(10-28-2021 12:18 PM)Was SoMs Eagle Wrote:  

(10-28-2021 08:21 AM)VA49er Wrote:  

(10-28-2021 07:17 AM)U_of_Elvis Wrote:  The cutoff for this is $100M in income for three years, or a billion in assets. The target for this is people who basically never get taxed. They take out loans against their assets until they die, then they give everything to a bogus foundation that their kids happen to run.

Stop spinning up fake outrage that they are going to tax your 401k.

I think a flat tax and getting completely rid of the rest of the tax code with a $10M limit on step up basis at death is a better path and don’t really like this, but this isn’t going to impact your 401k or house. And FYI you already pay taxes on unrealized capital gains on your house in the form of property taxes unless you are in a program that freezes your home assessment.

lol, if you think this will stop at just the "rich", there's not much anyone can say to convince you otherwise. This proposal will cripple the US. Better idea would just be maybe create a new tax bracket for the ultra wealthy. Taxing unrealized capital gains is beyond absurd.

What’s really absurd is idiots like Elvis thinking that the rich won’t l get around this ‘perfectly written’ law. After the Democrats are sent scurrying in the next election they will start screaming about fixing the loopholes.

You guys spent three pages fantasizing about how this impacts you without acknowledging the income and assets threshold that limits this to the .1 % and you’re calling me an idiot? Yeah, sure.

(10-28-2021 05:58 PM)U_of_Elvis Wrote:  You guys spent three pages fantasizing about how this impacts you without acknowledging the income and assets threshold that limits this to the .1 % and you’re calling me an idiot? Yeah, sure.

I don't think there is anyone on this board in serious danger of having to pay the tax him/herself. But that clearly does not mean that anyone will not be affected. When the flow of investment capital becomes one way out of the USA, there are going to be millions of jobs lost all over, and any one of us could be jeopardized by that.

(10-28-2021 05:58 PM)U_of_Elvis Wrote:  

(10-28-2021 12:18 PM)Was SoMs Eagle Wrote:  

(10-28-2021 08:21 AM)VA49er Wrote:  

(10-28-2021 07:17 AM)U_of_Elvis Wrote:  The cutoff for this is $100M in income for three years, or a billion in assets. The target for this is people who basically never get taxed. They take out loans against their assets until they die, then they give everything to a bogus foundation that their kids happen to run.

Stop spinning up fake outrage that they are going to tax your 401k.

I think a flat tax and getting completely rid of the rest of the tax code with a $10M limit on step up basis at death is a better path and don’t really like this, but this isn’t going to impact your 401k or house. And FYI you already pay taxes on unrealized capital gains on your house in the form of property taxes unless you are in a program that freezes your home assessment.

lol, if you think this will stop at just the "rich", there's not much anyone can say to convince you otherwise. This proposal will cripple the US. Better idea would just be maybe create a new tax bracket for the ultra wealthy. Taxing unrealized capital gains is beyond absurd.

What’s really absurd is idiots like Elvis thinking that the rich won’t l get around this ‘perfectly written’ law. After the Democrats are sent scurrying in the next election they will start screaming about fixing the loopholes.

You guys spent three pages fantasizing about how this impacts you without acknowledging the income and assets threshold that limits this to the .1 % and you’re calling me an idiot? Yeah, sure.

Do you actually think the folks in that .1% will sit idly by and just scratch out that 7-8 figure check?

Wouldn't they instead hop on their private jets and head on off to say, Oh Malta perhaps? Lichtenstein, Samoa maybe?

C'mon, man. Don't be dumb.

(10-28-2021 08:21 AM)VA49er Wrote:  

(10-28-2021 07:17 AM)U_of_Elvis Wrote:  The cutoff for this is $100M in income for three years, or a billion in assets. The target for this is people who basically never get taxed. They take out loans against their assets until they die, then they give everything to a bogus foundation that their kids happen to run.

Stop spinning up fake outrage that they are going to tax your 401k.

I think a flat tax and getting completely rid of the rest of the tax code with a $10M limit on step up basis at death is a better path and don’t really like this, but this isn’t going to impact your 401k or house. And FYI you already pay taxes on unrealized capital gains on your house in the form of property taxes unless you are in a program that freezes your home assessment.

lol, if you think this will stop at just the "rich", there's not much anyone can say to convince you otherwise. This proposal will cripple the US. Better idea would just be maybe create a new tax bracket for the ultra wealthy. Taxing unrealized capital gains is beyond absurd.

Just like the Alternative Minimum Tax was only supposed to affect a 155 households when it was passed. in 2017, prior to Trump's tax cuts it affected millions.

(10-29-2021 10:05 PM)copycat Wrote:  

(10-28-2021 08:21 AM)VA49er Wrote:  

(10-28-2021 07:17 AM)U_of_Elvis Wrote:  The cutoff for this is $100M in income for three years, or a billion in assets. The target for this is people who basically never get taxed. They take out loans against their assets until they die, then they give everything to a bogus foundation that their kids happen to run.

Stop spinning up fake outrage that they are going to tax your 401k.

I think a flat tax and getting completely rid of the rest of the tax code with a $10M limit on step up basis at death is a better path and don’t really like this, but this isn’t going to impact your 401k or house. And FYI you already pay taxes on unrealized capital gains on your house in the form of property taxes unless you are in a program that freezes your home assessment.

lol, if you think this will stop at just the "rich", there's not much anyone can say to convince you otherwise. This proposal will cripple the US. Better idea would just be maybe create a new tax bracket for the ultra wealthy. Taxing unrealized capital gains is beyond absurd.

Just like the Alternative Minimum Tax was only supposed to affect a 155 households when it was passed. in 2017, prior to Trump's tax cuts it affected millions.

They start these plans off to tax the rich, using momentum gained by common peoples knowledge that the rich pretty much avoid any meaningful tax on their wealth one way or another.

Once it gets passed, and the rich find ways around it, they will use the basic platform passed to move it on down to the lower ranks using the logic that, " its already the law, we are just making adjustments to it in order to pay for x, y, or z program" that we simply CAN'T live without.

And then it will be there until Republicans overturn it, with dems screaming that Republicans are letting the rich h off scott free again.

We all need to face it. The wealth in this country isn't taxed, the rich don't pay crap, and they never will. There's nothing any of us can do about it. They run us. They own us.

If we find a way to tax them, they will move all of their money out of the country and collapse the economy and not care. If they still live here and we try to tax their overseas holdings, they will buy citizenship of some other country and dodge taxes that way.

Oh HEL7L NO!!!!

I had a friend come speak to my class yesterday. In the course of his speaking, he indicated that he does a lot of foreign sales, and runs his money through Luxembourg. He stated that the arrangement costs him about $350,000 a year to maintain. That's a small measure of how far people will go to minimize their legal tax obligations. Do something like Yellen is proposing, and money will skedaddle in a heartbeat.