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Posted: 1/20/2021 5:58:01 AM EDT
[#1]
Well, that's one way to kill retirement accounts and force people even further onto the Dole. Makes me wonder if I've been stupid putting as much of my income into it as I have (20%).
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Posted: 1/20/2021 6:00:57 AM EDT
[#2]
Quote HistoryQuoted: Taxing unrealized gains  See? The Federal Government has confidence in you!!! Aren't you happy? |
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Posted: 1/20/2021 6:07:29 AM EDT
[#3]
but corporations and the wealthy, which both benefited from 2017 Republican tax cuts "need to pay their fair share." For someone who is supposed to be non-political, that sounded rather partisan. |
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Posted: 1/20/2021 6:31:50 AM EDT
[#4]
I expect to (re)hear the phrase "imputed income" from the glory days of Bill Clinton.
History refresher: A proposal was floated, as a way to "create" new revenue for the government where by your home could be taxed base on it's value vs what it could be rented or sold for. Not ACTUAL income but imputed income. Example: You bought your McMansion in California for $300,000 when Carter was fucking things up. Bill comes along & that McMansion is worth $800,000. TA DA you get to pay taxes based on $500,000 increased value of your house even if you don't sell or rent. |
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Posted: 1/20/2021 6:35:22 AM EDT
[#5]
Quote HistoryQuoted: That won’t completely tank the stock market. Quote HistoryQuoted: Quoted: Taxing unrealized gains That won’t completely tank the stock market. For the majority of middle-class investors, which there are a lot of thanks to Robbin Hood type of apps and easy investment platforms, if you have to pay that tax you are going to have to sell some of the shares you own to pay it, not all of them but depending on what you invested in might be more than 50%. What that does to the stock market is not 100% known, but it will suck for a lot of companies as "holders" will increase the supply of shares available on the market. What we do know is when we have a huge sudden increase in supply (people are forced to sell the shares in order to pay the tax) and little demand (no one is buying the shares), the price of that companies shares will go down, rapidly. It is complicated because you can offset your gains and losses so everyone's accounting situation is different. The argument to do this is by putting an income threshold on the unrealized gain tax, say $500K a year, Yellen can say that she is only "taxing the rich". The problem starts when two-income households who are earning over $500K but have debt up to their eyeballs, as the majority of the western civilization does, have to pay a new tax and they have no cash to pay it, so they are forced to sell the shares... People who invested in crypto years ago will be easy targets, as will all those happy people who bought Tesla 3 years ago. It is fucking bullshit and a way to pay for bad economic policies of the past and keep corrupt politicians from being voted out due to the current bad economic situation. Yellen can't run from the debt, but she can kick the can down the road for 4 more years so another Democrat is elected. $27,000,000,000,000 is a big fucking bill. |
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Posted: 1/20/2021 6:42:00 AM EDT
[#6]
Quote HistoryQuoted: Within 6 months, the media will be harping non-stop about how fantastic the economic recovery has been under Biden, despite the absolute disaster he inherited from Trump. They'll say it's a miracle that Biden has been able to bring us back from the brink of total collapse. To be fair, Trump did the same thing, claiming he inherited an economic disaster, despite being handed an economy that had seen 7 years of solid growth. Trump continued the growth, at a slightly higher pace than Obama, but that was fueled in part by a giant tax cut that we didn't cut any spending for. |
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Posted: 1/20/2021 6:46:44 AM EDT
[#7]
Quote HistoryQuoted: How many will regret their vote after this comes to fruition? I have my doubts only because this will be painful for d donors. Biden’s still old school and won’t go completely there Anyone stupid enough to vote for Biden don't have reasoning enough to regret shit. |
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Posted: 1/20/2021 6:52:09 AM EDT
[#8]
So can I take an unrealized capital loss.
