Well, the good news is that it won't effect anybody on this board since it would apply only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains).

Well, maybe Dr. Easter since he constantly reminds all of us how financially successful he is....what about it Lane? You in the $100,000,000 club? I bet you're really sweating this one out.

Here's some more reality:

>>>>Reality check: This only would impact a small subset of America's wealthiest people, and most tech founders and investors would be spared.

What to know: Harris didn't release a new tax plan. Instead, her campaign said it agrees with a series of items in President Biden's last budget proposal, the most relevant of which were nonstarters in Congress and didn't become law.

This includes the new tax on unrealized capital gains.

It applies only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains). Payments can be spread out over subsequent years.
Within that $100 million club, you'd only pay taxes on unrealized capital gains if at least 80% of your wealth is in tradeable assets (i.e., not shares of private startups or real estate). One caveat for this illiquid group is that there would be a deferred tax of up to 10% on unrealized capital gains upon exit.

In short, it would not apply to most startup founders or investors. If any group should be tweeting mad face emojis, it's top hedge fund managers.<<<<<

https://www.axios.com/2024/08/...ed-capital-gains-tax

Much ado about nothing because No. 1, it almost certainly will not happen. And, no. 2, if it does 99.99% of US citizens won't be affected by it.

100%…I don’t like it, don’t want it, and am worried about it.

All my friends in 100 million club are stressed as well Lane

It's the thought that it would even be considered that matters.

Anyone talking about imputed income things like your parking spot at work?

All govt taxes are first sold as affecting only folks other than you. Then they creep to punish every damn body. Camel’s nose under the tent.

The real truth is that our government is run so inefficiently and we don’t even try to pay our debts. Vice President Harris and the other socialist/progressives want to double down by spending more money for crap that demonstrably does not do anybody any good (except for the sheep who think there’ll never be accountability.)

Somebody please tell me what is the overpowering need to spend more money that requires us to confiscate individual’s accumulations ( on much of which taxes already been paid before investment).

We, as a nation, are probably passed the point of an immediate balanced budget, but I think it should be a goal that a president could make in two terms.

Why is there such a fear of that?

So 87,000 armed IRS agents are just for the $100 million club?

Right?

quote:

Originally posted by ledvm:
100%…I don’t like it, don’t want it, and am worried about it.

I am 100 percent for it. It is long over do.

quote:

Originally posted by LHeym500:

quote:

Originally posted by ledvm:
100%…I don’t like it, don’t want it, and am worried about it.

I am 100 percent for it. It is long over do.

So, grandma's on retirement from their life long investments need to pay taxes three times, to pay for misadventures and malfeasance.. good plan

This is a LIE. One of the Dems Mouth Piece was on Hannity and he ASKED HER if this Plan would affect ANYONE that makes LESS THAN 400 Thousand. He had to Ask Her twice and she finally said YES BU!!

quote:

Originally posted by jeffeosso:

quote:

Originally posted by LHeym500:

quote:

Originally posted by ledvm:
100%…I don’t like it, don’t want it, and am worried about it.

I am 100 percent for it. It is long over do.

So, grandma's on retirement from their life long investments need to pay taxes three times, to pay for misadventures and malfeasance.. good plan

Poor Grandma, pulling in a 100 million a year and being taxed to death.

I think I hear the world's smallest violin playing a sad song.

quote:

Originally posted by jeffeosso:

quote:

Originally posted by LHeym500:

quote:

Originally posted by ledvm:
100%…I don’t like it, don’t want it, and am worried about it.

I am 100 percent for it. It is long over do.

So, grandma's on retirement from their life long investments need to pay taxes three times, to pay for misadventures and malfeasance.. good plan

The only grandma's effected by the proposal are the ones who have $100,000,000.....and, 80% of her wealth is in tradeable assets.

quote:

Originally posted by JudgeG:
All govt taxes are first sold as affecting only folks other than you. Then they creep to punish every damn body. Camel’s nose under the tent.

