BIDEN is now backing- INCOME TAX ON UN-REALIZED GAINS......

You’re absolutely right. He is not working for Americans. He is garbage.

One thing you are wrong on though. He definitely plans to increase income taxes on everyone, it’s not just the rich. It’s in this new bill. He plans on increasing taxes on tobacco as well. He also plans on creating new taxes on vape.

 

If a tax on the stock market of that magnitude were to actually happen you wouldn’t want to be in it when it does.

 

Even middle class people do that.

 

Jezus H Christ. Anyone that invests and has long term capital gains KNOWS that the most capital losses you can deduct from ordinary income is $3K per year. It's in the Internal Revenue Code.

The government taxes the hell out of you on gains, but if you lose, they limit your loss deduction to $3K per year, unless you have a future long term gain that you can offset with your long term losses.

It's Line 21, Schedule D. Considering I have a $1.02M tax loss carry forward and I just took a $3K deduction, yes it is a total crock of **** but the CPA is right and the so-called 'investors' are wrong.

 

A politician could never sell a tax bill telling the average voter they would pay. But if they encourage the belief that the wealthy don't pay their share and you will tax that small percentage of people lack the votes to punish that politician, while the people who aren't paying the bill but have the votes think it's just- and they provide a level of broad support.

That sets the precedent- later, they lower the threshold to include lower incomes. this is a common political strategy. New rule affect only businesses with 500 or more employees... and a few years later with 100. Then 50. Tax works the same way. The addiction to spending other people's money is as addictive to them as crack cocaine. They are never going to be frugal with money by choice.

 

Of course he does. Didn't think I said othewise- and people addicted to OPM (Other People's Money) don't care about those other people. They smell money, they go for it. If the protests aren't deafening- go for more.

 

Some years ago I had a stock loss to deduct, and I learned that from my accountant too. I said- Wait a minute~ They want to tax it all right now if I am successful, but want to buffer the loss of taxes to them if I lose?
"Yes, that's the way the law works". NO. That may be what it requires- but that's not working, it's stealing legally.

More of the public should be aware of such shenanigans and stop buying the idea that wealth is poorly taxed and has unfair breaks.

 

I'm sure HR Block knows all those flaws in the tax codes.

 

Here's another odd tax law. Give to charities and deduct it from your gross income. Should our government be in the business of promoting charities at the loss of tax revenue?

 

Weird that you reference deductions low income earners get back every year to try to suggest they pay more than the rich.

Holy dishonest games batman.

 

Agreed, but what I have done is sell some other assets with capital gains to use up some of the losses and then reinvest in something something similar

Though 1m is a lot to cover in a loss

It is even worst at a state level (at least in PA), they don't even give you 3K of losses

 

Only if you itemize which penalizes the middle class that are more likely to use the standard deduction

and I agree on your sentiment

 

It's a very odd perspective that people being afforded a "tax brake" are depending on everybody else to cover the cost... yet people with zero or near zero tax liabilities aren't straining the system and expecting everybody else to cover it.

How do you reconcile that?

 

Wealth is a reference to total assets acquired over a period of time. Money and wealth are not interchangeable terms. There was a family here in town that is house poor. They inherited a huge house from the dad's parents. And decided they'd just live there rather than sell it. The trouble is they themselves were never particularly successful and had blown the cash that came with the house on maintenance costs.

The house after a few more years was eating most of their money for utilities maintenance and of course property taxes. Their wealth, by the time they finally gave up and sold the place, was more than a million dollars. But they lived like paupers.

 

Yep the stock market would drop so fast it would make 1929 look like a good year.

 

Why would you think so?

 

Double taxation is unconstitutional.

 

You’re dang right

 

The demoncrats remind me of the sheriff of Nottingham

 

This really should be getting more attention. This will drive investment away from the US and into other countries. Unrealized gains are not just in the stock market. It’s in asset worths as well. Demoncrats are completely off their rocker. This will destroy innovation in America

 

Said correctly would be Biden is backing income tax on non-income. That would not be constitutional and a problem for the Democrats if they gave the Constitution anything other than short shrift.

 

It will do more than destroy innovation; it will destroy private production, which will make most Democrat politicos completely satisfied.

 

If you are paying a mortgage you can deduct the interest paid if over a certain amount and then you can itemize other expenses.

 

Sarcasm dude.

 

To say nothing of home ownership.