the destroyer of worlds Posted August 29 Share Posted August 29 34 minutes ago, Elias Pettersson said: Seems like you might need a lesson on how the stock market works. If Kamala is taxing the wealthy with a tax on unrealized gains, then those people are going to be selling their stocks. There would be no reason to hold onto them, as they would be paying tax on money they never received. What happens if all the rich people sell their stocks? Can you say stock market crash? What happens to all of the average people’s portfolios if the market crashes? Also, this is how it starts. In 1913 they implemented the income tax only on wealthy people. By 1942 income tax was paid by everybody. Tax on unrealized gains will eventually trigger down to the average person. One more thing. Seems like this tax on unrealized gains wasn’t well thought out. If you are being taxed on income from gains that you haven’t received yet, what happens the following year if the stocks go down and you lose all the money that you previously gained? Is the government going to refund the rich people all of their tax money that they already paid? No need for an education. I wasn't promoting the plan. I was pointing out that this plan wouldn't apply to most Americans. Every time any tax increases are proposed, there is clutching of pearls. Fear mongering galore. And the people fear mongering and clutching their pearls always left out the key point. It didn't apply to the average Jane or Joe. Inheritance tax changes. Nope. End TRUMP tax cuts. Nope. This plan. Nope. I'm with you on how the devil is in the details. And a good lot of the details don't sound that great. 1 Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted August 29 Share Posted August 29 24 minutes ago, Bob Long said: How to make a lot of money, for starters. $278 billion in cash. Dude knows what’s coming. He got the phone call. There is no reason to have that much in cash unless you are expecting the market to crash… Quote Link to comment Share on other sites More sharing options...
the destroyer of worlds Posted August 29 Share Posted August 29 (edited) 4 minutes ago, Elias Pettersson said: There is no estate tax if only one spouse dies, the assets pass onto the other spouse tax free. If the second spouse dies, then there is a tax on all the remaining assets in the estate. However, those assets have to be sold. Whether there is a physical sale or a deemed disposition, there is a sale involved. An unrealized gain means there was no sale involved. You are literally paying tax on profit you have not received… Now mention the limit for the estate tax in the USA. Are estates worth $1 million taxed? How about $5 million? $10 million? $13.61 million? Edit: I'm talking federal. Various States have different tax laws regarding estate taxes. Edited August 29 by the destroyer of worlds 1 Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted August 29 Share Posted August 29 1 minute ago, the destroyer of worlds said: Now mention the limit for the estate tax in the USA. Are estates worth $1 million taxed? How about $5 million? $10 million? $13.61 million? In 2025 it drops to $7 million. Honestly, $7 million isn’t what it used to be. If you own an home in East Vancouver and it’s paid off your net worth is probably close to $3 million. This is on the federal side. Pretty sure states have their own estate taxes as well. Mind you, rich people will never pay estate taxes. Their money will either be in a trust or be given out to charity… Quote Link to comment Share on other sites More sharing options...
nuckin_futz Posted August 29 Share Posted August 29 (edited) 50 minutes ago, Elias Pettersson said: Seems like you might need a lesson on how the stock market works. If Kamala is taxing the wealthy with a tax on unrealized gains, then those people are going to be selling their stocks. There would be no reason to hold onto them, as they would be paying tax on money they never received. What happens if all the rich people sell their stocks? Can you say stock market crash? What happens to all of the average people’s portfolios if the market crashes? Also, this is how it starts. In 1913 they implemented the income tax only on wealthy people. By 1942 income tax was paid by everybody. Tax on unrealized gains will eventually trigger down to the average person. One more thing. Seems like this tax on unrealized gains wasn’t well thought out. If you are being taxed on income from gains that you haven’t received yet, what happens the following year if the stocks go down and you lose all the money that you previously gained? Is the government going to refund the rich people all of their tax money that they already paid? "But they would only apply to America's richest households (even many of the literal 1% wouldn't be impacted) and would have more limited effects when it comes to some types of wealth. The Biden White House has tried to cast the idea as an effort to create a minimum tax rate for the top 0.3% of all households. The most controversial idea by far is a plan to tax the unrealized capital gains of households if their net worth exceeds $100 million. Unrealized gains are advances in net worth that exist on paper but are tied to an asset that hasn't been sold yet." It's an echo of calls from figures like Sens. Bernie Sanders and Elizabeth Warren for a "wealth tax," but the effect here would be more limited. *************** This amount of selling would easily be absorbed by normal market flows. Plus they'd never get this through Congress. Tell me how this is different from what CRA does? If my corp makes $x in one year they force you to make payment instalments for the next year on the projected income of $x. If the corp makes less they refund it back to me. Gee thanks. The corporation literally needs the cash to conduct business. That's not even on an actual existing gain, it's on an imaginary gain. Even if I take the full year off I still have to pay tax instalments and then they refund it. Welcome to how government works. Edited August 29 by nuckin_futz 1 Quote Link to comment Share on other sites More sharing options...
