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hoolstoptheheels
Joined:
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What's this?
Ahh. I agree with that. Whatever the rates are.
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Stimp
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Posted: 08/10/2020 at 11:50AM
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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
--
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
--
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
--
WahooRQ
08/10/2020 11:25AM
The dry capital gains argument doesn't draw enough voters. But the ploy
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Seattle .Hoo
08/10/2020 11:30AM
Is anyone a little bit concerned that our top rate is already about 5
--
BocaHoo91
08/10/2020 11:41AM
But it’s also relatively on the low point compared to most of the last 65
--
111Balz
08/10/2020 12:37PM
Not really. In the mid 70's it was north of 30%, and from the
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BocaHoo91
08/10/2020 12:44PM
And 25% from 55 to 67 during a boom economy **
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111Balz
08/10/2020 1:01PM
Sure. Raise it to 25% then... from the current 23.8%. But 43.8%???? **
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BocaHoo91
08/10/2020 1:10PM
Not saying that I’m in favor of such a level.
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111Balz
08/10/2020 1:18PM
Let's just say that it's near the bottom of my list of concerns. Not that
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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
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Seattle .Hoo
08/10/2020 12:19PM
The economic impact of a doubling of the investment tax rate is just
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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? **
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Seattle .Hoo
08/10/2020 2:05PM
Depends on how big the increase in taxes is. But I would expect a
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BocaHoo91
08/10/2020 3:12PM
Changes to the CGR in the past have typically resulted in a one-time
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WahooRQ
08/10/2020 12:45PM
Right, but we're not talking 15% or 25%. The proposal would take it to
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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 **
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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
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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 **
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Quaker
08/10/2020 1:02PM
You could try to force people to pay capital gains every 5 years
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Quaker
08/10/2020 12:20PM
What you describe is mark-to-market taxation.
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PBCHoo
08/10/2020 12:46PM
Yeah, seems like Ron Wyden has a plan ... don't now if it has any traction
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Quaker
08/10/2020 12:59PM
Your third paragraph starting with the 'devil is in the details' is
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BocaHoo91
08/10/2020 12:29PM
Here is an article .. not very revealing
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Quaker
08/10/2020 12:28PM
Is realizing losses to offset gains or delaying the realization of gains
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BocaHoo91
08/10/2020 12:10PM
Everything related to tax planning is gaming. We all do it.
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WahooMatt05
08/10/2020 12:15PM
Sure, but the higher you make the tax, the more incentive there is to
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BocaHoo91
08/10/2020 12:20PM
Exactly. Dramatically increasing LTCG rates will introduce
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hoolstoptheheels
08/10/2020 11:49AM
Call it LTCG rights, and Dems will get onboard. **
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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
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Hoos Operator
08/10/2020 12:07PM
And simplify it enough that the vast majority of Americans have their taxes
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Seattle .Hoo
08/10/2020 11:58AM
Absolutely agree with both of you. The code benefits the wealthy, who know
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GoochlandHoo
08/10/2020 12:12PM
I agree with this. I don't think it makes much sense to talk about the
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Seattle .Hoo
08/10/2020 11:47AM
Congress would need to eliminate a lot more nonrecognition provisions...
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PBCHoo
08/10/2020 11:21AM
The difference here is combining the CG rate increase with eliminating...
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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. **
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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
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Hoodafan
08/10/2020 12:43PM
Here we were having a nice little discussion, and you had to go and
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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.
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hoolstoptheheels
08/10/2020 1:49PM
And that's why I said your fellow lefties.
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Hoodafan
08/10/2020 2:16PM
Lizzie is a card carrying populist, I agree with that.
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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
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BocaHoo91
08/10/2020 11:37AM
Sounds like Walmart's business strategy.
--
PBCHoo
08/10/2020 11:14AM
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