I can sure think of own a lot of turds that offset the unrealized gains. Some of these politicians are absolute fucking idiots. FWIW all money will be taken out of everything and ‘matressed’. |
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Posted: 1/20/2021 6:58:14 AM EDT
[#9]
Quote HistoryQuoted: Uh, we've been on life support since 2008. This guy pays attention. |
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Posted: 1/20/2021 7:39:02 AM EDT
[#10]
Quote HistoryQuoted: Taxing unrealized gains How does that play out? Start dumping stock to cover taxes, incure more liability due to realized gains, dump more stock,... DJIA drops to tree fiddy. |
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Posted: 1/20/2021 7:47:08 AM EDT
[#11]
Quote HistoryQuoted: How does that play out? Start dumping stock to cover taxes, incure more liability due to realized gains, dump more stock,... DJIA drops to tree fiddy. Quote HistoryQuoted: Quoted: Taxing unrealized gains How does that play out? Start dumping stock to cover taxes, incure more liability due to realized gains, dump more stock,... DJIA drops to tree fiddy. The special ed kids are in charge.............. |
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Posted: 1/20/2021 7:50:11 AM EDT
[#12]
Quote HistoryQuoted: To be fair, Trump did the same thing, claiming he inherited an economic disaster, despite being handed an economy that had seen 7 years of solid growth. Trump continued the growth, at a slightly higher pace than Obama, but that was fueled in part by a giant tax cut that we didn't cut any spending for. Quote HistoryQuoted: Quoted: Within 6 months, the media will be harping non-stop about how fantastic the economic recovery has been under Biden, despite the absolute disaster he inherited from Trump. They'll say it's a miracle that Biden has been able to bring us back from the brink of total collapse. To be fair, Trump did the same thing, claiming he inherited an economic disaster, despite being handed an economy that had seen 7 years of solid growth. Trump continued the growth, at a slightly higher pace than Obama, but that was fueled in part by a giant tax cut that we didn't cut any spending for. No, Obama's economy was doing OK at best, it was never some powerhouse and did nothing more then match the rate of [fake] inflation number. It was pretty much a flatline for almost all of his 2 terms. Even he knew it, hence ''yer jerbs ain't coming back'' speeches. |
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Posted: 1/20/2021 7:55:06 AM EDT
[#13]
They will never worry about the debt. If you give a government more money, they just spend more money. Giving people free shit gets you votes. Paying down 0.01% of a $30T debt buys you nothing.
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Posted: 1/20/2021 8:09:59 AM EDT
[#14]
Seems like ENRON was pulling this kind of shit on the other side of the coin. Ended well for them...
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Posted: 1/20/2021 8:37:57 AM EDT
[#15]
Madness.
Normally, I'd be laughing at Wall Street and all those idiots that voted for Dems as this is what they wanted--so f'n own it. But the rest of us are going to get swept up in this mess, too. I always wondered what purpose Form 5500 served. And why would the IRS care until you actually took distributions at which time they would be taxed. I guess now I know. |
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Posted: 1/20/2021 8:40:41 AM EDT
[#16]
Quote HistoryQuoted: What is wrong with the economy other than politicians trying to ruin small business? The middle class hasn't been completely ruined yet. |
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Posted: 1/20/2021 8:41:29 AM EDT
[#17]
Quote HistoryQuoted: Yes but it depends on the business. Quote HistoryQuoted: Quoted: Let me ask you: would you put your personal capital at risk starting a business after seeing how the governments behaved this past year? Would you work harder for more money if it's just going to get taxed away? Would you hire someone when you will be required to pay them more than they are worth? Yes but it depends on the business. Let me guess, a car stereo and rims business for all that sweet stimulus cash? |
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Posted: 1/20/2021 8:50:01 AM EDT
[#18]
Quote HistoryQuoted: Look on the bright side though, no more tweets Correction, no more MEAN tweets... |
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Posted: 1/20/2021 8:50:24 AM EDT
[#19]
Quote HistoryQuoted: For someone who is supposed to be non-political, that sounded rather partisan. Quote HistoryQuoted: but corporations and the wealthy, which both benefited from 2017 Republican tax cuts "need to pay their fair share." For someone who is supposed to be non-political, that sounded rather partisan. That phrase makes me see red no matter who it’s from. What is the government’s “fair share” of someone else’s money? The answer is always “more”. |
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Posted: 1/20/2021 8:55:12 AM EDT
[#20]
So Yellen is basically my 8yr old son.
