Several Senate Democrats are pushing to boost federal revenue by taxing certain capital gains that are passed down after death. Traditionally, unrealized capital gains have not been taxed, allowing wealthy... Who's Online | Find Members | Private Messages
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Democrats propose capital gains tax at death

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1 month ago - Monday 3/29/21 - 8:31:33 PM EST (GMT-5)
Several Senate Democrats are pushing to boost federal revenue by taxing certain capital gains that are passed down after death.

Traditionally, unrealized capital gains have not been taxed, allowing wealthy individuals to transfer stocks, bonds and real estate investments to their children and grandchildren without the recipients being taxed.

Under current law, heirs don’t have to pay tax on the capital gains that were accrued by an asset or investment before they received it. They only have to pay capital gains taxes on an inherited asset after they sell it, and they only have to do so for the amount the asset or investment appreciated after it came into their possession.

Democrats, led by Sens. Chris Van Hollen (D-MD), say it’s time for that to change.

https://thehill.com/policy/finance/...
1 month ago - Tuesday 3/30/21 - 2:54:54 PM EST (GMT-5)
Democrats are thieves
1 month ago - Tuesday 3/30/21 - 3:49:48 PM EST (GMT-5)
Why is it theft?
1 month ago - Tuesday 3/30/21 - 7:06:25 PM EST (GMT-5)
On Tuesday 3/30/21 - 2:54:54 PM Noldor wrote:
Democrats are thieves

Every day of your life you enjoy the benefits of that "thievery". Go somewhere with no taxes if you're so upset.
1 month ago - Tuesday 3/30/21 - 7:12:07 PM EST (GMT-5)
Taxes are too high. Capital gains taxes are bs
We're punishing people for making money smartly.

Stupid socialists.
1 month ago - Tuesday 3/30/21 - 7:27:09 PM EST (GMT-5)
On Tuesday 3/30/21 - 7:12:07 PM KuckingFunt wrote:
Taxes are too high. Capital gains taxes are bs We're punishing people for making money smartly. Stupid socialists.

None of this is true.
1 month ago - Tuesday 3/30/21 - 7:34:05 PM EST (GMT-5)
On Tuesday 3/30/21 - 7:12:07 PM KuckingFunt wrote:
Taxes are too high. Capital gains taxes are bs We're punishing people for making money smartly. Stupid socialists.
On Tuesday 3/30/21 - 7:27:09 PM GoGopher wrote:
None of this is true.

Spoken like a socialist.
1 month ago - Tuesday 3/30/21 - 7:34:37 PM EST (GMT-5)
We should be targeting speculation not stock market. Fxck Newsom
1 month ago - Tuesday 3/30/21 - 8:13:44 PM EST (GMT-5)
On Tuesday 3/30/21 - 2:54:54 PM Noldor wrote:
Democrats are thieves


if our politicians could get away with it they'd use taxpayer money as toilet paper.
1 month ago - Tuesday 3/30/21 - 8:18:40 PM EST (GMT-5)
https://www.efile.com/tax-history-a...

"The U.S. tax code has grown tremendously over the years. For Tax Year 2020, the tax code contains nearly 10,000 sections. The instructions for the Form 1040 alone speak to the expansive growth of the tax code over its history. In 1913, the tax code could be printed on a single page, while modern tax codes can take up to 174 pages. However, the modern tax code is much more broad and complex than its 1913 counterpart, featuring categories for employment taxes, financing of election campaigns, coal industry health benefits, and the trust fund code."

this is the real elephant in the room, not rich people giving money to their kids.
1 month ago - Tuesday 3/30/21 - 9:03:48 PM EST (GMT-5)
On Tuesday 3/30/21 - 3:49:48 PM Mizu wrote:
Why is it theft?

Money you want to give to your kids after you die should not be taken away by politicians. You're taxed your entire life, now they want to tax you after you've died. Enough is enough. Let me die in peace taxman.

Tax is similar to theft. You must pay or else. Kind of like a thief holding a gun to your head and demanding your wallet.
1 month ago - Tuesday 3/30/21 - 9:05:37 PM EST (GMT-5)
On Tuesday 3/30/21 - 2:54:54 PM Noldor wrote:
Democrats are thieves
On Tuesday 3/30/21 - 7:06:25 PM GoGopher wrote:
Every day of your life you enjoy the benefits of that "thievery". Go somewhere with no taxes if you're so upset.

