Ta, Dok. I hope to live long enough to see a transaction tax. Just a teensy amount, some fraction of 1%. It would pile up quickly, and maybe we could have some nice things.
That's an interesting idea. Like a sales tax but for investments? If I transfer part of my IRA into a new fund I pay a tiny tax on that transaction? Has someone like Senator Warren put that in a proposal?
I'd go for estate taxes rather than inheritance taxes because it's just easier to collect the money when someone dies rather than when some devisee gets it, perhaps long after the death occurred. Keeping track like that probably isn't worth it.
So here's Kavanaugh allowing "consequences" to enter his decision-making process, and just yesterday Roberts said that the 21c gun law could be "kinda like" 18c some laws, it didn't have to be "exactly the same". What OINO squishes! Must impeach!
When you consider how much of most state and local budgets is funded by property taxes, this ruling is (mostly) a relief. The economy would collapse more catastrophically than nearly any collapse in all of human history (Roman Empire would probably still win) if the plaintiffs had won. Even "tax free" NH runs almost entirely on property taxes - which are the epitome of taxes on unrealized gains.
The best thing the IRS could do is require that if you bring in a 3rd party such as a lawyer or accountant to the audit, your automatically taxes become public record because you have waived your privacy.
I originally posted this in the other S.C. thread, but it makes even more sense here.
In related Supreme Court news, there are reports that Barrett is tiring of Alito's, Thomas's and Gorsuch's dishonest originalism games. Good news, maybe?
"The Supreme Court’s approach on ‘history and tradition’ is irking Amy Coney Barrett"
Breaking - Clark County judge dismisses all charges against the fake electors in Nevada, stating that the court lacks jurisdiction as the alleged crimes did not happen in Clark County. If the prosecution wants to refile, it would need to be in Carson City (a swing county) or Douglas County (a deep-red MAGA county).
Every property tax and excise tax, constituting the majority of all state and local budgets, is on an unrealized gains. If taxes on unrealized gains are eliminated, every state and municipality in the country goes bankrupt within a matter of weeks. It's absurd to eliminate taxes on unrealized gains.
If you tax unrealized gains and losses on equity what other things qualify for unrealized gains and losses? My car lost 25% of its value the second I drove it off the dealer's lot. Do I get to claim that unrealized loss?
I am in favor of 1950s tax rates and inheritance taxes to pay off WWII the New Deal, the Marshall Plan, and infrastructure. Just spitballing, but those same rates would go a long way to cutting a $34 trillion deficit
Wasn't the one time tax thingy originally supposed to encourage Americans to repatriate foreign investments? How'd that work out?
Ta, Dok. I hope to live long enough to see a transaction tax. Just a teensy amount, some fraction of 1%. It would pile up quickly, and maybe we could have some nice things.
That's an interesting idea. Like a sales tax but for investments? If I transfer part of my IRA into a new fund I pay a tiny tax on that transaction? Has someone like Senator Warren put that in a proposal?
I want it because of day traders. If they had to pay just a teensy bit every time, I believe there would be less stock fraud.
This.
Wealth taxes are hard, so massive unrealized capital gains and transaction and inheritance taxes can work too.
I'd go for estate taxes rather than inheritance taxes because it's just easier to collect the money when someone dies rather than when some devisee gets it, perhaps long after the death occurred. Keeping track like that probably isn't worth it.
So here's Kavanaugh allowing "consequences" to enter his decision-making process, and just yesterday Roberts said that the 21c gun law could be "kinda like" 18c some laws, it didn't have to be "exactly the same". What OINO squishes! Must impeach!
When you consider how much of most state and local budgets is funded by property taxes, this ruling is (mostly) a relief. The economy would collapse more catastrophically than nearly any collapse in all of human history (Roman Empire would probably still win) if the plaintiffs had won. Even "tax free" NH runs almost entirely on property taxes - which are the epitome of taxes on unrealized gains.
Let's wait and see how much extra revenue the IRS brings in now that they're about to start properly auditing corporations and Richie Riches.
The best thing the IRS could do is require that if you bring in a 3rd party such as a lawyer or accountant to the audit, your automatically taxes become public record because you have waived your privacy.
Even if you don't take the money, it's realized in the form of access to credit on improved terms.
That's how so many rich people avoid taxes. They borrow against it, at quite favorable interest rates.