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Posted: 1/20/2021 8:57:10 AM EDT
[#21]
Quote HistoryQuoted: That is fucking terrifying. Quote HistoryQuoted: Quoted: Taxing unrealized gains That is fucking terrifying. Here comes the grabboids! Grabbing all the cash they can for votes |
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Posted: 1/20/2021 8:59:25 AM EDT
[#22]
Quote HistoryQuoted: how about open the economy and it takes care of itself shitlord This. These people are morons. Lots of business are struggling to hire as it is right now because they are competing with enhanced unemployment benefits. Open the economy, cut the bullshit stimulus, and this whole thing turns around in one week. |
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Posted: 1/20/2021 9:07:07 AM EDT
[#23]
Quote HistoryQuoted: Haven't we been "acting big" for decades? No shit. Money printer on brrrr mode has been happening for decades. This is nothing new. |
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Posted: 1/20/2021 9:11:23 AM EDT
[#24]
Quote HistoryQuoted: how about open the economy and it takes care of itself shitlord But...but... ...THAT'S now how you control "Constitution?" "Freedom?"  People need to be CONTROLLED by government! |
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Posted: 1/20/2021 9:15:59 AM EDT
[#25]
Quote HistoryQuoted: For the majority of middle-class investors, which there are a lot of thanks to Robbin Hood type of apps and easy investment platforms, if you have to pay that tax you are going to have to sell some of the shares you own to pay it, not all of them but depending on what you invested in might be more than 50%. What that does to the stock market is not 100% known, but it will suck for a lot of companies as "holders" will increase the supply of shares available on the market. What we do know is when we have a huge sudden increase in supply (people are forced to sell the shares in order to pay the tax) and little demand (no one is buying the shares), the price of that companies shares will go down, rapidly. It is complicated because you can offset your gains and losses so everyone's accounting situation is different. The argument to do this is by putting an income threshold on the unrealized gain tax, say $500K a year, Yellen can say that she is only "taxing the rich". The problem starts when two-income households who are earning over $500K but have debt up to their eyeballs, as the majority of the western civilization does, have to pay a new tax and they have no cash to pay it, so they are forced to sell the shares... People who invested in crypto years ago will be easy targets, as will all those happy people who bought Tesla 3 years ago. It is fucking bullshit and a way to pay for bad economic policies of the past and keep corrupt politicians from being voted out due to the current bad economic situation. Yellen can't run from the debt, but she can kick the can down the road for 4 more years so another Democrat is elected. $27,000,000,000,000 is a big fucking bill. You think Elon and Bezos have the income to pay on their 160 billion gains? |
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Posted: 1/20/2021 9:19:38 AM EDT
[#26]
Is Wall Street gonna regret backing the Xiden? Lol.
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Posted: 1/20/2021 9:21:17 AM EDT
[#27]
Quote HistoryQuoted: Taxing unrealized gains What is that? I can imagine if you own rental real estate and people are not paying rent due to COVID but the value of your property is expected to appreciate due to inflation from debt spending, then they will tax you on it? Unreal |
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Posted: 1/20/2021 9:22:02 AM EDT
[#28]
The logical answer to going down a hill with no brakes, is to just accelerate (and get it over with quicker).
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Posted: 1/20/2021 9:23:22 AM EDT
[#29]
Spend now, worry about it later. That is the boomer way.
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Posted: 1/20/2021 9:23:28 AM EDT
[#30]
The problem with good old Janet is she doesn’t understand that Keynesian Economic is a discredited economic theory. Simply put it is,
Keynesian economics is a macroeconomic economic theory of total spending in the economy and its effects on output, employment, and inflation. ... Based on his theory, Keynes advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression. So when did lower taxes take place under Obama? We can’t spend our way out of “Global” economic problems as the rest of the folks don’t have the money to hold up their end of the deal. The problem is what do you spend your money on? Government projects to spur on economic activity need to be productive. During Obama’s time it was wasted away on pork and feel good projects. Free market economics is the way to go as expounded by Adam Smith. |
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Posted: 1/20/2021 9:24:01 AM EDT
[#31]
Globally, spend to a debt level that collapses the world economies... all to usher in the Great Reset (and UN 2030 agenda) and a new economy, called stakeholder or inclusive capitalism.
Think about it... a new utopia, one global monetary policy, followed by mandating interfaithism (we all worship the same God, so no more religious conflicts), followed by a unified one-world military strategy that embraces the globalist agenda (no reason for military to fight other military, because we're all on the same page economically, religiously and militarily). In the name of peace, safety and global environmental responsibility..... Phase one to be agreed upon at Davos 2021 (World Economic Forum). |
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Posted: 1/20/2021 9:32:06 AM EDT
[#32]
Who elected Yellen?