Much of the money we pay in taxes do not benefit me. They already have enough money to pay for the things they should be spending it on.
1 month ago - Tuesday 3/30/21 - 9:32:21 PM EST (GMT-5)
On Tuesday 3/30/21 - 2:54:54 PM Noldor wrote:
Democrats are thieves
On Tuesday 3/30/21 - 7:06:25 PM GoGopher wrote:
Every day of your life you enjoy the benefits of that "thievery". Go somewhere with no taxes if you're so upset.
On Tuesday 3/30/21 - 9:05:37 PM Noldor wrote:
Much of the money we pay in taxes do not benefit me. They already have enough money to pay for the things they should be spending it on.

Spend it on a cure for covid and forced economic classes in high school.
1 month ago - Wednesday 3/31/21 - 8:42:55 AM EST (GMT-5)
On Tuesday 3/30/21 - 3:49:48 PM Mizu wrote:
Why is it theft?
On Tuesday 3/30/21 - 9:03:48 PM Noldor wrote:
Money you want to give to your kids after you die should not be taken away by politicians. You're taxed your entire life, now they want to tax you after you've died. Enough is enough. Let me die in peace taxman. Tax is similar to theft. You must pay or else. Kind of like a thief holding a gun to your head and demanding your wallet.


Much like the argument I’ve heard you make before about employee rights “if you don’t like the company then just leave”, the same could be said here right - if you really don’t like the tax regime, move somewhere where you do.

Less drastic than that, vote for someone - and persuade others to - that will implement a tax regime you approve of.

Tax isn’t theft, and it’s disingenuous to compare it.
1 month ago - Wednesday 3/31/21 - 8:43:57 AM EST (GMT-5)
And inheritance tax in general is pretty common, what’s proposed here about taxing the capital gains seems reasonable to me.
1 month ago - Wednesday 3/31/21 - 8:51:16 AM EST (GMT-5)
Having read the article, there’s a $1m floor on the tax on gains, so an asset would have gone up in value more than $1m before the gains tax is applied, and that’s after an $11m floor on actual value tax.
1 month ago - Wednesday 3/31/21 - 8:52:25 AM EST (GMT-5)
Not forgetting the gains tax only applies at the point someone disposes of the asset, so no ones getting kicked out of the family mansion because of this.
1 month ago - Wednesday 3/31/21 - 12:22:17 PM EST (GMT-5)
exactly how complex is the tax code where you live? my concern is continuing to bloat the US tax code to the point where even the tax experts give up.
1 month ago - Wednesday 3/31/21 - 1:40:06 PM EST (GMT-5)
Yeah it’s pretty complex but we live in complex times. That said, I can understand it and I have to file a return so it can’t be that hard!

I’m all for simplification, but “it’s too difficult” is hardly a reason to not charge a tax if it’s appropriate to do so.
1 month ago - Wednesday 3/31/21 - 2:36:38 PM EST (GMT-5)
What determines if a tax is appropriate enough?

If people are under the impression that the government spends unwisely less taxation would be appropriate.

Appropriate because it’s an opportunity to take money?
1 month ago - Wednesday 3/31/21 - 5:42:40 PM EST (GMT-5)
You can define “appropriate” however you like - and I’d listen to almost any argument that says this rate or that rate isn’t right, but to just say we shouldn’t do it “because it’s too hard” is one of the few arguments I don’t think is reasonable.
1 month ago - Thursday 4/1/21 - 8:57:58 AM EST (GMT-5)
On Wednesday 3/31/21 - 5:42:40 PM Mizu wrote:
You can define “appropriate” however you like - and I’d listen to almost any argument that says this rate or that rate isn’t right, but to just say we shouldn’t do it “because it’s too hard” is one of the few arguments I don’t think is reasonable.


we're talking about adding more pages to an already 10,000+ page tax code. it probably might add more incentive to set up in the cayman islands which they are already doing. it's definitely a complicated situation and one our politicians probably shoved way down the list of priorities ages ago.
1 month ago - Thursday 4/1/21 - 3:16:44 PM EST (GMT-5)
As I said, I’m in favour if simplification - helps everyone; but not sure that’s relevant to this case in point. It’s certainly not a strong enough reason to *not* implement it.
1 month ago - Friday 4/2/21 - 2:41:49 PM EST (GMT-5)
On Wednesday 3/31/21 - 8:42:55 AM Mizu wrote:
Tax isn’t theft, and it’s disingenuous to compare it.


I do think that some taxes are theft.

The 'windfall' tax that Dems wanted to impose on oil companies that were making 'too much money' are a good example.

https://www.wsj.com/articles/SB1132...

I think that wealth taxes like Warren/Sanders have touted amount to theft. They want to tax based on net worth rather than based on income in order to make people less wealthy.

https://www.cnbc.com/2021/03/01/eli...

1 month ago - Friday 4/2/21 - 4:01:46 PM EST (GMT-5)
Theft is unlawful, tax isn’t.

They aren’t the same and the fact you keep comparing them is telling.

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