Biden Presidency

Polish Leppy 22

Polish Leppy 22

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New plan proposes 40% tax rate on people making $400k or more, which is a stark difference from the higher taxes we heard Biden and his supporters scream about for "millionaires and billionaires."
 
Irish#1

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drayer54 said:
I love this idea. I hope Biden sneaks it in somehow. Taxing unrealized gains on volatile assets is brilliant. The super wealthy who supported Biden and haven’t felt the pain of inflation deserve a little sample of what the rest of us are experiencing.
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You realize you just said brilliant when refering to Biden? lol
 
RDU Irish

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drayer54 said:
I love this idea. I hope Biden sneaks it in somehow. Taxing unrealized gains on volatile assets is brilliant. The super wealthy who supported Biden and haven’t felt the pain of inflation deserve a little sample of what the rest of us are experiencing.
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LOL - love to hear Toronto chime in on this. You have to be impressively economically illiterate to even utter this concept in private let alone POTUS presenting as actual policy. Defund DC before it is too late!
 
TorontoGold

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RDU Irish said:
LOL - love to hear Toronto chime in on this. You have to be impressively economically illiterate to even utter this concept in private let alone POTUS presenting as actual policy. Defund DC before it is too late!
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No idea how it would actually get enforced, on it's face I don't give a fuck about some poor billionaire paying additional tax. Instant reaction is that this will actually lead to people creating schemes in which they start to generate unrealized losses to generate credits and the IRS is so incompetent they won't have the resources to actually enforce any rules.
 
Bishop2b5

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TorontoGold said:
No idea how it would actually get enforced, on it's face I don't give a fuck about some poor billionaire paying additional tax. Instant reaction is that this will actually lead to people creating schemes in which they start to generate unrealized losses to generate credits and the IRS is so incompetent they won't have the resources to actually enforce any rules.
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Here's the problem with that; that billionaire's tax rate and how much he's taxed have a huge effect on how and if he invests in new business ventures or the expansion of existing ones. That, in turn, has a huge effect on jobs. You tax him to the point where the risk of investing outweighs the potential return, and it starts having a significant effect on growth, capital flow, and jobs. You can't just soak the rich without some real consequences.
 
TorontoGold

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Bishop2b5 said:
Here's the problem with that; that billionaire's tax rate and how much he's taxed have a huge effect on how and if he invests in new business ventures or the expansion of existing ones. That, in turn, has a huge effect on jobs. You tax him to the point where the risk of investing outweighs the potential return, and it starts having a significant effect on growth, capital flow, and jobs. You can't just soak the rich without some real consequences.
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Economists much smarter than me have likely done the research on this. Let's be real, JB is beholden to the corporate donor base so if there were any significant impacts to them this proposal wouldn't have reached this stage.

In terms of innovation - the tax rates do impact innovation and that's why it's important to have good stable tax treaties with other countries, which is why those who scream about "globalism" sit a child's table. I don't have all the data in front of me, but the first check I would do when looking at this is where does it leave the US in terms of comparable tax rates. The way to combat decrease in innovation from tax changes I would make it advantageous for immigrants to prosper as importing superstar innovators should be every wealthy governments goal.

Offshoring of work is happening at exponential levels due more to the terrible employment laws and cheap labour in another countries than it does for a few points on capital gains rates. One of the beauties of capitalism is the ability to set costs to what the market will pay for it and even if corporate taxes were removed it is still cheaper to offshore work.
 
IRISHDODGER

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Some of you will predictably will focus on the “yahoo w/ the southern accent” but this is a good back & forth IMO. Kennedy is smarter than he looks. All things considered, I think Powell had done a solid job. Biden can’t tax the US out of inflation. Raise the rates if need be. It will be painful & a long slog but Volcker showed it worked & he gets credited posthumously for his efforts. I’d rather the inflation rate go up than the unemployment rate go up. Layoffs suck for all…but usually adversely affect the middle class…which most of us comprise.

 
NorthDakota

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IRISHDODGER said:
Some of you will predictably will focus on the “yahoo w/ the southern accent” but this is a good back & forth IMO. Kennedy is smarter than he looks. All things considered, I think Powell had done a solid job. Biden can’t tax the US out of inflation. Raise the rates if need be. It will be painful & a long slog but Volcker showed it worked & he gets credited posthumously for his efforts. I’d rather the inflation rate go up than the unemployment rate go up. Layoffs suck for all…but usually adversely affect the middle class…which most of us comprise.

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I feel bad for Powell. Dude has a tough job when times are good. Much harder when Congress spends like drunk sailors.
 
Te'o4Heisman

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Bishop2b5 said:
Here's the problem with that; that billionaire's tax rate and how much he's taxed have a huge effect on how and if he invests in new business ventures or the expansion of existing ones. That, in turn, has a huge effect on jobs. You tax him to the point where the risk of investing outweighs the potential return, and it starts having a significant effect on growth, capital flow, and jobs. You can't just soak the rich without some real consequences.
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Part of the problem here is that people who tend to see things through the democratic/liberal lens are quite literally incapable of understanding real life financial policy and its impact. There is always some ridiculous justification or alternative reality in which any of their bullshit actually makes sense.
 
Te'o4Heisman

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drayer54 said:
I love this idea. I hope Biden sneaks it in somehow. Taxing unrealized gains on volatile assets is brilliant. The super wealthy who supported Biden and haven’t felt the pain of inflation deserve a little sample of what the rest of us are experiencing.
Click to expand...

