Sorry, it's my multiracial whiteness privilege that made me say the wrong thing. I will try to keep an eye out for that in the future. I will have to add another $1 to my BLM extortion/donation to make amends.
Source of claim, look for "mark-to-market"
It's disgusting to read the leftist think tanks praising this policy as if it's good for the little guy and helps collect taxes from the rich people somehow hiding their money. Here's a hint: you don't always have the money to pay the tax until you sell. Which is why the policies are what they are today.
Yellen wants to investigate mark to market "solutions" that will tax people out of their real estate holdings, precious metals, and stocks before they actually want to sell.
In Trump's economy with soaring real estate prices, families are sitting on huge gains in their homes. Under Yellen's policies they will start paying taxes on value increases annually before they even sell.
This is why the death tax is killing American family farms, and has enabled Bill Gates to become the biggest owner of American farmland. The farm owners die, leaving the farm to their kids, who now have to come up with a massive amount of money to pay the 55% inheritance tax on a farm valued at say $3 million. The only way to pay the tax is to sell the farm. No farms no food. All taxation is theft.
Just the threat of that coming down the line is enough to make a lot of investors pull out of the market. Great way to hammer the final nail into our economy's coffin.
I'm sitting on $1.1M in unrealized gains on my house in the middle of a Democrat shithole. With my luck I'll be looking at paying literally more than a make in a year in tax next year likely before values tank entirely and I'll never be able to pay it back.
Single family residence can only exempt $500,000 in gains and 1031 exchanges since 2017 don't apply to personal property.
I might just have to sell, take the gains and pain now, move to Texas and buy something that's already expensive.
Its worse, they want to cash in on the high asset values of today and when the economy crashes you still won't be able to recoup the taxes you paid on the unrealized gains until you dispose of the asset which now is at lower value. If they codify this terrible scheme they better exclude real estate or we are looking at a real mess.
Would that be a valid way to avoid liability to pay this proposed federal tax?
TX is high up on my list. But it seemed like this was a policy from which even TX wouldn't afford shelter.
Honestly I’m not sure. I don’t know enough about this proposed tax plan, I thought it was just for stock investments? In TX though you will pay quite a bit less on your property tax if you have an AG exemption compared to the accessed value if you didn’t.
There are other ways to get AG too but from the sound of things you got a good amount of money to play with. You can easily turn that into quite a bit more here in TX. Cattle you can make some good money. Like with anything else, be smart and do your due diligence.
I have a lot of house and a little bit of money. I have to turn that house into money and pay taxes first. But I'll see what I can do. Kind of freaking out after seeing Yellen coming back into my life. I thought after her time in the Fed she'd be done for good.
How in the world can we meme this to explain to normies. You can literally owe more in taxes than you have in cash or make in a year (my situation under this policy). This will force me out of my home in the most literal sense.
There are articles from when a law maker from Oregon tried to push a version of the policy (tamed down from what the leftist think tanks want to do which only partially exclude principal residences).
Many praise the policy for finding a way to tax the rich, but a few see through it like this one: https://www.cnbc.com/2019/04/03/top-democrats-proposed-capital-gains-tax-would-be-devastating-for-markets.html
Sadly this isn't something that can be quickly and concisely explained but will have horrific consequences for all Americans.
Haha everytime I end up in a "disallowed wash sale" situation due to poorly setup trades I burn with rage. E.g., if I pull cash at a loss from a Mutual Fund or ETF that I auto-invest in to cover major emergency expense, and next paycheck start to rebuild that holding via automatic purchases, I can't claim the realized loss.
Under this would have been paying for any unrealized gain annually while holding it to add insult to injury.
Exactly. I believe God put her on this planet to test me. Every policy and decision she brings forward is the dumbest idea I've ever heard. But she keeps coming back. Which means I keep hearing dumber and dumber shit every day.
She just needs to take her millions in Wall Street speaking fees and retire far away from where she can impact economic policy.
Hell I'd even swing by, buy her a coffee and chat about her garden or cross stitching work and genuinely try to help her enjoy retirement. Anything but encouraging her back into a place where she impacts the economy.
All taxation is theft, but this stupid idea takes the cake.
Awoman to that.
*Awomen.
Sorry, it's my multiracial whiteness privilege that made me say the wrong thing. I will try to keep an eye out for that in the future. I will have to add another $1 to my BLM extortion/donation to make amends.
Very misogynistic of you! Much bigot!
It's not just theft it's slavery. They are taking your labor.
Don’t worry. If you can afford the right attorneys, and donate money to Democrats, this won’t impact you.
I'm just trying to appear brainwashed enough to avoid the re-education camps.
I can't afford Democrat lawyers and I'm not about to give them money.
Source of claim, look for "mark-to-market" It's disgusting to read the leftist think tanks praising this policy as if it's good for the little guy and helps collect taxes from the rich people somehow hiding their money. Here's a hint: you don't always have the money to pay the tax until you sell. Which is why the policies are what they are today.
Yellen wants to investigate mark to market "solutions" that will tax people out of their real estate holdings, precious metals, and stocks before they actually want to sell. In Trump's economy with soaring real estate prices, families are sitting on huge gains in their homes. Under Yellen's policies they will start paying taxes on value increases annually before they even sell.
