2024 Presidential Race

#37,353
#37,353
BigOrangeMojo said:
It was 675K in 2001. This is why Im skeptical of how broad this tax will become....
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Looked up the current median net worth in America is about $200k which doesn't say much for our frugality but given how our govt pisses money like a racehorse on lasix, I can believe it.

I'm not defending this crap at all. I'm at the age and health that makes estate planning a priority, so I was concerned about the tax on unrealized gains and estates.

I should be able to avoid it even if America lets me down in this election.
 
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#37,354
#37,354
McDad said:
Racist!
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No Proof GIFs | Tenor
 
#37,367
#37,367
jmacvols1 said:
KanekoaTheGreat
@KanekoaTheGreat

Kamala is proposing an *INSANE* 25% tax on unrealized capital gains.

Imagine buying shares for $100,000, and their value rises to $150,000.

Under Kamala's plan, you'd owe taxes on the $50,000 gain, even though you haven't sold the shares or made any actual profit.

Now, imagine the stock's value drops back to $100,000 the following year.

The gain you were taxed on has vanished.

You’ve already paid a 25% tax on a gain that no longer exists, leaving you with a financial loss and no real benefit.

Taxing unrealized gains would force investors to sell off assets to cover their tax bills, hurting long-term investment and economic growth.

This isn’t just risky; it’s a recipe for a stock market crash and another Great Depression.
4:26 PM · Aug 20, 2024
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The 25% on the unrealized gain is only part of the taxes owed on the $50,000 appreciation in this scenario.

It’s just the start.

You owe $12,500 for the 25% tax on the unrealized gain.
Don’t have the cash to pay it? Proceed to tax 2:

Sell shares to generate the cash needed to pay the Unrealized Gains Tax. Which means….. Capital Gains Tax.

You’ll need to sell $22,500 under the proposed 44% Capital Gains Tax rate to generate the $12,500 you owe for the Unrealized Gains Tax.

$12,500 in Unrealized Gains
$10,000 in Capital Gains
On a $50,000 appreciation on paper

One of you nerds check the math.
 
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#37,372
#37,372
Trump would give his left nut for the right to use this song on the campaign trail. Instead, he has to settle for Laura Trump's auto tuned pirated version of a Tom Petty song.

 
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