Unrealized gains and losses. Why only one way?

Democrat policy always starts “with the rich” but it never, ever will end there.

They want to know every transaction 600 or above… plus they want to take your money on ‘gains’ you never realized, because you didn’t sell any stock.

Now, what if I buy stock and the price plummets? Will I get tax credit? Of course not. It’s one way - and it’s all about taking your money.

I dont own much by way of stock at all, but it’s apparent that they are trying to un-motivate investors generally. It’s sickening and everyone should be worried.

 

Many of these policies don't make sense. It's often a way to separate those that have done well with their money and transfer it to those that have not (the voting base of the left). Then again, some of the richest elites are part of the left and support those policies (although they often have loopholes to avoid having to pay their "fair share").

 

The concern is not policy. The next POTUS can take care of that.

The concern is this is being attached to a reconciliation Bill (or possibly voted favorably and become part of a Bill) that will become LAW.

THAT is the danger.

 

The 6 month +1 day capital gains lookback....and the modification to same...is set aside in the proposed legislation. I would be much more concerned about non-cash assets. The language of the proposed legislation INCLUDES property increases via assessment. The property need not be sold, to trigger the taxation.

 

These members of Congress, grubbing for more money instead of trying to spend wiser, were largely the same undisciplined teenagers with parents shoveling money between them and personal responsibility at every opportunity.

 

Policy is the threat before it becomes law. But you are correct that the real danger is it being attached to that bill and passing. I'm fairly certain this particular idea will get tossed out (again because some of those with the biggest portfolios are leftists and they will want to protect themselves). However, whatever is in that reconciliation bill that will likely pass will not be favorable to most of the lower and middle class Americans.

 

That's as unfair as me billing the federal government for the unrealized benefits of taxes paid.

 

I am going to go out on a limb here, but do so hesitantly, because I don't want my post to come across as humblebrag or snobbery.
Having first hand knowledge, in 5 cases, of which one is upper echelon, I sadly, very sadly agree with you. It logically follows, that their associates that espouse the same immature behavior, could only have such a learned behavior from the experiences they had as teenagers.

 

It is actually worse, because those assessments that are done on your property, usually as a 3 year forward predictor, become a 1 year. That 9K 1040 cap becomes a lot more shaky, because at the 1 year lookback, your PITI is forward adjusted by the mortgage lender, and the insurance coverage requirement is also adjusted.

 

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Agreed. Of course it won't. The ENTIRE purpose of framing the Reconciliation Package in the manner being attempted, is the goldmine of trickledown taxes on the lower, middle and upper class, NOT asset adjusted Billionaires and Millionaires.

The language in this proposed Reconciliation Bill is as dangerous as the gold plated 2,300+ pages of the Affordable Care Act. NEITHER WILL GO AWAY, AND NEITHER WILL BE OVERTURNED VIA LEGISLATION REGIME CHANGE AND CONTROL.

Truth in editing: changed spelling to "lower".

 

I believe Nancy Pelosi said that the bill would be finished in a couple days. I’m curious how much the yearly unrealized “wealth tax” (aka hits more than half of the US) will take. Something like 2 percent would be one thing but we all know democrats will go money hungry on it.

Assumptively, there will be some catchy, ‘feel good’ name on the front of a thousand pages of utter garbage.

I hate these bills that are so thick not a single person knows what’s between page 5 and 2000…
We need to limit length on these bills so the lawmakers and the people know what’s in them.

even democrats don’t know what’s in their recent proposals. Nancy even said that even though Americans have no clue what’s in their plans, the “overwhelming majority” support it. Sure they do

 

This will just drive capital out of the country. It's nuts!

 

To me, the greater solution would be to force all proposed legislation to withstand a vote and pass or fail based on its own merits alone, and not be piggy-backed on other proposals to which it is not directly related. If handled that way, much of the special interest garbage that presently gets funded at the federal level would not even be walked in the door for consideration.

As our perverted system presently functions (dysfunctionally), people will not stop pushing their requests up to the federal government for funding unless it becomes unlikely to be approved on the coattails of some more worthy cause.

The federal government was created to meet only those needs that could not be met by the individual states alone, and so it should remain.

 

I thought the same thing, but look at the type of connections democrats have made. Everything is ‘budgetary’. If the left is good at anything, it’s redefinition. Marriage, man and woman, the history of our nation…

 

I hope everyone is seeing all the problems that direct taxation creates. We have a "pooling" of wealth due to tax policy and over-regulation that disrupts free-market operations. More of the same isn't the answer.

"Uh-oh! The shooting victim is bleeding out on the ground. Perhaps if we shoot him again, he'll recover."

 

Modern US government is a perversion of our founder's original intent.

Rather than being transparent enough for the average Joe to understand how his tax dollars are being spent, it's become all about opening new pipelines . . . income tax, social security tax, medicare tax, gas tax, estate tax, gift tax, tobacco tax, unemployment tax, property tax, sales tax, etc. and obscuring the supposed dedication of inflows to outlays.

The more different ways government taxes the people, the harder it becomes for the people to keep track of where their money goes, and to put up resistance.

The less our representatives have to focus on being responsible with our resources, the more they can focus on getting re-elected.

The last thing they want is for us to easily be able to account for how our tax dollars get spent.

Let's kick their arses out and send a message to their replacements! This is not a career . . . it's a stint!

 

Man, TC….. You are so on the mark. As a little guy that has to lie his head down and sleep nights, ever since I started business, I was always motivated to do the right thing. I pay a CPA $6000.00 a year to make sure I am doing right. In fact, once a year I ask him to audit my books and try to find something, somewhere that I have overlooked so I can get it paid before I receive a dreaded IRS letter…. Sadly, I don’t have the resources needed to hire tax attorneys to help me avoid paying so much tax. Even if I could afford them, I couldn’t use one. Again, I have to live inside my conscience…… If in fact this gross injustice takes place I am afraid my partnership with morality may end and I really can’t abide by that. I also cannot abide by the fed being that deep into my daily affairs.

 

This is my retirement vocation...until America is restored (or someone pops a cap in my ass).