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PBCHoo
Joined:
08/15/2017
Posts:
636
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920
What's this?
Congress would need to eliminate a lot more nonrecognition provisions...
...from the Internal Revenue Code. Sounds like 1031 is already on the chopping block. Others could be at risk of being more narrowly tailored if not eliminated outright.
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BocaHoo91
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Posted: 08/10/2020 at 11:21AM
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Current Thread:
The economic effect of Biden’s capital gains tax proposal
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Hoos Operator
08/10/2020 11:00AM
Have a client right now planning on selling his business this year so his
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psychobilly
08/10/2020 1:19PM
Has he considered the CRUT option?
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Hoos Operator
08/10/2020 2:13PM
Like Starker exchanges, there is no way current hollow Joe knows
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ryno hoo
08/10/2020 12:37PM
Dang! A policy discussion. If Biden is elected, will this become
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HoosWillWin
08/10/2020 11:59AM
Funny coming from you guys who have obsessed
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TomKazanski
08/10/2020 12:02PM
Or maybe, just maybe 1) Trump and McConnell proposed zero meaningful
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HoosWillWin
08/10/2020 1:32PM
So you don't implement it immediately, you phase it in over time.
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Faz d. Hoo
08/10/2020 11:27AM
Well, at least this is a tried and true Republican argument. :) **
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Seattle .Hoo
08/10/2020 11:20AM
I'd love to see Republicans drop the white nationalist platform they are
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WahooRQ
08/10/2020 11:25AM
The dry capital gains argument doesn't draw enough voters. But the ploy
--
Seattle .Hoo
08/10/2020 11:30AM
Is anyone a little bit concerned that our top rate is already about 5
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BocaHoo91
08/10/2020 11:41AM
But it’s also relatively on the low point compared to most of the last 65
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111Balz
08/10/2020 12:37PM
Not really. In the mid 70's it was north of 30%, and from the
--
BocaHoo91
08/10/2020 12:44PM
And 25% from 55 to 67 during a boom economy **
--
111Balz
08/10/2020 1:01PM
Sure. Raise it to 25% then... from the current 23.8%. But 43.8%???? **
--
BocaHoo91
08/10/2020 1:10PM
Not saying that I’m in favor of such a level.
--
111Balz
08/10/2020 1:18PM
Let's just say that it's near the bottom of my list of concerns. Not that
--
Seattle .Hoo
08/10/2020 11:46AM
You can't imagine a scenario where there is a negative impact
--
BocaHoo91
08/10/2020 12:01PM
That is the usual argument. Am I concerned about it? Not really. Be honest
--
Seattle .Hoo
08/10/2020 12:19PM
The economic impact of a doubling of the investment tax rate is just
--
BocaHoo91
08/10/2020 12:26PM
We're talking past each other. Let me put it in terms I actually
--
Seattle .Hoo
08/10/2020 1:47PM
But negotiating a different price or not selling when you did IS a
--
BocaHoo91
08/10/2020 2:01PM
I'm not saying the impact is zero. But how big is the non-zero impact? **
--
Seattle .Hoo
08/10/2020 2:05PM
Depends on how big the increase in taxes is. But I would expect a
--
BocaHoo91
08/10/2020 3:12PM
Changes to the CGR in the past have typically resulted in a one-time
--
WahooRQ
08/10/2020 12:45PM
Right, but we're not talking 15% or 25%. The proposal would take it to
--
BocaHoo91
08/10/2020 12:49PM
I am not sure at what level the blue wave will classify somebody as
--
Tuckahokie
08/10/2020 12:31PM
Lower the tax rate to increase tax receipts? Sounds like voodoo economics **
--
WahooMatt05
08/10/2020 11:04AM
Raising it will unlikely generate more revenue. Unlike ordinary income
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BocaHoo91
08/10/2020 11:14AM
Fair point. Taxes can be gamed, and will be gamed
--
WahooMatt05
08/10/2020 11:41AM
Simpson-Bowles, Simpson-Bowles, Simpson-Bowles
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fishhoo
08/10/2020 12:28PM
Big failure by Obama; chance to leave the kind of lasting mark he desired **
--
Quaker
08/10/2020 1:02PM
You could try to force people to pay capital gains every 5 years
--
Quaker
08/10/2020 12:20PM
What you describe is mark-to-market taxation.
--
PBCHoo
08/10/2020 12:46PM
Yeah, seems like Ron Wyden has a plan ... don't now if it has any traction
--
Quaker
08/10/2020 12:59PM
Your third paragraph starting with the 'devil is in the details' is
--
BocaHoo91
08/10/2020 12:29PM
Here is an article .. not very revealing
--
Quaker
08/10/2020 12:28PM
Is realizing losses to offset gains or delaying the realization of gains
--
BocaHoo91
08/10/2020 12:10PM
Everything related to tax planning is gaming. We all do it.
--
WahooMatt05
08/10/2020 12:15PM
Sure, but the higher you make the tax, the more incentive there is to
--
BocaHoo91
08/10/2020 12:20PM
Exactly. Dramatically increasing LTCG rates will introduce
--
hoolstoptheheels
08/10/2020 11:49AM
Call it LTCG rights, and Dems will get onboard. **
--
Shenhoo
08/10/2020 12:07PM
LOL **
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Tuckahokie
08/10/2020 12:09PM
It would not create a whole new cottage industry in as much as it, along
--
Hoos Operator
08/10/2020 12:07PM
And simplify it enough that the vast majority of Americans have their taxes
--
Seattle .Hoo
08/10/2020 11:58AM
Absolutely agree with both of you. The code benefits the wealthy, who know
--
GoochlandHoo
08/10/2020 12:12PM
I agree with this. I don't think it makes much sense to talk about the
--
Seattle .Hoo
08/10/2020 11:47AM
Congress would need to eliminate a lot more nonrecognition provisions...
--
PBCHoo
08/10/2020 11:21AM
The difference here is combining the CG rate increase with eliminating...
--
Stimp
08/10/2020 11:17AM
I’m a little confused. Where is the step up in basis eliminated?
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hoolstoptheheels
08/10/2020 11:42AM
Biden wants to eliminate “step up in basis” at death **
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Stimp
08/10/2020 11:46AM
Ahh. I agree with that. Whatever the rates are. **
--
hoolstoptheheels
08/10/2020 11:50AM
Of course that taxes inflation, and if the inheritance tax kicks in, you're
--
Hoodafan
08/10/2020 12:11PM
So? IMO, income should be income. I would not add the
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hoolstoptheheels
08/10/2020 12:25PM
Fundamentally I've always advocated to tax all income the same, and that
--
Hoodafan
08/10/2020 12:43PM
Here we were having a nice little discussion, and you had to go and
--
hoolstoptheheels
08/10/2020 1:06PM
It's the populist politics you claim to abhor. In this case envy and the
--
Hoodafan
08/10/2020 1:23PM
When you realize a sale, you are paid in today’s dollars.
--
hoolstoptheheels
08/10/2020 1:49PM
And that's why I said your fellow lefties.
--
Hoodafan
08/10/2020 2:16PM
Lizzie is a card carrying populist, I agree with that.
--
hoolstoptheheels
08/10/2020 2:34PM
Yeah.... that's fine. I'm OK eliminating the step up in basis. The gov't
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BocaHoo91
08/10/2020 11:28AM
I’m for eliminating step-up, but letting basis carry at death
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Stimp
08/10/2020 11:33AM
Yes. Basis should carry, and the burden is on the heir to prove the
--
BocaHoo91
08/10/2020 11:37AM
Sounds like Walmart's business strategy.
--
PBCHoo
08/10/2020 11:14AM
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