Our financially illiterate media never explains that, but it's vital information.
I originally posted this in the other S.C. thread, but it makes even more sense here.
In related Supreme Court news, there are reports that Barrett is tiring of Alito's, Thomas's and Gorsuch's dishonest originalism games. Good news, maybe?
"The Supreme Court’s approach on ‘history and tradition’ is irking Amy Coney Barrett"
https://amp.cnn.com/cnn/2024/06/19/politics/amy-coney-barrett-clarence-thomas-originalism
"Well, they use made up originalist arguments. But, man I’m aching for that 1800's interpretation of the Constitution." ---Contagious ACB
Just increase the estate tax to 100%. That ought to solve a lot of problems.
Eliminate the exemption and you have a deal.
The obscenely wealthy should be taxed at EVERY available opportunity.
They're gonna' drop a bomb on us at 4:59 pm, aren't they?
Not sure what else they are holding other than the immunity one
Must be a yooge turd ... seeing how long they have been sitting on the terlet with this one.
Truth be told, what isn’t “excellent news for billionaires” these days?
Guillotine futures.
Must invest...
The great Karnak sees great distress as more rulings are exposed!
Breaking - Clark County judge dismisses all charges against the fake electors in Nevada, stating that the court lacks jurisdiction as the alleged crimes did not happen in Clark County. If the prosecution wants to refile, it would need to be in Carson City (a swing county) or Douglas County (a deep-red MAGA county).
https://thenevadaindependent.com/article/judge-dismisses-nevada-fake-electors-case-over-lack-of-jurisdiction
PUNT!
OFFS!
lol they did a state wide crime, but can't charge them in this county because they were not physically here
Profiles in courage
Who the fuck stuck their dick in this bowl of mashed potatoes? It reeks of ratfucking.
And/or a Garland-esque lackadaisical approach to getting around to filing charges.
I don’t think this is the last we’ll hear about this story.
Like I said below, unless the Nevada Supreme Court decides to save them they're SOL. They took too long.
"The state is unable to re-file the case up north [meaning in either jurisdiction] because a three-year statute of limitations expired in December."
So in other words, unless the Nevada Supreme Court overturns this they're screwed. This reeks of incompetence.
"Oh shucks, we tried"
taxing unrealized gains is not a viable solution. taxing the shit out of realized gains makes sense though.
Every property tax and excise tax, constituting the majority of all state and local budgets, is on an unrealized gains. If taxes on unrealized gains are eliminated, every state and municipality in the country goes bankrupt within a matter of weeks. It's absurd to eliminate taxes on unrealized gains.
And I'd argue that excise taxes on, say, my vehicle are the opposite of realized gains because it depreciates year after year.
I'd agree, but it usve to be more so years ago...20 yr old cars can still have a large registration fee.
I don't know much about excise tax, but property tax is based on property valuation, not gains or losses.
What if values go down?
If your property is subject to a revaluation the year that it drops, your taxes drop with it.
Let's say I buy a house for $100,000
I pay taxes on $100,000 valuation even though I have zero gains.
The next year, it's valued at $120,000
I pay taxes on $120,000 valuation, not $20,000 gain.
The economy shifts and the next year, it's again valued at $100,000
I pay taxes on $100,000, even though I have an unrealized loss from the previous year and zero gains from the start.
There can be tiers of taxation, and obviously tax rates vary anyway.
But unrealized gains come and go. Are unrealized losses credited then?
Real world example:
Let's say I buy a bunch of Tesla stock in Jan 2021 at $285/share.
Jan 2022 it's up around $350/share. Unrealized gain of around 25%
tax that gain
Jan 2023 it's now around $122/share. Unrealized loss of around 65%
is that loss credited somehow?
Jan 2024 it's back around $225/share. Unrealized gain of nearly 85%
tax that gain
If you tax unrealized gains and losses on equity what other things qualify for unrealized gains and losses? My car lost 25% of its value the second I drove it off the dealer's lot. Do I get to claim that unrealized loss?
Trading cards? Rare plant specimens? High tops?
I am in favor of 1950s tax rates and inheritance taxes to pay off WWII the New Deal, the Marshall Plan, and infrastructure. Just spitballing, but those same rates would go a long way to cutting a $34 trillion deficit
Especially since all those corporate trucks and trains and ships use our infrastructure the most heavily and abuse the environment the most.