Here are the “rich” Mamdani wants to tax

[Woodznutz]

Not at all. You could elect to maintain the step up basis and eliminate all estate and inheritance taxes, which would let massive amounts of capital gains go completely untaxed.

Capital gains is difficult to prove regarding real estate. Usually, the increased value is just keeping up with inflation. In relative terms you've 'gained' nothing.

 

[Marener]

Capital gains is difficult to prove regarding real estate. Usually, the increased value is just keeping up with inflation.

Home valuations aren’t that difficult. It happens all the time.

 

[Woodznutz]

Home valuations aren’t that difficult. It happens all the time.

There's difference between price and value. An 800 square foot house doesn't get any bigger because the price increases.

 

[Marener]

There's difference between price and value. An 800 square foot house doesn't get any bigger because the price increases.

Not when it comes to taxes.

 

[Cellblock2429]

I find it really comical when people ***** about the estate tax, or the death tax. Almost all the time, these people complaining would never be subject to the damn tax to start with. Sure, $750,000 seems like a pretty low exemption level, especially considering real estate price inflation.

But here is the thing. The estate tax is the only tax that is completely voluntary. You don't want to pay it, don't leave all your property to your kids. Donate it to charity, create a foundation. And if you are insistent on leaving it all to your kids, then just purchase a second-to-die life insurance policy, cover the tax for pennies on the dollar.

/——/ And cheat the democRATs out of their blood money???? Perish the thought.

 

[Dont Taz Me Bro]

They voted for this, so I'm happy to see they're getting what they wanted.

 

[Winston]

If there's no inheritance tax the step up is a moot point.

To the extent that inheritance taxes are used to benefit the undeserving then there should be no inheritance tax. Why punish success and reward failure.

What do you mean a moot point? Look, there was no estate tax in 2010. Steinbrenner dies that year, the owner of the Yankees. Over a one billion dollar estate at the time with a looming estate tax bill of half a billion dollars. The heirs avoided it but they lost the step-up. The cost basis, for the Yankees, is ten million dollars. The estimated value of the franchise is nine billion dollars. Were it to be sold, today, the owners would be facing a 1.6 billion dollar capital gains tax liability.

That single year, 2010, was the only year without an estate tax in modern times. Congress quickly reinstated it in 2011. The reality, the wealthy would much rather prefer the step-up and paying the estate tax rather than no step-up and no estate taxes. And the most harsh reality, the step-up helps working Americans, the vast majority never affected by the estate tax.

 

[Winston]

/——/ And cheat the democRATs out of their blood money???? Perish the thought.

Can we get something clear here. The estate tax is the mechanism we use to capture revenue lost from uncollected capital gains due to the step-up. It really is that simple. And it is a fair tax, hell, the only tax, that is completely voluntary.

 

[Cellblock2429]

Can we get something clear here. The estate tax is the mechanism we use to capture revenue lost from uncollected capital gains due to the step-up. It really is that simple. And it is a fair tax, hell, the only tax, that is completely voluntary.

/—-/ The death tax is thief. It’s money that had already been taxed. You greedy whores just want it all.

 

[Winston]

/—-/ The death tax is thief. It’s money that had already been taxed. You greedy whores just want it all.

No, those unrealized capital gains have not been taxed. Back to the Yankees. Bought for ten million, now worth 9 billion. Where were the taxes paid on that over eight billion dollars?

 

[Cellblock2429]

No, those unrealized capital gains have not been taxed. Back to the Yankees. Bought for ten million, now worth 9 billion. Where were the taxes paid on that over eight billion dollars?

/—-/ “unrealized capital gains “
It's only an estimate. You want to tax play money. Thief

 

[LAUGHatLEFTISTS]

Seems like a lot of people who don't live in NYC, are really concerned about NYC's mayor.

Because we know we will be paying to bail NYC out .

 

[Winston]

/—-/ “unrealized capital gains “
It's only an estimate. You want to tax play money. Thief

No, I want to tax the gain when it is taken. And yes, I am willing to grant the step-up but not without an estate tax.

 

[LordBrownTrout]

Heres another one. You have to marvel at the stupidity here. Its other worldly.

 

[Marener]

Heres another one. You have to marvel at the stupidity here. Its other worldly.

Housing the homeless.

What a moron!

 

[Woodznutz]

What do you mean a moot point?

If there is no inheritance tax any rules applying to an inheritance tax go away.

 

[SeaMajor7]

Heres another one. You have to marvel at the stupidity here. Its other worldly.

That's INSANE.

 

[martybegan]

They voted for this, so I'm happy to see they're getting what they wanted.

Some of us didn't and don't have the luxury of just moving away, due to family commitments.

 

[martybegan]

Can we get something clear here. The estate tax is the mechanism we use to capture revenue lost from uncollected capital gains due to the step-up. It really is that simple. And it is a fair tax, hell, the only tax, that is completely voluntary.

So the Government is more worthy of someone's money than their heirs?

 

[Lisa558]

Housing the homeless.

What a moron!

At $330 a night?! Why not put them up at Motel 6 instead?