posted by gut

I mean, nothing surprises me anymore but really WaPo?!?

Haven't done any research, but just the premise makes me say "fake news".  I haven't seen anything this ridiculous be true in, like, forever.

I mean wapo is a liberal love letter. So if they have a problem then it must be an issue. Here is a link for WSJ too. I don’t necessarily believe it, but some liberals definitely want it. Not sure why you’re so skeptical, have you heard these fucks?

https://www.wsj.com/articles/biden-administration-in-talks-to-pay-hundreds-of-millions-to-immigrant-families-separated-at-border-11635447591

posted by gut

Biden's new $1.75T plan.....$550B+ on climate change, but not one penny for nuclear.

I really hope someone is tracking all these "green" handouts to see how much money is being kicked back to state and federal officials.

One thing is for certain the "Big Guy" is going to get his 10%.

posted by Fletch

Except the 100,000+ ballots in a few states that were illegal????

Yeah, okay, sure.

posted by iclfan2

I mean wapo is a liberal love letter. So if they have a problem then it must be an issue.

I get that.  Just that the story seemed so absurd that it couldn't possibly be true.  LOL, I guess I was wrong.

And it makes me say, again, that "moderate" Biden can't actually be in charge.

posted by QuakerOats

It applies to people with $1 billion in assets, so the $1,000 stock is not a very good example.  

It's still absurd. It's also likely to trickle down to us proles eventually. The federal income tax was only supposed to be temporary and applied to the rich. Now the feds get at least 20% of most income earned.

posted by Dr Winston O'Boogie

It applies to people with $1 billion in assets, so the $1,000 stock is not a very good example.  

If they want to be really evil, they'll also institute to that trading tax....that way, they hit you again when you have to liquidate some shares to pay the capital gains tax.

Otherwise, it is mostly a nuisance.  The $1k example was a horrible example - a stock that doubles and then goes back down is not a "taxable 100% unrealized gain", it's 0.  And if you got taxed one year and it went down the next, then you'd have a capital loss to offset other gains.

But it definitely DOES cost you money if you pay unrealized gains every year.  That can grow to a significant hidden tax because you no longer benefit from the bulk of investment gains on those deferred capital gains taxes.

posted by justincredible

It's still absurd. It's also likely to trickle down to us proles eventually. The federal income tax was only supposed to be temporary and applied to the rich. Now the feds get at least 20% of most income earned.

Yes, but we have more submarines than the rest of the world  put together.

posted by Dr Winston O'Boogie

Yes, but we have more submarines than the rest of the world  put together.

Also, roads.

posted by gut

If they want to be really evil, they'll also institute to that trading tax....that way, they hit you again when you have to liquidate some shares to pay the capital gains tax.

Otherwise, it is mostly a nuisance.  The $1k example was a horrible example - a stock that doubles and then goes back down is not a "taxable 100% unrealized gain", it's 0.  And if you got taxed one year and it went down the next, then you'd have a capital loss to offset other gains.

But it definitely DOES cost you money if you pay unrealized gains every year.  That can grow to a significant hidden tax because you no longer benefit from the bulk of investment gains on those deferred capital gains taxes.

The point was, if the stock doubles or goes up 5-fold, you would owe the tax at the end of the year, even though you didn't sell the stock.  And, if a year later it went back down to where you bought it originally, you're double screwed (the tax is already paid, and your investment tanked).  And, if it actually declined beneath cost price you can still only deduct up to $3k in capital losses per year, or offset that amount against gains, which is absolutely absurd.  

On top of all of it, it is money that was already taxed to begin with. 

To hell with BIG government. 

posted by QuakerOats

The point was, if the stock doubles or goes up 5-fold, you would owe the tax at the end of the year, even though you didn't sell the stock.  And, if a year later it went back down to where you bought it originally, you're double screwed (the tax is already paid, and your investment tanked).  And, if it actually declined beneath cost price you can still only deduct up to $3k in capital losses per year, or offset that amount against gains, which is absolutely absurd. 