The real truth is that our government is run so inefficiently and we don’t even try to pay our debts. Vice President Harris and the other socialist/progressives want to double down by spending more money for crap that demonstrably does not do anybody any good (except for the sheep who think there’ll never be accountability.)

Somebody please tell me what is the overpowering need to spend more money that requires us to confiscate individuals, accumulations ( on much of which taxes already been paid before investment).

We, as a nation, are probably passed the point of an immediate balanced budget, but I think it should be a goal that a president could make in two terms.

Why is there such a fear of that?

The last time the budget was balanced, part of the legislation that made it happen was a tax increase on the wealthiest 1.2% of Americans.

Something like 70% of all stocks are in funds, funds owned by retirement schemes...

You aren't thinking that the funds will just eat the extra taxes, are you?

quote:

Originally posted by Aspen Hill Adventures:
So 87,000 armed IRS agents are just for the $100 million club?

Right?

No, they are coming to get you.

If I ever see a Republican Congress or president who cuts spending, I'll doubt that new taxes are necessary.

Otherwise, "Cut! Cut! Cut!" is nothing but empty rhetoric.

Remember, taxes on the super-rich were over 90 percent by the end of WW II and in the '50s. They weren't disincentivized from making more money.

quote:

Originally posted by JudgeG:
All govt taxes are first sold as affecting only folks other than you. Then they creep to punish every damn body. Camel’s nose under the tent.

The real truth is that our government is run so inefficiently and we don’t even try to pay our debts. Vice President Harris and the other socialist/progressives want to double down by spending more money for crap that demonstrably does not do anybody any good (except for the sheep who think there’ll never be accountability.)

Somebody please tell me what is the overpowering need to spend more money that requires us to confiscate individuals, accumulations ( on much of which taxes already been paid before investment).

We, as a nation, are probably passed the point of an immediate balanced budget, but I think it should be a goal that a president could make in two terms.

Why is there such a fear of that?

Didn't DJT say he would eliminate the national debt in two terms?

quote:

Originally posted by jeffeosso:
Something like 70% of all stocks are in funds, funds owned by retirement schemes...

You aren't thinking that the funds will just eat the extra taxes, are you?

I expect that mutual funds will be exempt.

quote:

Originally posted by ANTELOPEDUNDEE:

quote:

Originally posted by jeffeosso:
Something like 70% of all stocks are in funds, funds owned by retirement schemes...

You aren't thinking that the funds will just eat the extra taxes, are you?

I expect that mutual funds will be exempt.

And I expect it's a total nonstarter.. but it is as written

Dems have been trying to tax and or confiscate 401k since "everyone" became millionaires.."it's not FAIR" they say

Governments formed by either party can be relied upon to do two things. They will tax, and they will spend. Both sides will primarily tax the productive working class, they will spend on their pet projects, their friends, and those they consider to be their base. Either side will embrace waste as a virtue, as long as it benefits them. Neither side will put the welfare of the nation ahead of their own welfare. They all make me want to puke. Regards, Bill.

quote:

Originally posted by Bill Leeper:
Governments formed by either party can be relied upon to do two things. They will tax, and they will spend. Both sides will primarily tax the productive working class, they will spend on their pet projects, their friends, and those they consider to be their base. Either side will embrace waste as a virtue, as long as it benefits them. Neither side will put the welfare of the nation ahead of their own welfare. They all make me want to puke. Regards, Bill.

Blame the citizens, who want support, services, and facilities without paying for them.

When they play to a citizenry like ours, it's probably hard for politicians not to lie.

Yes. Bread and circuses are hard to fund, when the consumers of same figure out they can vote for more....

Hmm, let's see... ROME.. Rome saw and recognized this as problematic

But those "entitlements" aren't actually a huge portion of the spend

quote:

Say, did you ever find refuting data that we haven't had an APPROVED national budget since 2009 which was submitted and approved under Bush ii

I never tried to refute it because I knew it's true. Where did I ever say that statement is false?