Elias Pettersson Posted August 29 Share Posted August 29 (edited) 9 minutes ago, nuckin_futz said: "But they would only apply to America's richest households (even many of the literal 1% wouldn't be impacted) and would have more limited effects when it comes to some types of wealth. The Biden White House has tried to cast the idea as an effort to create a minimum tax rate for the top 0.3% of all households. The most controversial idea by far is a plan to tax the unrealized capital gains of households if their net worth exceeds $100 million. Unrealized gains are advances in net worth that exist on paper but are tied to an asset that hasn't been sold yet." It's an echo of calls from figures like Sens. Bernie Sanders and Elizabeth Warren for a "wealth tax," but the effect here would be more limited. *************** This amount of selling would easily be absorbed by normal market flows. Plus they'd never get this through Congress. Tell me how this is different from what CRA does? If my corp makes $x is one year they force you to make payment instalments for the next year on the projected income of $x. If the corp makes less they refund it back to me. Gee thanks. The corporation literally needs the cash to conduct business. That's not even on actual existing gain, it's on an imaginary gain. Even if I take the full year off I still have to pay tax instalments and then they refund it. Welcome to how government works. I agree 100%. This would never pass through Congress. Which is why I said good luck with this in my original post… Trust me, I am in the same situation. My income is never the same and the CRA politely asks me for my tax instalment every quarter and forces me to pay it based on my previous year’s income regardless whether my income has changed or not. And when you get the refund there is no interest attached to it. So the government borrowed your money for free for one year whereas you could have invested that money into the market and made interest or capital gains on it. So I know the deal. There would be volatility in the market IMO. We all know the rich people are the market makers and control when the markets go up and down. I’m just waiting to find out what Buffett is going to be doing with that $278 billion in cash. Is he saving it for a special occasion? Edited August 29 by Elias Pettersson 1 Quote Link to comment Share on other sites More sharing options...
nuckin_futz Posted August 29 Share Posted August 29 3 minutes ago, Elias Pettersson said: I agree 100%. This would never pass through Congress. Which is why I said good luck with this in my original post… Trust me, I am in the same situation. My income is never the same and the CRA politely asks me for my tax instalment every quarter and forces me to pay it based on my previous year’s income regardless whether my income has changed or not. And when you get the refund there is no interest attached to it. So the government borrowed your money for free for one year whereas you could have invested that money into the market and made interest or capital gains on it. So I know the deal. There would be volatility in the market IMO. We all know the rich people are the market makers and control when the markets go up and down. I’m just waiting to find out what Buffett is going to be doing with that $278 billion in cash. Is he saving it for a special occasion? I don't think there would be much volatility based on this. Inflows would easy hoover up the excess liquidity. One person's loss is another person's gain especially on Wall St. Buffet is gonna go shopping. My guess is for something relatively boring like a utility or a railroad etc. 1 Quote Link to comment Share on other sites More sharing options...
