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If you vote for her, you are a weapons grade cunt.
Do you think anyone ever paid 90% taxes on any portion of their income?
You guys DO know that the President can't change tax policy, only Congress can.
Of course you do.
Most of what presidential candidates campaign on, whether Repub or Demo, they don't actually control. Whether tax policy, immigration policy, budgetary policy, etc. They can't do it without Congress first writing a law that can get thru both houses before it goes to them to sign.
That's why I don't pay attention to any of it on either side.
I see...that makes more sense...it's still a dumb idea, but makes more sense.
I assume she'd also want to tax equity in non-liquid assets (real estate, equity in businesses, etc.)...so I wonder if that means that everyone will have to get appraisals on all their non-liquid assets to prove they aren't over the $100M net worth threshold? Does the IRS do those valuations? Is it self reported?
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If not the candidates vision/plan for the country, on what do you base your vote?
His point is probably that nobody's tax plan matters because you're not getting three-fifth's of anything in partisan times.
Like when this administration threatened FaceBook as explained by it's CEO a few weeks back...for information that was true...but...inconvenient for them///
How about when Kamala says Elon needs to be censored by the government...?
What about the farmer who’s land has been in the family for a hundred years. In some cases they could have paid pennys an acre for it and could easily have $100M in gains, but in no way could afford the taxes.
There will be many family farms lost if that happens.
I can relate to this. Scary all our hard work could disappear and leave nothing for my kids.
I want Laticia James to do the valuations
🤣
Didn't the democrats lower the threshold for paypal and other services from 10k to 600 dollars when you have to pay taxes ? There's clearly a trend being established . 100m today could be 100k in 4 years
This tax has much larger ramifications than just personal income tax. This will thwart start up’s, entrepreneurs, traders, you name it. If anyone even thinks about allowing this you are dumber than I even give you credit for
Glad to see that the two posters previous to me understand what's going on here.
You let the government camel(a) stick it nose under the tent, and you're screwed.
And very few taxes, or fees, once implemented, ever go away.
They always seem to increase, and spread.
Like I've said before,
Is there anything she's talking about, that doesn't involve spending more of our money ??
From a common sense stand point this smells of disaster. When you actually look into what it will do down the line? It will demolish our economy. The loser serial down voter should speak up and speak their mind instead of clicking away like a little loser. They tax us multiple times on the dollar of our backs. Enough is enough. Get fiscally responsible and stop using us the tax payers as the credit card.
It’s not so much about revenue for the government as it is them taking more control. If you have to sell off assets to pay the tax on unrealized gains, then eventually, theoretically, you will own nothing. Just like Klaus Schwab said, “you will own nothing and be happy.” Blackrock will wind up owning your home and you will rent it from them.
10 trillion in assets and climbing. Not a monopoly though 😐
Pretty much every farmer I knew said there's no money in farming, you pretty much survive till the land is worth a shit ton and the when you sell your land you get your pay out.
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Over 100 years there must have been more than one generational transfer, so the basis of the inheritance is on the increase in value since the last time the operation changed hands, not the original land price. And there are plenty of lawyers in rural counties who make a living setting up trusts that pretty much shield heirs from inheritance taxes. Every farm publication in the country has a column every month giving advice on generational transfer. Their concerns are hurt fee-fees for the heirs, even more so than on paying the taxes.
Lot of people in here not understanding the details of her proposal. I’d imagine we can all agree Bezos and Musk paying a lower effective tax rate than all of us here is insane.
Kammy ^
I'm paying 35% more to my red state county this year on the basis of unrealized gains on my property.
In my red state farmers got hit with increased CAUV (current agricultural use value) on unrealized gains from oil and gas reserves on the land regardless if a lease was signed or anything drilled.
Wow!
How do they know what's there?
Yes. Do you believe that they didn't?
However, the important part of this is that to attempt to avoid being taxed at the higher rates it took real, tangible investments in business expenses to bring down your AGI. This is the key to economic growth and money multiplication.
So, if your belief is that going back to the tax brackets of the 50s would result in people doing whatever they could to avoid paying the highest marginal tax rates, then there should be no harm in going back to those rates. And the upside is that we may see more real, solid, tangible investments in our industries that benefit society overall.
That sounds frustrating. Googling around, it looks like the program was designed to lower taxes for farmers by offering an alternative to the "highest and best potential use", which frankly the fact that any land was valued at the highest and best potential use sounds pretty bogus in the first place. Kind of like paying full tax on a crashed Ferrari just because it's technically possible for it to be fixed, which sounds stupid. It also looks like it's something you have to sign up for and the amount you pay is based on gross income from farming the land. I don't know how the taxes precisely correlate to income, but presumably a 35% increase means that it was also a good year of farming? It doesn't sound like that program has any connection to an increase in property value, it sounds more like being given the choice between income tax + property tax, or income tax + income tax, and you can pick whichever is lower..?
35% increase was on unrealized house valuation gains, not farmland. You can dispute the valuation with he county but they weren't receptive when they raised everybody's valuation.
I may have been mistaken and the CAUV was increased with a lease only but no gains from extraction.
Ahhh, so the part about farmers and CAUV was a separate comment and not in regard to your situation. You just got a surprise 35% bump in property taxes. Yeah that's super bogus. Here we have a 2% max bump, or inflation, whichever is less. Been that way since 1978. The googles says Ohio is considering something similar, except 4%, or rate of inflation, whichever is less. Without looking more, it seems like counties are trying to lock in a big bump now because it's probably going to be their last chance to do so if the 4% deal passes, and the counties are expecting it to.
Scary.
Post a reply to: Kamala