But that's not how it will work for smart people.  Smart people will step up their basis at year end, so if the following year it tanks 80% they just paid taxes on, they will have offset ordinary income that is likely taxed at a higher rate than the capital gains they paid on the gain the year before.  And that's assuming no change to capital loss laws (which seems unlikely if they go this route).

In that scenario, the govt actually made you money. Because otherwise you probably watched it run up, and then crater, with absolutely nothing to show for it.

Taxing unrealized gains is beyond ludicrous.  Let's just stick with that. 

And being limited to deducting only $3k in losses is completely unfair as well, given that 100% of your realized gains are fully taxable. 

At what point do you pull him out..???..!!! pic.twitter.com/2W9Fo1RatV

— Thomas OConnor 🇺🇲 Born '62 🇺🇲 Only LEGAL VOTES (@TheyCallMeTomO1) October 31, 2021

posted by QuakerOats

And being limited to deducting only $3k in losses is completely unfair as well, given that 100% of your realized gains are fully taxable. 

But that's not really correct.  When you step up your basis, the loss the following year is ordinary income.  And you can carry forward, but the $3k is only limited to offsets of other ordinary income, not other investment income.  That is the essentially everything behind tax loss harvesting - the math just doesn't really work for larger accumulated capital gains because of the investment gains you'd lose on the govt's deferred taxes.

I'm not arguing this isn't double/triple taxation.  But it's really more of a timing issue than an actual tax increase.  Mainly an accounting trick to rig the books so that the 1.75T or whatever it is can be claimed "paid for".

You know who also had coded statements like Brandon? ISIS, the Klan, Nazi's...beginning to get the point?

— Joe Lockhart (@joelockhart) November 2, 2021

posted by justincredible

You know who also had coded statements like Brandon? ISIS, the Klan, Nazi's...beginning to get the point?

— Joe Lockhart (@joelockhart) November 2, 2021

He deleted it.

posted by justincredible

He deleted it.

lol man i hope so 

posted by justincredible

He deleted it.

The left has really played out the whole "racist Hitler fascism" thing every time someone disagrees with them. 

Apparently all they have is "don't vote for the racist"....that opposes $500k handouts to illegal aliens.

Wanting to tax the rich is a dem charade.

According to media reports, Democratic negotiators are working on a repeal of the SALT deduction cap for up to five years, which would cost $475 billion and give the richest 5% $400 billion in tax cuts.

— Bernie Sanders (@SenSanders) November 2, 2021

Jeff Bezos "the atmosphere seems so thin".  They all want our money.

And now they want to turn the national labor crisis into a total catastrophe with more insane government intrusion and the full force of the feds.

https://www.foxbusiness.com/politics/osha-vaccine-mandate-employers-jan-4-deadline-fines?test=9e09087a47e81204796d8449ad634201

Waited two days after the elections to roll out the dumb vaccine mandate. So if this forces the supply chain issues worse (supposedly truckers are against), what do they think will happen come November? And why would any legislator in a toss up election vote for the BBB bill after what happened in Virginia? 

posted by QuakerOats

And now they want to turn the national labor crisis into a total catastrophe with more insane government intrusion and the full force of the feds.

It will be interesting to see if this OSHA rule holds up in court.  I don't think it will.

Getting really irritating watching politicians and talking heads (on both sides) pick and choose which laws they uphold and which ones they'll ignore.

posted by iclfan2

Waited two days after the elections to roll out the dumb vaccine mandate. So if this forces the supply chain issues worse (supposedly truckers are against), what do they think will happen come November? And why would any legislator in a toss up election vote for the BBB bill after what happened in Virginia? 

I thought the OSHA plan had been out there for some time, but maybe not with an actual date?

As for BBB, they're doubling down - 4 weeks of family leave (as opposed to the 12 Biden wanted).  That seems like a big can of worms.  And they're also trying to get the SALT back in (which you can be sure directly benefits many blue state Dems).

SALT is about the only thing I'd get out of that bill, aside from a tax increase.  So I am kind of crossing the fingers on that one...

But, yeah, go ahead and pass $5T in "infrastructure" bills.  Going to be a lot of pissed off Americans in 2024 when none of the actual roads and bridges have been fixed.