Who Will Increase Deficit Spending The Most?

[Scouts Honor]

buckle up

we wont have anything to spend

 

[ionel]

3 minutes ago, Scouts Honor said:

buckle up

we wont have anything to spend

 

But what if you bought at the peak $1M (cost basis) and its now worth $750,000 (fair market value) = -$250,000 (unrealized capital loss) x 25% = $62,500 the amount the IRS owes you.  Will there be a check in the mail?  

[Scouts Honor]

this is why they hired 87K agents.

to collect all these unrealized gains.

[mspart]

7 minutes ago, ionel said:

But what if you bought at the peak $1M (cost basis) and its now worth $750,000 (fair market value) = -$250,000 (unrealized capital loss) x 25% = $62,500 the amount the IRS owes you.  Will there be a check in the mail?  

Sorry ionel, it only works one way.   That's where you give.   The IRS never gives.   They only take.

mspart

[Offthemat]

8 minutes ago, ionel said:

But what if you bought at the peak $1M (cost basis) and its now worth $750,000 (fair market value) = -$250,000 (unrealized capital loss) x 25% = $62,500 the amount the IRS owes you.  Will there be a check in the mail?  

You get arrested for price gauging.

[Wrestleknownothing]

14 hours ago, Scouts Honor said:

buckle up

we wont have anything to spend

 

Goes to show. If you say something dumb enough, you can get certain people to believe it without question, and get them fired up.

There are no billionaires buying $250k houses. There are no $250k houses with Zillow estimates at $500k. And most of all, Zillow estimates are not fair market value. But sure, lets get fired up.

That said, taxing unrealized gains aint ever gonna happen. But taxing turning unrealized gains into income might (i.e. structured financing of unrealized gains to extract their value without selling) could, and in many cases already does happen (too tight a collar and you get a tax bill, ffor example).

[Scouts Honor]

RL says nothing is 100%.

so by saying unrealized gains will never happen, just jinxed it.

why does the left keep talking about taxing unrealized gains? 

b/c they want the money

[Wrestleknownothing]

22 minutes ago, Scouts Honor said:

RL says nothing is 100%.

so by saying unrealized gains will never happen, just jinxed it.

why does the left keep talking about taxing unrealized gains? 

b/c they want the money

Because billionaires are not sympathetic figures.

[Scouts Honor]

you keep saying billionaires

the dems told us again and again, no new taxes on people under 400K

then all these people making 200K got hit

[wrestlingguy]

1 minute ago, Wrestleknownothing said:

Because billionaires are not sympathetic figures.

Most billionaires have companies that create the majority of the jobs. Be jealous all you want but they are the ones that took the risk and are being rewarded for it.

[Wrestleknownothing]

Just now, wrestlingguy said:

Most billionaires have companies that create the majority of the jobs. Be jealous all you want but they are the ones that took the risk and are being rewarded for it.

I am not jealous. I am answering his question, why propose an unrealized gain tax on billionaires? As with all things politics, it is about populism.

[wrestlingguy]

1 minute ago, Wrestleknownothing said:

I am not jealous. I am answering his question, why propose an unrealized gain tax on billionaires? As with all things politics, it is about populism.

Because Bernie Sanders is a damn moron that thinks billionaires don't pay the majority of taxes already.

[Wrestleknownothing]

12 minutes ago, wrestlingguy said:

Because Bernie Sanders is a damn moron that thinks billionaires don't pay the majority of taxes already.

Are you sure billionaires pay the majority of taxes? I find that unlikely given how few there are (800 in the US estimated in 2024) and how much of their wealth is through investing.

[ionel]

35 minutes ago, Wrestleknownothing said:

Because billionaires are not sympathetic figures.

No sympathy for the homeless Elon?  Well ok he does now have a $50k tiny house in Boca but still ...

[wrestlingguy]

32 minutes ago, Wrestleknownothing said:

Are you sure billionaires pay the majority of taxes? I find that unlikely given how few there are (800 in the US estimated in 2024) and how much of their wealth is through investing.

Ok I was exaggerating but the top 1% pay more than half of the taxes in the US. Saying they are going to have them pay more in my opinion is just a way to appeal to the younger generation who the taxpayers have already bailed out of their student loans etc. 

[mspart]

Taxing unrealized gains is stoopid.   They are unrealized.   That means that money has not been made.   If you tax unrealized gains then you should refund money on unrealized losses.  

No, it only makes sense to tax realized gains.   With the house example, currently you keep 500k (if married) tax free.   If Kamala is aiming to take that away, that will be a real problem.   Good luck doing that. 

mspart

[Scouts Honor]

1 hour ago, Wrestleknownothing said:

Are you sure billionaires pay the majority of taxes? 

 

im pretty sure they do

[Scouts Honor]

55 minutes ago, wrestlingguy said:

Ok I was exaggerating but the top 1% pay more than half of the taxes in the US. Saying they are going to have them pay more in my opinion is just a way to appeal to the younger generation who the taxpayers have already bailed out of their student loans etc. 

In 2021, the bottom half of taxpayers earned 10.4 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.Mar 13, 2024

[Lipdrag]

A couple observations and comments:

• Unless we have a balance budget mandate all talking about debt, deficit, government spending, and tax revenue is counting angels on pinheads.  It is fun for nerds and theorists but means nothing in real life.
• Decreasing tax revenue, especially federal, is a good thing.  The federal government does too much and has too much power and its power to tax and regulate.  The federal government should be capped at spending no more than 15% of GDP and probably much lower.
• The ability to go into debt should still be allowed but just like taking out a mortgage the costs to pay off the debt must be included in the budget/revenue plan and other spending must be eliminated to accommodate
• A form of taxing unrealized gains and asset values already exists.  One form is called property taxes.  Personal property taxes in some states and road taxes based on vehicle value are other examples. They go up when the value of the property goes up and no sale or realization of the gain has occurred.  Generating revenue in this manner is not wildly controversial, unique, or creative.  However, some asset valuations will be problematic and there will certainly be a run on Persian rugs or Faberge Eggs if those fall outside the taxing of assets scheme.

So while this has been quite fun but ultimately useless until spending is restrained by more than any politician(s) sense of shame and credulity; I must get back to the real world of voting for the person who believes governments should do the least thing necessary for them to do with the least of my property necessary to accomplish it.

Next, let's set the Federal Reserve Bank straight with a target of 0% year over year money devaluation (i.e. actual money that reflects the effort to earn it, now and in the past).

[uncle bernard]

18 hours ago, Scouts Honor said:

buckle up

we wont have anything to spend

 

you guys just believe anything you see on twitter lol

[ionel]

23 minutes ago, uncle bernard said:

you guys just believe anything you see on twitter lol

Twitter ... you are still on Twitter?  

[mspart]

What a rube!

mspart

[Wrestleknownothing]

2 hours ago, Scouts Honor said:

im pretty sure they do

So there are 800 billionaires by assets (not taxable income) in the US and you posted that the top 1% of taxpayers pay less than 50% of taxes. But lets assume all of the top 1% are  billionaires (they are not), do you think there are fewer than 80,000 taxpayers?

[Scouts Honor]

im just using that 'trusted' search engine google

[mspart]

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/

Here's the deal, no need to argue.

mspart