Economics Thread

[thethe]

You're out of your mind on this one.

Let's say my Bitcoin takes me over $5M in net worth... but I never sell it. You're saying I've to come up with over a $m in cash to hand over to the IRS. So I'm forced to sell just to get some cash. Then what if it crashes, as it tends to do? I just paid a bunch of money for gains I do not have

Or, what it goes back up to $5M again... I have another multi million tax bill. But the more likely scenario is the asset crashes because everyone would have to sell a huge chunk just to pay the damn bill.

What if my house appreciates? What if all my cash is in my house? Do I have to sell my house to pay the tax bill? How is that good for me? Or the country?

You would have a tax basis and the government would need to give you a massive credit for periods where their are unrealized losses that are in excess of your original cost basis.

But you'd still be in a good position because you're holding a valuable asset.

 

[thethe]

Because you think it’s going to be limited to a set number/group of people which it won’t be.



How do you tax unrealized gains without allowing for unrealized loses?

You'd have to allow unrealized losses from your current tax basis to original cost.

 

[thethe]

Its important to note that from a pure economics standpoint sending all of our manufacturing to China is a good thing.

Don't forget that when you follow the typical club for growth positions on wealth taxes.

 

[sturg33]

The bureaucracy you wish to create to manage all of this is one of the craziest things you have ever posted.

"Hey! We all agree the government is awful. Why don't we give them more money, more power, and more people to fix themselves?!"

 

[thethe]

The bureaucracy you wish to create to manage all of this is one of the craziest things you have ever posted.

"Hey! We all agree the government is awful. Why don't we give them more money, more power, and more people to fix themselves?!"

Why would you think this would create an even larger bureaucracy?

How difficult do you think it would be to calculate these unrealized gains and losses?

Most investor platforms would provide it at the click of a button.

 

[sturg33]

You would need a massive amount of new IRS agents. Hell, Biden's BBB plan calls for an $80B bump in IRS funding to go track those $600 transactions. Then who is going to appraise my assets every year? And then when I have losses I need tax credits.

I am truly stunned you'd support this. If you think it's targeted at rich people, you are insane. Look at the group who is trying to implement it. every single one of their policies is meant to keep middle class and poor people down.

And just to be clear... this will not stop at rich people... not ever. There is no way it would pass if it weren't against uber rich. But over time it will creep lower and lower as it always does. Again - see the income tax.

And useful idiots cheer on their own demise

 

[thethe]

You would need a massive amount of new IRS agents. Hell, Biden's BBB plan calls for an $80B bump in IRS funding to go track those $600 transactions. Then who is going to appraise my assets every year? And then when I have losses I need tax credits.

I am truly stunned you'd support this. If you think it's targeted at rich people, you are insane. Look at the group who is trying to implement it. every single one of their policies is meant to keep middle class and poor people down.

I don't support a tax law change that would impact the middle class so its a non-starter unless there is a significant threshold where the rules begin to apply.

You can absolutely design the change to impact rich people without question.

 

[Jaw]

I like it for a couple of reasons. Anything that shifts the tax burden back in the direction of 1913 is a good thing in my mind, and I think a lot needs to be done to discourage the wealth gap. I also like it because we see so much of that top .01% support every form of new handout and service imaginable. Hand them the bill.

Having said all that, I would only support if it was offsetting taxes on lower income earners, not to pay for new spending, and certainly not to pay for the BBB atrocity.

 

[sturg33]

I don't support a tax law change that would impact the middle class so its a non-starter unless there is a significant threshold where the rules begin to apply.

You can absolutely design the change to impact rich people without question.

Once it's implemented it is too late.

A future communist president is going to say everyone needs to pitch in in order to save us from the climate crisis. The threshold will be lowered every time they need more money. It will be impossible for a middle class person to make it

 

[thethe]

Once it's implemented it is too late.

A future communist president is going to say everyone needs to pitch in in order to save us from the climate crisis. The threshold will be lowered every time they need more money. It will be impossible for a middle class person to make it

Any change to the original bill would need to be approved by Congress and the President so I'm not sure why you think it would change from the original intentions.

The biggest change that needs to be made is term limits for Congressmen so that we can ensure that the will of the people is being represented.

 

[thethe]

I like it for a couple of reasons. Anything that shifts the tax burden back in the direction of 1913 is a good thing in my mind, and I think a lot needs to be done to discourage the wealth gap. I also like it because we see so much of that top .01% support every form of new handout and service imaginable. Hand them the bill.

Having said all that, I would only support if it was offsetting taxes on lower income earners, not to pay for new spending, and certainly not to pay for the BBB atrocity.

Yeah - The wealth inequality has to be addressed because we are heading off a cliff to where there is no coming back.

 

[sturg33]

Any change to the original bill would need to be approved by Congress and the President so I'm not sure why you think it would change from the original intentions.

The biggest change that needs to be made is term limits for Congressmen so that we can ensure that the will of the people is being represented.

Remind me when congress approved not allowing evictions? Remind me when congress approved mandating firing people who don't take a product.

 

[sturg33]

Yeah - The wealth inequality has to be addressed because we are heading off a cliff to where there is no coming back.

This is akin to saying "student debt crisis has to be addressed, so we will cancel student loans"

it does nothing to solve the underlying problem

 

[thethe]

Remind me when congress approved not allowing evictions? Remind me when congress approved mandating firing people who don't take a product.

None of those situations are equivalent and if you are worried about this then an original draft of the legislation is irrelevant for your worst case scenario.

 

[thethe]

This is akin to saying "student debt crisis has to be addressed, so we will cancel student loans"

it does nothing to solve the underlying problem

Wealth begets more wealth.

Ability to transfer wealth without taxation further expounds the issue.

Buy borrow die needs to end.

 

[sturg33]

Wealth begets more wealth.

Ability to transfer wealth without taxation further expounds the issue.

Buy borrow die needs to end.

Demand the Fed stop printing. Demand they raise interest rates. Demand they stop buying bonds and treassuries to inflate markets. Demand they stop their reverse repos. Demand they stop providing unlimited liquidity.

Until that happens, the rich are gonna be living large... stupid taxes that they will simply work their way around does nothing

 

[thethe]

Demand the Fed stop printing. Demand they raise interest rates. Demand they stop buying bonds and treassuries to inflate markets. Demand they stop their reverse repos. Demand they stop providing unlimited liquidity.

Until that happens, the rich are gonna be living large... stupid taxes that they will simply work their way around does nothing

Who do you think is driving this policy?

You think the Fed is independent of the global aristocracy?

 

[sturg33]

Who do you think is driving this policy?

You think the Fed is independent of the global aristocracy?

And you think Nancy Pelosi is trying to undermine her rich friends?

 

[thethe]

And you think Nancy Pelosi is trying to undermine her rich friends?

Nancy Pelosi is a proxy for her rich friends.

Thats the problem.

Install term limits and your concerns disappear.

 

[thethe]

Anyone know about the temporary inflation that we were lectured about and how that impacts the forecasting of the most expensive Thanksgiving Day dinner in history?