Do you support taxing unrealized gains (Poll)

[leftwinger]

When Bill Clinton was president I think there was a proposed law to limit Welfare to TWO YEARS?
Now it looks like most states allow a 5-year lifetime limit.

Welfare Time Limit by State 2024

worldpopulationreview.com

View attachment 999013

Thats TANF? State Welfare? Not paid by Federal? So confusing?

How could States set time limit on Federal welfare payments?

 

[Edgetho]

Thats TANF? State Welfare? Not paid by Federal? So confusing?

How could States set time limit on Federal welfare payments?

It's controlled by the States but mandated by Federal Laws that Tricky Dick put into place.

It's where the Block Grants come from that dimocrap scum are always throwing into an argument about which States are more Federal Government-Dependent.

States with a high population number that is Welfare Dependent get a lot of Federal money because welfare is Federally mandated. Mississippi, Alabama, Louisiana, Arkansas, etc

 

[hadit]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to val...

www.forbes.com

The policies proposed in the FY2025 budget target extremely high-net-worth individuals and entities, attempting to ensure wealth accumulation through investment is looped in to the taxable base—even when those investments are not sold. The general principle behind equitable taxation is that a broad base is to be preferred over higher rates—in other words, increasing tax revenue without imposing additional burdens on middle and lower income brackets, merely reshuffling the deck so higher income earners are taxed under existing rate structures.
Among the proposals is a plan to tax the unrealized gain on a trust, partnership or other non-corporate entity that has not been subject to a recognition event in the previous 90 years—something of a one time tax true-up for complex tax structures that are and have been growing untaxed for generations.

The only way I could support something like that is if they simultaneously gave tax refunds for unrealized losses.

 

[hadit]

"unrealized" is one of those terms that doesn't mean what you think it does.

Just because you haven't turned it into cash doesn't mean you didn't make money.

You pay taxes when you access it. That's the way it's supposed to work.

 

[my2¢]

A "Yes" from me. I believe all unrealized gains held by an individual should be taxed upon the owner's death.

Now, from what I hear of the Democrats' plan, that I do not favor.

 

[hadit]

Holding Unrealized Capital Gains are like owning an extremely rare and valuable baseball card. You can't use it to buy a Maserati or a Van Gogh or a house, it's not worth anything more than the paper it's printed on until you sell it. Y'all do realize, don't you, that if they can successfully establish taxes on unrealized gains it's only a short step to going after anything anyone buys as an appreciating asset?

 

[Crepitus]

Massive decrease in value of hard assets due to the sudden need of large amounts of people to dump said assets?

Speculative.

Anything real?

 

[Crepitus]

You pay taxes when you access it. That's the way it's supposed to work.

Already addressed earlier in the thread. feel free to read it.

 

[martybegan]

Speculative.

Anything real?

Of course it is speculative, it's never been tried before here.

Unlike you twats I don't confuse reality with observation, and opinions with facts.

 

[Crepitus]

Of course it is speculative, it's never been tried before here.

/discussion.

 

[martybegan]

/discussion.

Wrong. All of this is of course speculative. But looking at history when runs on trying to get quick liquidity have occurred, the warnings are there.

 

[M14 Shooter]

If democrats win in November, the IRS will be going after unrealized gains. Is this even constitutional?

The federal government has the power to tax income.
Unrealized gains are not income.
Thus.

 

[kyzr]

Thats TANF? State Welfare? Not paid by Federal? So confusing?

How could States set time limit on Federal welfare payments?

All I know is that the Welfare line item in the FEDERAL Budget is $1.3T and it was supposed to have a 2-year lifetime limit.

I would tell states that the Federal government will no longer pay for Welfare, so put the lazy bums to work.

 

[Cellblock2429]

"unrealized" is one of those terms that doesn't mean what you think it does.

Just because you haven't turned it into cash doesn't mean you didn't make money.

/—-/ Spoken by a true economic moron. The city tax department assesses your home at $1 million even though you think it’s worth $500k. The IRS then taxes you on the $1 million valuation even though you have no plans to sell.
Now, shut up and pay up. You simpleton.

 

[hadit]

Already addressed earlier in the thread. feel free to read it.

How valuable is that baseball card until you sell it? It's not a house you can borrow against, it's a piece of paper. It only has value when you sell it, like stocks, especially since dividends are not widely given out anymore.

 

[Couchpotato]

A "Yes" from me. I believe all unrealized gains held by an individual should be taxed upon the owner's death.

Now, from what I hear of the Democrats' plan, that I do not favor.

Why would the unrealized gain be any more real when the person's dead than when they were alive?

 

[my2¢]

Why would the unrealized gain be any more real when the person's dead than when they were alive?

As they say, you can't take it with you. There are no financial gains for the deceased, real or otherwise.

Upon death I'm in favor of closing a person's financial book. Settle up taxes in a straightforward and transparent manner while transferring the assets to existing (real) entities.

From the IRS itself:
The U.S. Tax Code is a body of law covering the federal tax laws in the United States. The U.S.Tax Code is 6,871 pages, this will take about 1 week, 2 days to complete, but when tax regulations and official tax guidelines from the IRS are included, it goes up to about 75,000. In this case, it will take 14 weeks to finish reading them.

75,000 pages! With all the nation's special interests and our politicians being dependent on campaign funds election-after-election, I don't trust that within those pages there's an absence of financial sleight of hand.

 

[Crepitus]

/—-/ Spoken by a true economic moron. The city tax department assesses your home at $1 million even though you think it’s worth $500k. The IRS then taxes you on the $1 million valuation even though you have no plans to sell.
Now, shut up and pay up. You simpleton.

this isn't about your home, as you well know.

 

[Cellblock2429]

this isn't about your home, as you well know.

/——/ It’s about unrealized capital gains that includes your home, moron.

 

[alang1216]

How could it even be done?

You report what your holdings are on Dec 31 of last year (say $800,000) and then this year (12%, so it’s now $900,000), and you have to pay taxes on an additional $100,000?

What if your salary is $100,000? You have to pay taxes on $200,000?

Great way to wipe out the savings of successful people, discourage investment, and make more people dependent on the Democrat Socialist Regime - which is what this is all about.

My guess is that the $X dollars would be spared the tax so middle class investors would not get screwed. That said, I'm not sure this one is a good idea.