The Government Is Coming For Your Money | Shocking New Plans

AtomicPiss

https://www.youtube.com/watch?v=yI3rmlgw20s

AtomicPiss

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

1to392831weretaken

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

ntxduck

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

Link to an actual source? Is this referring to the wyden idea that has no chance of going anywhere and isn’t included in any admin plans?

AtomicPiss

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

greenblood

Rich people will do what rich people do, and turn those profits into losses somehow and will actually cost the government money.

doogie

We are to believe the millionaires and billionaires in Congress are going to vote against themselves?

1to392831weretaken

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

Doog_de_Jour

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

This stuff really grates my cheese. People shouldn’t have to essentially be forced to sell the thing they’ve inherited to pay fucking taxes.

Doog_de_Jour

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

This definitely could fall prey to the law of unintended consequences. I think you already see some super shady appraisals of houses for property tax purposes, so local governments can get more money in their coffers.

RaceBannon

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

All that money has been taxed many times.

Enough is enough

If the fuckwits knew how to spend it I might be interested

AtomicPiss

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

why should "Junior" or any inheritor have to pay anything?

AtomicPiss

RaceBannon said:

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

All that money has been taxed many times.

Enough is enough

If the fuckwits knew how to spend it I might be interested

Exactly. Why should the government get to wet its beak yet again?

Doog_de_Jour

RaceBannon said:

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

All that money has been taxed many times.

Enough is enough

If the fuckwits knew how to spend it I might be interested

Yes!

What’s more is they’d be killing any hope for economic upward mobility for lower and middle classes and de-incentiving investment. Very few people are getting rich off of labor these days.

Sources

DerekJohnson said:

RaceBannon said:

1to392831weretaken said:

DerekJohnson said:

1to392831weretaken said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

It's not about whether you've sold it. It's about whether you've bought it. As in the farm.

A study concluded that the change in capital gains rates would actually cost the federal government money because more wealthy people would choose to pass on gains to heirs after they die. It would raise money if this loophole were eliminated.

The proposed change would be a huge blow to rich dead people. I think they'll manage.

Mark Moss gives an example of someone who inherits a property that has gone way up in value, and they will be taxed on the gain even if they the inheritor did not sell it or buy it.

That's one way to look at it, I guess (which I'm still fine with). The other way would be that the deceased's estate is taxed prior to the asset being passed on. If required, assets are converted to cash via sale in order to pay.

Haven't watched the video, but what I gather from your brief summary of that example, it's only even an example worth mentioning in the rare case that the deceased's estate consists of a single asset--perfect example being a house.

So Gramps has a sweet house that's paid off and worth a million (let's assume he's owned it long enough that he paid essentially zero for it), but he has no savings or other assets easily converted to cash from which Uncle Sam could garnish the "death tax," as Frank Luntz would love you to call it. Now Junior inherits a million dollar house but has to fork over $400K in taxes first (pulling these numbers out of my ass, obviously).

And? The only hardship here is the effort it takes to put a house on the market and close a sale. Which, nowadays, is exactly zero effort. Junior just inherited $600K cash minus real estate fees (which would probably be deductible). I'm supposed to feel sorry for Junior?

All that money has been taxed many times.

Enough is enough

If the fuckwits knew how to spend it I might be interested

Exactly. Why should the government get to wet its beak yet again?

Because the have nots hate being the have nots

1to392831weretaken

I don't understand why middle class people would support economic policies that are basically an aristocracy creation instruction manual.

My friend's dad and mom both died of cancer a couple of years apart. He's down at his mom's funeral as I type this. He inherited a used car. How is this less of a bummer than Trust Fund Teddy having to pay taxes on inherited millions? The majority of people in this country don't even receive an inheritance that would pay for a single year of retirement. The average inheritance is $300K and the median is far lower. You can do the math on what that means (hint: massive inheritances for few, tiny inheritances for most).

TTTT, I know, but I find it odd that the party that tells poor uneducated people to get off the government teet and pull themselves up by the bootstraps suddenly gets the vapors at the suggestion that rich people should also earn their money instead of inheriting it. My plan is to earn my own fucking money; I don't need any from Daddy.

I'm no tax lawyer or accountant or whatever, but my understanding is that there's already an inheritance tax, and this change only eliminates the step up in basis. Meaning the inheritor pays taxes on both the value of the asset and the untaxed capital gains on that asset over the deceased's ownership. It's only eliminated for value over $1 million for individuals and $2.5 million for married couples.

If my wife and I have to pay capital gains taxes on what is essentially a gift that's valued at significantly over $2.5 million, I'll be back here to request that you all feel super sorry for me. I'll be strong and fight through the tears as I struggle through typing said plea for condolences.

Doog_de_Jour said:

What’s more is they’d be killing any hope for economic upward mobility for lower and middle classes and de-incentiving investment. Very few people are getting rich off of labor these days.

If the only hope of upward economic mobility is inheritance, you have far bigger things to complain about. It's exactly things like helping the rich get richer by allowing massive untaxed inheritance that created that situation. Besides, with rare exception, this doesn't affect lower and middle class people. Not enough to boost them into a different economic strata. We're talking about people dying in possession of appreciating assets worth millions of dollars. How many such people have kids who are poor? And if so, what's their excuse? Why should I feel sorry for this tiny class of poor people with rich parents but yell "BOOTSTRAPS!" to the millions of poor people who will receive little to no inheritance at all?

And I completely disagree on de-incentivizing investment. I don't understand why it wouldn't do the exact opposite. If passing on your Scrooge McDuck swimming pool of gold down to your children is just going to result in Uncle Sam taking it, I'd think there would be an incentive to actually do something with it instead. Many such things create and/or support jerbs.

And if all of this isn't enough, I'll just end with this: Somebody has to pay the bills. I'd rather it be dead people than me.

1to392831weretaken

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

And, again, no. If a $100K asset goes up to $150K, Biden wants to tax nothing extra. If a $10 asset goes up to $1 million, Biden wants to tax nothing extra. If grandpappy traded a candy bar in ought-nineteen for an asset now worth $2.5 million, Biden wants you and your filing-jointly wife to pay nothing extra.

If you inherit a Malibu mansion your dad purchased for $10 million and it's now worth $20 million, your dad's going to have to pay his capital gains before he posthumously gives it to you. And I'll light a candle for your suffering.

Bob_C

Doog_de_Jour said:

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

This definitely could fall prey to the law of unintended consequences. I think you already see some super shady appraisals of houses for property tax purposes, so local governments can get more money in their coffers.

Good point. Last trade of the day on 12/31 will magically be a high mark.

RatherBeBrewing

On a non related matter, time to check in on my parents and my girlfriend’s parents health before this passes.

oregonblitzkrieg

Stop paying taxes. The Rothschild Federal Reserve Central Bank is illegal. The IRS is illegal. The USA Corporation of the City of London is illegal.

oregonblitzkrieg

DerekJohnson said:

Biden Administration wants to tax unrealized gains of assets. If $100k asset goes up to $150k, Biden Admin wants to tax that $50k, EVEN IF YOU HAVEN'T SOLD IT

Make Biden, who is dead, he has been cloned - make his 'government,' which is being run from a bunker in Central Europe, partake in unrealized losses, if he wants to tax unrealized gains. No risk, no reward.