The Soapbox

hoolstoptheheels

Joined: 01/04/2001 Posts: 26993
Likes: 34246


I don’t define simplification as how many can file on 1040EZ


I don’t disagree that life became simpler for lower income filers, and I think that’s great. But there were mind numbing complexities added to the code overall. My personal favorite being the change to carried interest, which Trump of course did not get rid of. Just made it such that any asset (or portion thereof) acquired via carried interest has a 3 year hold requirement for LTCG treatment. (Which of course means most real estate investors see no change - 1 yr or 3 yrs, tends to be the same for them). So now a portion of an asset (or investment holding) may have a 1 yr time threshold, and another portion a 3 yr threshold. And that’s just what I know about because of the industry I toil in.

I don’t really disagree with you about estate taxes, although I get the lefty view on it. If my dad dies and leaves me a building or something, well, that’s a building I didn’t own before he died. “Income from any source whatsoever”, as they taught me in the Comm School.

I don’t like a tax bill forcing an asset sale though.

(In response to this post by Stimp)

Posted: 08/14/2020 at 3:45PM



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Current Thread:
  Like any tax, a small one becomes overwhelming -- MasterRusty 08/14/2020 3:10PM
  The answer is: turn the tax code into a pamphlet. -- hoolstoptheheels 08/14/2020 1:59PM
  That is sort of an oversight on their part, huh? ** -- Hoogle.com 08/14/2020 2:08PM
  Irrelevant with our current president. -- hoolstoptheheels 08/14/2020 3:49PM
  Donnie's GOP isn't shy about spending -- Beerman 08/14/2020 2:05PM
  That’s right. ** -- hoolstoptheheels 08/14/2020 2:21PM
  Of course. Wealth and estate planning is as old as -- BocaHoo91 08/14/2020 1:41PM
  He is in NYC ** -- Hoogle.com 08/14/2020 1:44PM
  No evasion, only avoidance. American as apple pie. ** -- Hoogle.com 08/14/2020 1:43PM
  Work hard, Tex, and maybe you can do it too. ** -- Hoogle.com 08/14/2020 1:55PM
  Nah, I'll leave you in the swamp ** -- Plano Hoo 08/14/2020 1:56PM
  Ha! -- Hoogle.com 08/14/2020 1:59PM
  Yes, to the Snow Balls ** -- Hoogle.com 08/14/2020 3:01PM
  I knew it -- Plano Hoo 08/14/2020 3:07PM
  I go into anaphylaxis shock just looking at that. ** -- Hoogle.com 08/14/2020 3:13PM
  It does look horrible ** -- Plano Hoo 08/14/2020 3:14PM
  Noooooooooooooooooooo! ** -- HooAskedYou 08/14/2020 1:14PM

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