PistolPete13 Posted August 29 Share Posted August 29 1 hour ago, Elias Pettersson said: There is no estate tax if only one spouse dies, the assets pass onto the other spouse tax free. If the second spouse dies, then there is a tax on all the remaining assets in the estate. However, those assets have to be sold. Whether there is a physical sale or a deemed disposition, there is a sale involved. An unrealized gain means there was no sale involved. You are literally paying tax on profit you have not received… You need to consider the possibility that many are on their second or third marriage and only want to pass their wealth on to their side of the family. In that scenario, the Estste tax is triggered on their death. There is no tax free rollover to the spouse. Trump, for example, will pass as little as possible on to Melanie, or whomever else he is married to when he dies. I also mentioned that some countries are considering a tax on unrealized gains. There was an interesting article about it in the Canadian Tax Journal a couple of years ago. If you’re a CTF member you can check it out on Tax Find. 1 Quote Link to comment Share on other sites More sharing options...
Sabrefan1 Posted August 29 Share Posted August 29 (edited) On 8/29/2024 at 12:22 AM, Ilunga said: For people who are really interested in the politics behind the politics/politicians, @RupertKBD @Sabrefan1 @nuckin_futz I was just listening to this discussion about the right - left divide. Where the terms were first used, how they pertain to actual policies and the politicians themselves. https://www.abc.net.au/listen/programs/futuretense/21-century-political-left-right-ideology/104151720 Very interesting discussion. I downloaded and compressed it to only 17mb just in case anyone wants to listen to it straight off of the board or stream it from the board to their car radio during their morning commute. I'll leave it up a few days before taking it down. *edit* Removed and will be deleting the mp3 Edited September 1 by Sabrefan1 1 Quote Link to comment Share on other sites More sharing options...
Ilunga Posted August 29 Share Posted August 29 2 hours ago, Sabrefan1 said: I downloaded and compressed it to only 17mb just in case anyone wants to listen to it straight off of the board or stream it from the board to their car radio during their morning commute. I'll leave it up a few days before taking it down. Why in the 21st century are we still talking about the political.mp3 16.68 MB · 29 downloads Thanks brother. I wondered if you guys in North America could click on the link and listen to it like we can here in Aus. 1 1 Quote Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted August 29 Share Posted August 29 11 hours ago, Elias Pettersson said: What do the billionaires know that we don’t? In unrelated matter regarding banks: Quote Link to comment Share on other sites More sharing options...
6of1_halfdozenofother Posted August 29 Share Posted August 29 5 minutes ago, NewbieCanuckFan said: In unrelated matter regarding banks: Gives new meaning to "long weekend"... Quote Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted August 29 Share Posted August 29 20 minutes ago, 6of1_halfdozenofother said: Gives new meaning to "long weekend"... Bet the bank didn't pay the worker for that day for not "clocking out" properly. 1 2 Quote Link to comment Share on other sites More sharing options...
Boudrias Posted August 29 Share Posted August 29 12 hours ago, Elias Pettersson said: What do the billionaires know that we don’t? There is no such thing as great men anymore. They are all money grubbing gougers. They don't really help anyone but themselves. Whatever good they have created is mostly by luck and taking advantage of others. Haven't you learned this by now? By the way I bought only 1 share of BRK way back when I had the money for 2 shares. One of my biggest misses in life. Oh, those shares are now worth $697500 USD. Nope, the Oracle of Omaha has never done much. 1 1 Quote Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted August 29 Share Posted August 29 (edited) 12 minutes ago, Boudrias said: There is no such thing as great men anymore. They are all money grubbing gougers. They don't really help anyone but themselves. Whatever good they have created is mostly by luck and taking advantage of others. Haven't you learned this by now? By the way I bought only 1 share of BRK way back when I had the money for 2 shares. One of my biggest misses in life. Oh, those shares are now worth $697500 USD. Nope, the Oracle of Omaha has never done much. Might've been mentioned already but he might be 'realizing some gains' now before possibly the Dems gaining more power (and likely tax increases) in the upcoming elections. Edited August 29 by NewbieCanuckFan Quote Link to comment Share on other sites More sharing options...
bishopshodan Posted August 29 Share Posted August 29 12 hours ago, Elias Pettersson said: What do the billionaires know that we don’t? This and the Nivida earnings report gave us a little kick in the nards. Though the markets on the way up again so far today. $278 Billion. Good grief, he is going straight to the basement in your hell. Quote Link to comment Share on other sites More sharing options...