Next time be more original.

Does grandma's retirement fund have $100 million?

What are you reading man? Seriously?

I actually think you just lied to deflect.

Here, watch this so you understand the issue & the game being played by the super rich.

https://www.youtube.com/watch?v=Gqlbn2nPO-A

quote:

Originally posted by jeffeosso:

quote:

Originally posted by LHeym500:

quote:

Originally posted by ledvm:
100%…I don’t like it, don’t want it, and am worried about it.

I am 100 percent for it. It is long over do.

So, grandma's on retirement from their life long investments need to pay taxes three times, to pay for misadventures and malfeasance.. good plan

quote:

Originally posted by jeffeosso:

quote:

Originally posted by ANTELOPEDUNDEE:

quote:

Originally posted by jeffeosso:
Something like 70% of all stocks are in funds, funds owned by retirement schemes...

You aren't thinking that the funds will just eat the extra taxes, are you?

I expect that mutual funds will be exempt.

And I expect it's a total nonstarter.. but it is as written

Dems have been trying to tax and or confiscate 401k since "everyone" became millionaires.."it's not FAIR" they say

I don't know about the truth of any of that but I do know that ain't what is going on here. It's a pretty straightforward proposal, I've repeated it a couple of times. Grandma's retirement isn't in any danger and neither is anybody else's...including the folks who would have to pay the tax in the unlikely event that it is ever made a part of the tax code. They have hundreds of millions of dollars and will be just fine.

It's very difficult for me to understand why republicans are so focused on protecting the rich yet could care less about anybody else.

quote:

Originally posted by Nakihunter:
Does grandma's retirement fund have $100 million?

Yes, naki, grandma's retirement fund (various vanguard and fidelity accounts) could easily be grater than $100m

Which would be taxed and tada... there is the problem.

I had thought you an interesting partner for discussions.. but I can see I was wrong g

I have posted this many times in the last 10 plus years.

1. The super rich make more money at a faster rate during recession and a slow economy. The government stats are available for all to see.
2. The RATE at which they make money is also FASTER. Yes it is true. During a dull economy the poor & middleclass and even the reasonably well off people will lose wealth and this wealth gets transferred to the super rich and at a very fast rate!
3. Therefore it is simple logic that the super rich do not want a good booming economy. Why would they want a booming economy when they make more money at a faster rate during a recession.
4. In the last 50 years, The US economy has done better under Democratic presidents than Republican. Yes this is true. Just check your stats.
5. In the last 50 years Democratic administrations have created 50 million jobs to 1 million jobs under Republican administrations. Again, check your stats.

Read this too - https://www.imf.org/external/p...d/2015/06/bakker.htm

Slimy slippery worm.

That is not her money you liar. And it is not what the policy says.

quote:

Originally posted by jeffeosso:

quote:

Originally posted by Nakihunter:
Does grandma's retirement fund have $100 million?

Yes, naki, grandma's retirement fund (various vanguard and fidelity accounts) could easily be grater than $100m

Which would be taxed and tada... there is the problem.

I had thought you an interesting partner for discussions.. but I can see I was wrong g

quote:

Originally posted by Nakihunter:
Slimy slippery worm.

Man, I don't care what you call yours, but I don't wanna know about it

Are you actually stupid enough to think the taxes on her fund won't be passed on to her?

But, hey, I am so amused at an economic refugee from a 3rd country, hiding out I. A 4th country, telling me about the intricacies of American mutual funds and taxation....

It's cute... once

quote:

Originally posted by jeffeosso:

quote:

Originally posted by Nakihunter:
Does grandma's retirement fund have $100 million?

Yes, naki, grandma's retirement fund (various vanguard and fidelity accounts) could easily be grater than $100m

Which would be taxed and tada... there is the problem.

