who legitimately had to sell to pay their taxes and would cascade into people selling to get ahead of the tank and would end in significant financial harm that would be far greater than any potential tax revenue benefit.

I think it is an extremely stupid idea based on some notion that everyone who wins in the stock market has stockpiles of real cash ready to pay these taxes no problem. I think many who invest in the stock market are deeply leveraged in stocks and they could only pay these taxes by dumping stocks that they wouldn't have otherwise. That will begin a massive sell off and cause significant economic harm that will hurt every single person in the world.
 
Gameface said:
I don't agree. I think it would have massive unintended consequences. I think it would start with people who legitimately had to sell to pay their taxes and would cascade into people selling to get ahead of the tank and would end in significant financial harm that would be far greater than any potential tax revenue benefit.

I think it is an extremely stupid idea based on some notion that everyone who wins in the stock market has stockpiles of real cash ready to pay these taxes no problem. I think many who invest in the stock market are deeply leveraged in stocks and they could only pay these taxes by dumping stocks that they wouldn't have otherwise. That will begin a massive sell off and cause significant economic harm that will hurt every single person in the world.
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I don't think an unrealized gains tax would hit anybody under a certain reasonable amount of net worth, overall.

Am I wrong on this? I thought it was called a billionaire tax for a reason.

Secondly,

You're saying that selloffs to pay taxes would lower stock valuations thus hurt "every single person in the world". I strongly disagree. I think you're overestimating the sell-off and you're overestimating the harm done to the vast majority of the people most at risk of real material harm (the poor).

The harm done, if any, are a burden of those who overwhelmingly own most of the assets that will marginally and temporarily lose their value. Who owns most of the stock? Poor people and immigrants? The tiny middle class? You and me don't own **** comparatively. And I don't know why I should care if the net worth of billionaires and millionaires drops. I don't know why I should care if my net worth drops a little bit if it means that others can have more. The tax gains actually have a real shot at improving the lives of those who actually need it. Obviously, the tax needs to be used effectively which is never guaranteed.

Of course, the unintended consequences of an action like this are going to be overblown. CNN will make it seem like the sky is falling. The goddamn stock market does not equal the material conditions of the human lives that live in this country and we only seem to care about one of those things.

If unrealized gains are a no-go, how would you tax Jeff Bezos who apparently only earns an annual 70,000 dollars in salary?
 
Is anyone following the Project Veritas and Ashley Biden diary story? The FBI has inadvertently confirmed what was previously believed a conspiracy theory hoax.

Some pages said to be from Ashley Biden’s diary were published on the internet immediately before the election. It included some stuff about being molested and “not appropriate” showering with her father, Joe Biden. It was believed to be a hoax intended to play into creepy Biden sniffing little girl’s hair.

The FBI raided the home of Project Veritas founder James O’Keefe to recover the diary and any information on how Project Veritas came to possess it. The diary is real. The FBI says the diary was stolen in a burglary.
 
If true, that should certainly end his Presidency.

I've seen confirmation that a diary exists, but not that the one in the Project Veritas office was that diary. No doubt further developments await.
 
One Brow said:
If true, that should certainly end his Presidency.

I've seen confirmation that a diary exists, but not that the one in the Project Veritas office was that diary. No doubt further developments await.
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The more I learn about this situation, the less I think it is real. It is sounding like this entire thing is an FBI fabrication.

As I understand it, an unnamed party through a lawyer contacted Project Veritas to sell them the diary. The lawyer gave either the diary or a sample of the diary to Project Veritas to evaluate. After performing a vetting process, Project Veritas informed the lawyer they couldn't confirm the diary was legitimate and wanted to return whatever the lawyer had given them as they wanted nothing to do with it. The lawyer refused to take it back. Project Veritas said they then turned it over to law enforcement. The FBI then raided the homes and offices of Project Veritas journalists.

I'm thinking this whole thing is an FBI operation. After everything the FBI has been caught doing, I don't trust them.
 
One Brow said:
If true, that should certainly end his Presidency.

I've seen confirmation that a diary exists, but not that the one in the Project Veritas office was that diary. No doubt further developments await.
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It should, but we all know it wouldn't. No political party will vote to impeach/convict one of their own. That much is clear.
 
LogGrad98 said:
It should, but we all know it wouldn't. No political party will vote to impeach/convict one of their own. That much is clear.
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I dunno, most politicians are trash, no doubt. But, I think democrats, in recent history, are more willing to self-police than republicans. If undeniable evidence was presented that Joe Biden molested any child, his *** is impeached and removed by all the Republicans (of course) and joined by a solid amount of Democrats. The argument holds more water when the parties are reversed.

What seems to be missed by many, but especially conservatives, is that the Democrats are a coalition and not a united and singular-minded, political party. It's a party that includes straight-up conservatives like Joe Manchin, neolibs, and leftists (kinda) like AOC.

I'm a democrat and yet I hate most of the democrats.
 
Safetydan said:
I dunno, most politicians are trash, no doubt. But, I think democrats, in recent history, are more willing to self-police than republicans. If undeniable evidence was presented that Joe Biden molested any child, his *** is impeached and removed by all the Republicans (of course) and joined by a solid amount of Democrats. The argument holds more water when the parties are reversed.

What seems to be missed by many, but especially conservatives, is that the Democrats are a coalition and not a united and singular-minded, political party. It's a party that includes straight-up conservatives like Joe Manchin, neolibs, and leftists (kinda) like AOC.

I'm a democrat and yet I hate most of the democrats.
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Imo they self-police to lessen any impact and to buffer themselves and others from consequences. Don't worry, we know he's a bad man so we will make sure he's a better man when he gets re-elected. That kind of thing.
 
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