Anyone Watching Yellen's Testimony?

Discussion in 'Business, Investing & Finance' started by GatorCatsi, Jan 19, 2021.

  1. GatorCatsi

    GatorCatsi ¡No más tacos gratis!
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    "Taxing unrealized gains presents technical challenges."
    IOW, "once we figure out how, we're gonna do it."

     
  2. g8tr72

    g8tr72 Well-Known Member
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    Been burying my fortune in the back yard for a few weeks now.

    Looks like a scene from Caddyshack.
     
    • FireFoley

      FireFoley Senior Member
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      So when we have HUGE unrealized losses in a year, are they going to send us money back? Heads they win tails they win. Here is what you are going to hear if the DUMS ever get this thru.

       
      • BMF

        BMF Bad Mother....
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        This is about as stupid as a 'wealth tax'. When are they going to raise the tax deduction for stock losses (from the current $3000)? They'll gladly tax your gains on a sale, but limit you to $3k? How long has it been $3k?
         
        • Bushmaster

          Bushmaster Well-Known Member
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          Been $3k forever for carryover losses.

          I have some clients who may never recoup those. Their grandkids will be dead first.
           
        • BMF

          BMF Bad Mother....
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          I imagine having a left leaning administration isn't a good time to try and get that changed, huh?
           
        • 78

          78 Dazed and Confused
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          This isn’t new. Wyden’s been pushing this cockamamie plan for a couple years. Wait till you get to the illiquid side of the discussion with real estate and people doing stupid shyt with their brick and mortar out of desperation because they lack the liquidity to pay the pay-go tax.

          Question: Why did the Robbie family sell the Dolphins to Wayne Huizinga for pennies on the dollar?

          Answer: Because they needed the pennies to pay the federal estate tax on the old man’s illiquid estate.

          Self-defeating prophecies are self-defeating. This isn’t a tax plan. It’s a moment of insanity.
           
          • BMF

            BMF Bad Mother....
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            I read that Biden wants to move the estate tax to $3 million (from the current $11.7 million) - at 45% on anything over $3 million. That is ridiculous. $3 million is a lot of money, but in 2021 it's not what it used to be. I know this is a "good problem to have", but realistically, people in their 30's and 40's who have aggressively put away money into a 401k plan will (or should) have well over $1.5-2 million....add in some real estate, inheritance, and other investments, I imagine there will be a lot of people with $3 million+ in the coming years (again - $3 million isn't what it used to be).
             
            • 78

              78 Dazed and Confused
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              The figure is $3.5m and becomes $7m for marrieds through the implementation of a few estate planning techniques. But your point is well taken. That’ll contribute to the distress sale liquidity crunch I attempted to explain in my previous post. Estate taxes are due before the final 1040 can be filed. Interest and penalties begin racking up nine months after the death of the second spouse.

              You know who it really hurts? Farmers and their families. We certainly aren’t incentivizing them with a more onerous family transfer tax.
               
              • BMF

                BMF Bad Mother....
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                78 - when can we meet to go over my estate planning?
                 
                • 78

                  78 Dazed and Confused
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                  PM would be a start. We can share cell numbers or email addresses.
                   
                • Detroitgator

                  Detroitgator Well-Known Member
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                  First meeting is at a rest area on the interstate...
                   
                  • BMF

                    BMF Bad Mother....
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                    Or in front of the Tebow statue!
                     
                    • 78

                      78 Dazed and Confused
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                      Nothing larger than Jacksons.
                       
                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        :lol:
                         
                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        :rotfl::rotfl::rotfl:
                         
                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        There are so many advantages of not being legally married...and owning multiple businesses...
                         
                      • Bushmaster

                        Bushmaster Well-Known Member
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                        Bunch of fags!!
                         
                        • 78

                          78 Dazed and Confused
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                          That’s how most tech startups got off the ground.
                           
                          • alcoholica

                            alcoholica I'm what Willis was talking about
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