Welcome to the Hardcore Husky Forums. Folks who are well-known in Cyberland and not that dumb.
The Government Is Coming For Your Money | Shocking New Plans
DerekJohnson
Administrator, Swaye's Wigwam Posts: 70,256 
https://www.youtube.com/watch?v=yI3rmlgw20sComments
-
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.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
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. -
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?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
-
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.1to392831weretaken said:
It's not about whether you've sold it. It's about whether you've bought it. As in the farm.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
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. -
Rich people will do what rich people do, and turn those profits into losses somehow and will actually cost the government money.
-
We are to believe the millionaires and billionaires in Congress are going to vote against themselves?
-
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.DerekJohnson said:
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.1to392831weretaken said:
It's not about whether you've sold it. It's about whether you've bought it. As in the farm.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
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.
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.1to392831weretaken said:
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.DerekJohnson said:
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.1to392831weretaken said:
It's not about whether you've sold it. It's about whether you've bought it. As in the farm.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
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.
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 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.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
-
All that money has been taxed many times.1to392831weretaken said:
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.DerekJohnson said:
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.1to392831weretaken said:
It's not about whether you've sold it. It's about whether you've bought it. As in the farm.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
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.
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?
Enough is enough
If the fuckwits knew how to spend it I might be interested