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Posted: 1/20/2021 9:36:55 AM EDT
[#33]
Quote HistoryQuoted: Seems like ENRON was pulling this kind of shit on the other side of the coin. Ended well for them... Yeah, but Enron was subject to the law, they weren’t writing the laws. Big difference. |
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Posted: 1/20/2021 9:41:14 AM EDT
[#34]
Quote HistoryQuoted:
So can I take an unrealized capital loss. I can sure think of own a lot of turds that offset the unrealized gains. Some of these politicians are absolute fucking idiots. FWIW all money will be taken out of everything and ‘matressed’.  . And you know if addition to taxing unrealized gains, they will still want to tax realized gains as well! Thieves 
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Posted: 1/20/2021 9:44:54 AM EDT
[#35]
Quote HistoryQuoted: Taxing unrealized gains Yeah...I know. that's the most retarded thing I have ever heard in my life. This would be an actual scenario.\ Buy CVX at $50, goes to $90...have to pay a tax on the gain, then drops back to $50.  That;s is going to kill the incentive to own dividend stonks outside qualified accounts. |
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Posted: 1/20/2021 9:46:59 AM EDT
[#36]
Quote HistoryQuoted: To me it sounds like they might be taxing the increase of your portfolio when you haven't sold anything yet, am I wrong ? Want to bet you won't be able to claim against tax liabilities if you have an unrealised capital loss? Although it would be interesting if you could... |
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Posted: 1/20/2021 9:50:01 AM EDT
[#37]
Quote HistoryQuoted: No shit. Money printer on brrrr mode has been happening for decades. This is nothing new.  Clarke and Dawe - Quantitative Easing C&D were making fun of it a decade ago. (Watch the vid, btw - it's hilarious) |
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Posted: 1/20/2021 9:52:41 AM EDT
[#38]
Do it. This country needs a 1929-style enema to regain a bit of perspective.
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Posted: 1/20/2021 9:53:47 AM EDT
[#39]
Quote HistoryQuoted: Taxing unrealized gains Does that mean taxing on gains from a stock that hasn't been sold yet? |
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Posted: 1/20/2021 9:54:58 AM EDT
[#40]
Quote HistoryQuoted: Does that mean taxing on gains from a stock that hasn't been sold yet? Quote HistoryQuoted: Quoted: Taxing unrealized gains Does that mean taxing on gains from a stock that hasn't been sold yet? For example. Potentially also assets that have increased in value (property, gold, MGs, etc.) |
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Posted: 1/20/2021 9:55:19 AM EDT
[#41]
Quote HistoryQuoted: How many will regret their vote after this comes to fruition? I have my doubts only because this will be painful for d donors. Biden’s still old school and won’t go completely there but Kamala likely wood. Talk to us in 2022/23. |
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Posted: 1/20/2021 9:55:54 AM EDT
[#42]
Quote HistoryQuoted: To me it sounds like they might be taxing the increase of your portfolio when you haven't sold anything yet, am I wrong ? Quote HistoryQuoted: Quoted: Quoted: Quoted: Taxing unrealized gains That is fucking terrifying. No shit!!! What in the fuck does that even mean??? We are living in fucking clown world. To me it sounds like they might be taxing the increase of your portfolio when you haven't sold anything yet, am I wrong ? A "haircut." |
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Posted: 1/20/2021 9:56:18 AM EDT
[#43]
Quote HistoryQuoted: 1st there was Pre-Crime now there will be Pre-Profit. no mention of the tax credit for unrealized losses though? |
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Posted: 1/20/2021 9:58:04 AM EDT
[#44]
Quote HistoryQuoted: I didn't think a compelling case would ever be made to renounce citizenship, but that's a solid one, lol. Quote HistoryQuoted: Quoted: Taxing unrealized gains Does any other country even do that? |
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Posted: 1/20/2021 9:58:33 AM EDT
[#45]
Quote HistoryQuoted: no mention of the tax credit for unrealized losses though? Quote HistoryQuoted: Quoted: 1st there was Pre-Crime now there will be Pre-Profit. no mention of the tax credit for unrealized losses though? "STOP: Your AGI is above 270,000, you are not eligible for this tax credit."
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Posted: 1/20/2021 9:59:57 AM EDT
[#46]
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Posted: 1/20/2021 10:00:29 AM EDT
[#47]
Quote HistoryQuoted: For example. Potentially also assets that have increased in value (property, gold, MGs, etc.) Quote HistoryQuoted: Quoted: Quoted: Taxing unrealized gains Does that mean taxing on gains from a stock that hasn't been sold yet? For example. Potentially also assets that have increased in value (property, gold, MGs, etc.) Jesus Titty Christ. |
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Posted: 1/20/2021 10:03:03 AM EDT
[#48]
Quote HistoryQuoted: Taxing unrealized gains We all work for the benefit of the state comrade. |
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Posted: 1/20/2021 10:04:11 AM EDT
[#49]
Quote HistoryQuoted: WTF is an unrealized gain? Quote HistoryQuoted: Quoted: Taxing unrealized gains WTF is an unrealized gain? If your 401k is worth $Xk on 31 Dec at the close of trading, pay 5% of its value with your income taxes. In addition to any capital gains taxes. Kharn |
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Posted: 1/20/2021 10:04:50 AM EDT
[#50]
Spending like crazy and worrying about it later has been the plan for about 20 years now.
There will always be an emergency as a reason why we can't stop now, until the day that no one will loan money for the debt. Then you will see what a real emergency looks like. |
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