This would be completely brutal. My wife and I bought a business about 8 years ago for half a mill. We have worked 80-100 work weeks and sacrificed part of ourselves that we can never get back to build our business. We have missed family functions, kids events and you name it. The plan was always to build the business up and put ourselves in position for early retirement. As of this year the business valuation is about $8mill including properties we were forward thinking enough to acquire. We have been thinking the next 12 months is the appropriate time to exit. If Biden were to actually get something on the table this ridiculous stupid raising capital gains to 40%, it would all but destroy small business in this country. You will see a mass exodus of small business owners rushing to get out of their business before this went into law, and selling out to large corporations at prices below the value of their business to try to avoid paying their lifes work in taxes. Yet, i suspect for the fucking leaches out there who havent worked for anything, but want their fair share of everything, they will somehow justify this shit and see it as a good thing somehow. No small business owner is going to be willing to put in the work it requires to build and run a successful small business knowing the capital gains tax when they exit will be 40%. Thats fucking stupid.
 
TorontoGold

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Te'o4Heisman said:
Part of the problem here is that people who tend to see things through the democratic/liberal lens are quite literally incapable of understanding real life financial policy and its impact. There is always some ridiculous justification or alternative reality in which any of their bullshit actually makes sense.
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It's wild you say this, and I've literally consulted with entities with >$1B EV. A person can be financially illiterate no matter their political leanings.

For instance, you could be someone who's claiming to forward thinking and didn't think to crystalize the apparent value of their company by a share reorganization in 2020 when it was reasonable to expect that Biden when reverse some of the prior corporate tax giveaways. This person could then claim paying 40% CG tax on an investment in which they earned an annualized 41% to be a heinous tax. Of course, people who only earn income through employment pay higher rates than that on $7.5M and don't get the tax deferral or opportunity to go through share reorgs to protect themself. This is all theoretical of course, because of only those on the Left are understanding real life financial policy. Glad you're not a leftist and have surely thought this all through.
 
RDU Irish

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TorontoGold said:
It's wild you say this, and I've literally consulted with entities with >$1B EV. A person can be financially illiterate no matter their political leanings.

For instance, you could be someone who's claiming to forward thinking and didn't think to crystalize the apparent value of their company by a share reorganization in 2020 when it was reasonable to expect that Biden when reverse some of the prior corporate tax giveaways. This person could then claim paying 40% CG tax on an investment in which they earned an annualized 41% to be a heinous tax. Of course, people who only earn income through employment pay higher rates than that on $7.5M and don't get the tax deferral or opportunity to go through share reorgs to protect themself. This is all theoretical of course, because of only those on the Left are understanding real life financial policy. Glad you're not a leftist and have surely thought this all through.
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So disingenuous to equate capital risk with wages. Staking $500k and putting your blood, sweat and tears in to a dream that could easily fail and leave you starting over from scratch versus showing up for your 9 to 5 sometimes sober totally should be taxed the same. You incentivize risk taking which leads to job creation and real economic growth - it is the American way, Toronto.
 
TorontoGold

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RDU Irish said:
So disingenuous to equate capital risk with wages. Staking $500k and putting your blood, sweat and tears in to a dream that could easily fail and leave you starting over from scratch versus showing up for your 9 to 5 sometimes sober totally should be taxed the same. You incentivize risk taking which leads to job creation and real economic growth - it is the American way, Toronto.
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The post I made was in response to a claim that because I was on "the left" I didn't know anything about finance. To which I provided an entry level value crystallization strategy to him.

In terms of your point on taxing capital at the same rates, I think 40% on the total gain is pretty high and higher than most countries. If that's true from what I've read that's really aggressive. The available capital to businesses vs individual citizens is incredible, two different economies - one is providing corporate socialism with great bailouts and the other is just rugged capitalism.
 
Irish#1

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TorontoGold said:
The post I made was in response to a claim that because I was on "the left" I didn't know anything about finance. To which I provided an entry level value crystallization strategy to him.

In terms of your point on taxing capital at the same rates, I think 40% on the total gain is pretty high and higher than most countries. If that's true from what I've read that's really aggressive. The available capital to businesses vs individual citizens is incredible, two different economies - one is providing corporate socialism with great bailouts and the other is just rugged capitalism.
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I thought you lefties loved socialism as much as us righties love Fascism.
 
IRISHDODGER

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FrPdbW0XgAArG9z


She should’ve kept that to herself if she wants Biden reelected. If I’m the opposition, I clip this for an ad and list all the disasters or important issues that occurred prior to 9 am over our recent history.

What time did the first plane hit the towers?
 
Irish#1

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IRISHDODGER said:
FrPdbW0XgAArG9z


She should’ve kept that to herself if she wants Biden reelected. If I’m the opposition, I clip this for an ad and list all the disasters or important issues that occurred prior to 9 am over our recent history.

What time did the first plane hit the towers?
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He's waiting for his Metamucil to kick in. Hard to get rolling when you're backed up like an LA freeway.
 
Irish#1

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Hunter is getting worried.

headlineusa.com

Hunter Biden Claims Victimhood in Leak of 'Laptop from Hell' | Headline USA

(Headline USA) Hunter Biden filed a countersuit against the Delaware computer-repair-shop owner who handled his abandoned laptop, claiming his private information was improperly obtained and disseminated. The suit comes in response to a 2019 defamation suit against the president’s son filed by...
headlineusa.com headlineusa.com
 
drayer54

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Bipartisan bill gets vetoed and linked to MTG, despite bipartisan support and clearing blue Senate.



Symbolic of our White House.

 
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