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Wonder if they will allow for refundable deductions for unrealized capital losses…? If not, why not?
This is a stupid policy that will only create more confusion and avoidance.
You want to capture large estates? How about a massive estate tax on very large estates? Family farms? not if it’s worth $100 million or more. That’s an industrial base. Your daddy’s an industrialist.
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Sic transit gloria mundi (so shut up and get back to work) -
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I prefer to call unrealized gains imaginary gains.
Yellen and Co. have dream jobs. What better way to earn a living than as a parasite taking other people’s life’s blood?
America still has some good things left. But the most abhorrent aspect of our age will prove to be the destruction of our children.
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Washington State is trying to implement an income tax by brute force.
https://www.spokesman.com/stories/2021/may/14/chris-cargill-state-income-tax-adopted-by-one-vote/
Note with the addition of this new tax, there is NO CHANGE to the state sales tax system. Washington is in a race to join Cali as one of the highest tax states in the nation.
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To be fair to Sec. Yellen, she was saying it’s under consideration. Apparently being pushed by Sen. Wyden. That being said, as a formerly serious economist, she shouldn’t even be mentioning it with a straight face. This is more evidence of the leftist “war on savings” whose end goal is to make everyone dependent on the government for their retirement.
On another note, Sec. Yellen is the second “moderate and respected” member of the administration that I am disappointed in, because they have taken a hard left turn. AG Garland, I’m looking at you.
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Been thinking about this one.
Why not just add a surtax to margin loans above a certain size? Wouldn’t that accomplish the wealth tax issue for the egregious cases? As I understand it, Elon Musk doesn’t sell his stock. He just takes loans against it. Why not just raise the price of those loans via a surtax?
haven’t thought it through but if there is a tax I like it’s taxes that tax risky or otherwise bad behavior. I do believe that borrowing against the appreciation of a liquid asset is tantamount to creating income, and ought to be treated as such. The same goes for all you Californians taking cash out refis on your homes that have gone up in value by a million bucks. You aren’t musk but you are dodging the same taxes (well, kinda).
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Sic transit gloria mundi (so shut up and get back to work) -
I wasn’t aware of the loan against asset scheme that you mention but it’s a good one. Refi’s another. The government would rather turn their head as these find their way back into the economy one way of another. Remember, Miami was rebuilt on mountains of non taxed cocaine money.
Half of the problem is that there are a lot of dubious tax dodges from art to drugs to agriculture both personal and corporate. Too many to name. The other half of the problem is that there are too few auditors to pick this stuff up. It can be very technical.
I’ve seen software that can take a profitable corporation with overseas operations to a zero tax liability through a few clever maneuvers. If you know what you’re doing.
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Yeah, my understanding is that some of the “iconic” billionaires sitting on loads of high growth stock just make lucrative arrangements with their banks whereby they take out margin loans and live off those, while the stock appreciates. It’s risky, but probably not so risky when you can borrow a billion dollars against a $50 billion net worth.
While I AM suggesting a reclassification of debt to income, I actually think it’s fair to say that the guy either should pay himself or should have his debt reclassed as income on some level… In this case not the full amount but via a surtax.
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Sic transit gloria mundi (so shut up and get back to work)
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EXCLUSIVE: Treasury @SecYellen tells @cbsnews’s @nancycordes the president’s new $1.75 trillion spending bill will help drive inflation down. More tonight on the @CBSEveningNews. https://t.co/TNLD1fjYog
— Ed O'Keefe (@edokeefe) October 28, 2021
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