The Soapbox

Joined: 08/13/1998 Posts: 56904
Likes: 76030

What's this?

We're talking past each other. Let me put it in terms I actually

understand. We have had to pay capital gains taxes before, but the biggest amount was no doubt when my wife sold her business and business property. Now we knew what the rate was going in, we knew what we wanted to net, and we negotiated the deal accordingly so that we could net what we wanted after taxes, etc. If the tax were higher, it would have made no difference to us. We would have negotiated a different price or just not sold when we did.

Now of course we had our attorney and our accountant trying to persuade us on all sorts of deferral schemes, but in the end we just paid the taxes. We would have been giving them a big chunk of any potential savings anyway.

That's anecdotal of course. I'd have to see an analysis of real world impacts of making this change, but I'm skeptical it would have very much real impact at all to the average American. I also think it's bullshit to characterize "the left" that way, particularly when we know "the right" is going to go out of their way to ensure that tax policy benefits the wealthy first and foremost. All I'm saying.

(In response to this post by BocaHoo91)

Posted: 08/10/2020 at 1:47PM

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Current Thread:

The economic effect of Biden’s capital gains tax proposal -- Hoos Operator 08/10/2020 11:00AM

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Well, at least this is a tried and true Republican argument. :) ** -- Seattle .Hoo 08/10/2020 11:20AM

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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 -- 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

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That is the usual argument. Am I concerned about it? Not really. Be honest -- Seattle .Hoo 08/10/2020 12:19PM

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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 -- 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 -- 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

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Is realizing losses to offset gains or delaying the realization of gains -- BocaHoo91 08/10/2020 12:10PM

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Sure, but the higher you make the tax, the more incentive there is to -- BocaHoo91 08/10/2020 12:20PM

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Call it LTCG rights, and Dems will get onboard. ** -- Shenhoo 08/10/2020 12:07PM

LOL ** -- Tuckahokie 08/10/2020 12:09PM

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And simplify it enough that the vast majority of Americans have their taxes -- Seattle .Hoo 08/10/2020 11:58AM

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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? -- hoolstoptheheels 08/10/2020 11:42AM

Biden wants to eliminate “step up in basis” at death ** -- Stimp 08/10/2020 11:46AM

Ahh. I agree with that. Whatever the rates are. ** -- hoolstoptheheels 08/10/2020 11:50AM

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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 -- BocaHoo91 08/10/2020 11:28AM

I’m for eliminating step-up, but letting basis carry at death -- Stimp 08/10/2020 11:33AM

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Sounds like Walmart's business strategy. -- PBCHoo 08/10/2020 11:14AM