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  • Re: Biden Pushes a really stupid idea

    From ScottW@21:1/5 to All on Thu Mar 9 20:10:07 2023
    But the stupidest idea of his nutty budget....even after all the tax increases....

    His budget projects a debt of 50.7 trillion by 2033.

    ScottW

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  • From ScottW@21:1/5 to All on Thu Mar 9 20:07:41 2023
    We propose a billionaire minimum tax, requiring the wealthiest Americans to pay at least 25 percent on all of their income, including appreciated assets,"

    So the unspoken flip side is when assets depreciate they will offset ordinary income. That makes federal revenues extremely variable due to stock performance.
    Ca. already experiences this due to their high tax dependency on high income earners. We go from boom to bust year to year as demonstrated last year to this year.

    Plus....this addition of appreciated assets isn't going to have a real long term impact as they currently get taxed when the gains are realized....at 25% or more. But if you tax them every year there will no longer be any long term cap gains. There also
    won't be a limit on long term loss carryover of only 3000 per year unless they plan to create a grossly unfair system.
    No limit on gain taxes but any losses putting you in the red....are lost forever.

    Bottom line....Joe's too stupid to overhaul our tax system. He'll just f it up even worse than it already is.

    ScottW

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  • From Art Sackman@21:1/5 to ScottW on Thu Mar 9 20:47:09 2023
    On Thursday, March 9, 2023 at 11:07:42 PM UTC-5, ScottW wrote:
    We propose a billionaire minimum tax, requiring the wealthiest Americans to pay at least 25 percent on all of their income, including appreciated assets,"

    So the unspoken flip side is when assets depreciate they will offset ordinary income. That makes federal revenues extremely variable due to stock performance.
    Ca. already experiences this due to their high tax dependency on high income earners. We go from boom to bust year to year as demonstrated last year to this year.

    Plus....this addition of appreciated assets isn't going to have a real long term impact as they currently get taxed when the gains are realized....at 25% or more. But if you tax them every year there will no longer be any long term cap gains. There
    also won't be a limit on long term loss carryover of only 3000 per year unless they plan to create a grossly unfair system.
    No limit on gain taxes but any losses putting you in the red....are lost forever.

    Bottom line....Joe's too stupid to overhaul our tax system. He'll just f it up even worse than it already is.

    ScottW

    I have always believed in a minimum tax for everybody.
    from poor to rich. but 25% is way too high. it should
    be about 5% across the board. I don't want anyone to avoid contributing to society's well being,
    at least to some minimum degree,

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