I had thought you an interesting partner for discussions.. but I can see I was wrong g

I'm missing something here, I guess. Are you saying that the proposal applies to mutual funds that haven't been disbursed? That the IRS is going to tax mutual funds where Grandma has her retirement at the higher level even though Grandma's share is only worth $100K and she hasn't received it yet?

Is that the position you're asserting?

You know better Mike. That grandma's 100k is going to have a "fee" that covers her share of the LTCG tax.. which is basic math

quote:

Originally posted by jeffeosso:
You know better Mike. That grandma's 100k is going to have a "fee" that covers her share of the LTCG tax.. which is basic math

No, actually I don't and that's probably my fault. You're saying that the robber baron hedge fund guys are going to pass their tax obligation under the proposal on to Grandma?

And, since that's the case, we should just let them continue to pay taxes on their hundreds of millions of dollars in income at the same rate, or less, than the rest of us schmucks? And, that none of that can be taken care of via carefully crafted legislation designed to prevent it?

Long term capital gains tax already exists.

quote:

Originally posted by jeffeosso:
Long term capital gains tax already exists.

Not asking you that.

Are you saying that Grandma in the hedge fund pays the tax under the current proposal? Grandma with the $100K in the hedge fund pays the tax? Or the hedge fund manager who makes a hundred million a year off all the Grandma's pays the tax?

You know the answer man. You're misrepresenting the proposed legislation.

In order to protect the folks that make $100,000,000 a year. That's some straight-up republican bullshit.

It represents financial illiteracy, period. Anyone who would suggest it has no idea how finance and financial markets work. Anyone who would defend it doesn't either.

quote:

Originally posted by P. Jilek:
It represents financial illiteracy, period. Anyone who would suggest it has no idea how finance and financial markets work. Anyone who would defend it doesn't either.

Why? Because finance and financial markets protect the people that make $100,000,000 a year? Right?

Explain.

You are a stinking slippery PARASITIC worm.

Just answer the questions above.

I pay my taxes as a significant contributor to society.

You and your fellow MAGA crowd on the other hand are a parasitic worms that leach from the hardworking middleclass.

quote:

Originally posted by jeffeosso:

quote:

Originally posted by Nakihunter:
Slimy slippery worm.

Man, I don't care what you call yours, but I don't wanna know about it

Are you actually stupid enough to think the taxes on her fund won't be passed on to her?

But, hey, I am so amused at an economic refugee from a 3rd country, hiding out I. A 4th country, telling me about the intricacies of American mutual funds and taxation....

It's cute... once

I didn't see a question in your juvenile tirade...

But, hey, I am glad you, as an economic refugee, are following the rules of the country harboring you.

Good job, gold star


You think school taunts are effective? Well, they say some people never mentally age
/mature after about 12 or so, sometimes 16


Yay naki, full points

quote:

Originally posted by JudgeG:
All govt taxes are first sold as affecting only folks other than you. Then they creep to punish every damn body. Camel’s nose under the tent.

The real truth is that our government is run so inefficiently and we don’t even try to pay our debts. Vice President Harris and the other socialist/progressives want to double down by spending more money for crap that demonstrably does not do anybody any good (except for the sheep who think there’ll never be accountability.)

Somebody please tell me what is the overpowering need to spend more money that requires us to confiscate individual’s accumulations ( on much of which taxes already been paid before investment).

We, as a nation, are probably passed the point of an immediate balanced budget, but I think it should be a goal that a president could make in two terms.

Why is there such a fear of that?

Hear! Hear!

Well written, the children won't like it but the truth sometimes hurts......they much more interested in immediate consumption and gratification......one day they will starve....


.

quote:

Originally posted by jeffeosso:
I didn't see a question in your juvenile tirade...

But, hey, I am glad you, as an economic refugee, are following the rules of the country harboring you.

Good job, gold star


You think school taunts are effective? Well, they say some people never mentally age
/mature after about 12 or so, sometimes 16


Yay naki, full points

You're on a roll!