Bob Long Posted August 29 Share Posted August 29 9 hours ago, Elias Pettersson said: $278 billion in cash. Dude knows what’s coming. He got the phone call. There is no reason to have that much in cash unless you are expecting the market to crash… From what I've read it has more to do with capital gains. Quote Link to comment Share on other sites More sharing options...
bishopshodan Posted August 29 Share Posted August 29 9 hours ago, Elias Pettersson said: $278 billion in cash. Dude knows what’s coming. He got the phone call. There is no reason to have that much in cash unless you are expecting the market to crash… Who would call him to advise? Quote Link to comment Share on other sites More sharing options...
Popular Post bishopshodan Posted August 29 Popular Post Share Posted August 29 (edited) 38 minutes ago, Boudrias said: There is no such thing as great men anymore Edited August 29 by bishopshodan 1 2 2 2 Quote Link to comment Share on other sites More sharing options...
Smashian Kassian Posted August 29 Share Posted August 29 How do you 'mistakenly' send that sum of money.. I still can't believe this isn't a bigger story. Yet they always need more tax money, cause they don't have enough to bomb innocent people or fund terrorist organizations already. Quote Link to comment Share on other sites More sharing options...
Bob Long Posted August 29 Share Posted August 29 1 minute ago, Smashian Kassian said: How do you 'mistakenly' send that sum of money.. I still can't believe this isn't a bigger story. Yet they always need more tax money, cause they don't have enough to bomb innocent people or fund terrorist organizations already. Is this verified? Seems fishy. 1 2 Quote Link to comment Share on other sites More sharing options...
bishopshodan Posted August 29 Share Posted August 29 (edited) 2 minutes ago, Smashian Kassian said: How do you 'mistakenly' send that sum of money.. I still can't believe this isn't a bigger story. Yet they always need more tax money, cause they don't have enough to bomb innocent people or fund terrorist organizations already. Maybe Buffett is going to loan the new POTUS here his cash? When did this transfer happen? Do you have a link? I dont have the Twit app Edited August 29 by bishopshodan Quote Link to comment Share on other sites More sharing options...
Jaimito Posted August 29 Share Posted August 29 1 Quote Link to comment Share on other sites More sharing options...
bishopshodan Posted August 29 Share Posted August 29 4 minutes ago, Bob Long said: Is this verified? Seems fishy. My guess is that it is no 'mistake' at all. Someone is trying to twist all the support dollars that went into the whole US in Afghanistan operation over the past couple decades. I bet I am right. Lets see if Kass can provide more info 1 Quote Link to comment Share on other sites More sharing options...
Warhippy Posted August 29 Share Posted August 29 10 hours ago, Elias Pettersson said: Seems like you might need a lesson on how the stock market works. If Kamala is taxing the wealthy with a tax on unrealized gains, then those people are going to be selling their stocks. There would be no reason to hold onto them, as they would be paying tax on money they never received. What happens if all the rich people sell their stocks? Can you say stock market crash? What happens to all of the average people’s portfolios if the market crashes? Also, this is how it starts. In 1913 they implemented the income tax only on wealthy people. By 1942 income tax was paid by everybody. Tax on unrealized gains will eventually trigger down to the average person. One more thing. Seems like this tax on unrealized gains wasn’t well thought out. If you are being taxed on income from gains that you haven’t received yet, what happens the following year if the stocks go down and you lose all the money that you previously gained? Is the government going to refund the rich people all of their tax money that they already paid? You heard a blurb on fox news and are taking it to be writ which is never the case. You're also suggesting the single largest creator of wealth for the 1% will all of a sudden be sold off and shunned by the 1%. Sure. They all only make $1 a year in salary so I am sure it wont be an issue. If they can't make $ the single largest way they do, then they'll go broke and can just pull themselves up by their boot straps stop eating avocado toast and wait for the trickle down economics to lift them up. 1 1 Quote Link to comment Share on other sites More sharing options...
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