Taxation is theft.
This is why the death tax is killing American family farms, and has enabled Bill Gates to become the biggest owner of American farmland. The farm owners die, leaving the farm to their kids, who now have to come up with a massive amount of money to pay the 55% inheritance tax on a farm valued at say $3 million. The only way to pay the tax is to sell the farm. No farms no food. All taxation is theft.
Just the threat of that coming down the line is enough to make a lot of investors pull out of the market. Great way to hammer the final nail into our economy's coffin.
I'm sitting on $1.1M in unrealized gains on my house in the middle of a Democrat shithole. With my luck I'll be looking at paying literally more than a make in a year in tax next year likely before values tank entirely and I'll never be able to pay it back.
Single family residence can only exempt $500,000 in gains and 1031 exchanges since 2017 don't apply to personal property.
I might just have to sell, take the gains and pain now, move to Texas and buy something that's already expensive.
This is clearly a design to crash the economy no?
Its worse, they want to cash in on the high asset values of today and when the economy crashes you still won't be able to recoup the taxes you paid on the unrealized gains until you dispose of the asset which now is at lower value. If they codify this terrible scheme they better exclude real estate or we are looking at a real mess.
Or they are just greedy and will keep finding new ways to take and take until they kill the Golden Goose
i guarantee w/e house you pick will be cheaper than your current home
Pro tip: Buy a property with AG exemption in place. Run cattle. Become Texas Tycoon. 🤠
Would that be a valid way to avoid liability to pay this proposed federal tax? TX is high up on my list. But it seemed like this was a policy from which even TX wouldn't afford shelter.
Honestly I’m not sure. I don’t know enough about this proposed tax plan, I thought it was just for stock investments? In TX though you will pay quite a bit less on your property tax if you have an AG exemption compared to the accessed value if you didn’t.
I'm going to need some cattle.
There are other ways to get AG too but from the sound of things you got a good amount of money to play with. You can easily turn that into quite a bit more here in TX. Cattle you can make some good money. Like with anything else, be smart and do your due diligence.
I have a lot of house and a little bit of money. I have to turn that house into money and pay taxes first. But I'll see what I can do. Kind of freaking out after seeing Yellen coming back into my life. I thought after her time in the Fed she'd be done for good.
Honestly I was trying to find how the swamp benefits. I think you just nailed it. It's such a bad policy, it hurts everyone in America.
Sell sell sell. Lock in your gains. This isn’t just an “idea” of theirs. This is happening.
How in the world can we meme this to explain to normies. You can literally owe more in taxes than you have in cash or make in a year (my situation under this policy). This will force me out of my home in the most literal sense.
Then you have dollars which will lose value.
Unconstitutional taking
How's your explicitly protected gun rights fairing?
Now realize that this is the most clearly defined/protected right in the entire document.
Ugh :'(
Pretty good. I have many
Almost every financial crisis is caused by the government the S&L crash was caused specifically by mark to market accounting on non liquid assets.
Where can I read about this, this might redpill my wife.
Just found this article too: https://cryptonews.com/news/idea-of-taxing-unrealized-gains-resurfaces-as-money-printing-8973.htm
Thank you, massive red pill material.
There are articles from when a law maker from Oregon tried to push a version of the policy (tamed down from what the leftist think tanks want to do which only partially exclude principal residences). Many praise the policy for finding a way to tax the rich, but a few see through it like this one: https://www.cnbc.com/2019/04/03/top-democrats-proposed-capital-gains-tax-would-be-devastating-for-markets.html Sadly this isn't something that can be quickly and concisely explained but will have horrific consequences for all Americans.
Than you!
lmao why would you ever invest? You pay taxes on unrealized gains but I'm pretty sure they won't give you breaks on unrealized losses.
Haha everytime I end up in a "disallowed wash sale" situation due to poorly setup trades I burn with rage. E.g., if I pull cash at a loss from a Mutual Fund or ETF that I auto-invest in to cover major emergency expense, and next paycheck start to rebuild that holding via automatic purchases, I can't claim the realized loss.
Under this would have been paying for any unrealized gain annually while holding it to add insult to injury.
Federal Reserve scum
Exactly. I believe God put her on this planet to test me. Every policy and decision she brings forward is the dumbest idea I've ever heard. But she keeps coming back. Which means I keep hearing dumber and dumber shit every day.
She just needs to take her millions in Wall Street speaking fees and retire far away from where she can impact economic policy.
Hell I'd even swing by, buy her a coffee and chat about her garden or cross stitching work and genuinely try to help her enjoy retirement. Anything but encouraging her back into a place where she impacts the economy.
She can ask for infinite money as she is part of the group. Same with Bill Gates, his grandfather was part of the federal reserve.
All taxes are theft
Donating is voluntary
God awful idea
Looks like Soros in a wig
Haha instantly underrated comment.
Holy shit she looks like a podling from The Dark Crystal
https://youtu.be/Zaw7uw6hWAs
Very good and simple analysis of this.