Rich people. He means it’s going to inconvenience rich people.
We had a nice little racket going on here before you turned up…
I agree with him. Taxing unrealized gains is like a condom dispenser in Vatican city: pointless.
Replacing the words “the economy” with “rich people’s yacht money”
-How can we respond to COVID without sacrificing rich people’s yacht money? -Saving the environment sounds nice but what about rich people’s yacht money? -Medicare for all would destroy rich people’s yacht money
If you can’t tax unrealized gains you shouldn’t be able to borrow against it
Is that not asset forfeiture?
“One of the proposals is a 25% minimum tax on total income, including so-called “unrealized gains,” or asset growth, exceeding $100 million. This is known as the billionaire minimum tax.”
Possible solutions: 1. You can exempt people under 10 million, 2. Close the loophole on borrowing against unrealized gains – i.e. Treat the loans as income.
It’s really not that hard. And it won’t kill anything, literally nothing.
Did you even read the article? He did not say that to Kamala, and actually commends her at the end of the article.
Redistribution of wealth for thee, but not for me.
The mating call of the limousine liberal.
…..0only on those making $100M or more.
The assets with unrealized gains should not be usable to secure loans. After all, those gains could go away. The problem is using loans secured with unrealized gain to avoid paying taxes. The loan interest is a tax right off which more than balances any tax from the sale of the stocks.
Everybody talks about taxing unrealized gains as if it MUST have the same rate as realized gains. That’s nonsense. Make it a payment for delaying the realized gains by on year. Just use the 1-year treasury rate to get the percentage that need to be paid per year
So capital gains tax is 20% * one-year treasury rate 4% = 0.8% on the unrealized gains.
If you stock goes by 10% up from $100 to $110, the tax to be paid would be $0.08 (8 cents.) This would be a yearly tax
Obviously, once you realize the gain, the normal tax on the gain should be paid.
This is reddit, you can say kill.
Seems pretty fucking obvious to everyone outside of Reddit
That’s okay
When billionaires are complaining, it’s a good thing.
Good, fuck that giant scam
The legitimate criticism of taxing unrealized gains is only that some entrepreneurs, controlling shareholders, who are sitting on paper only wealth become forced to sell, including if they try to take out loans to pay for the taxes and then lose their company to a margin call.
The pyramid scheme of the stock market is based on preferential tax treatment for capital gains instead of loan interest. That tax preference is not going away. If you prepay taxes on gains, you get a refund if the gains lower in next year. You are still scammed into trusting company management to do very well compared to just trusting them to not do horribly and pay their bonds, and take over the company if they don’t pay their bonds.
It is the case that instead of this gimmick, a better policy is higher capital gains taxes, towards equating them with interest income.
Just make borrowing against stocks/options at a certain level a taxable event. If you want to borrow $10m or more against your portfolio, you can pay a fee tax of 25%.
Will these people also get to offset unrealized losses?
This will affect roughly 10,000 Americans out of nearly 400 million. Meh. They should just eat less caviar and buy fewer yachts. They’ll survive.
Kill the shit
KILL IT THEN, I want cheap stock
He literally did not say this. This was Biden’s plan, not Kamala’s. Therefore the conclusion of the article is:
>Kamala Harris is unlikely to endorse Biden’s plan, Cuban said.
25 comments
Rich people. He means it’s going to inconvenience rich people.
We had a nice little racket going on here before you turned up…
I agree with him. Taxing unrealized gains is like a condom dispenser in Vatican city: pointless.
Replacing the words “the economy” with “rich people’s yacht money”
-How can we respond to COVID without sacrificing rich people’s yacht money?
-Saving the environment sounds nice but what about rich people’s yacht money?
-Medicare for all would destroy rich people’s yacht money
If you can’t tax unrealized gains you shouldn’t be able to borrow against it
Is that not asset forfeiture?
“One of the proposals is a 25% minimum tax on total income, including so-called “unrealized gains,” or asset growth, exceeding $100 million. This is known as the billionaire minimum tax.”
Possible solutions:
1. You can exempt people under 10 million,
2. Close the loophole on borrowing against unrealized gains – i.e. Treat the loans as income.
It’s really not that hard. And it won’t kill anything, literally nothing.
Did you even read the article? He did not say that to Kamala, and actually commends her at the end of the article.
Redistribution of wealth for thee, but not for me.
The mating call of the limousine liberal.
…..0only on those making $100M or more.
The assets with unrealized gains should not be usable to secure loans. After all, those gains could go away. The problem is using loans secured with unrealized gain to avoid paying taxes. The loan interest is a tax right off which more than balances any tax from the sale of the stocks.
Everybody talks about taxing unrealized gains as if it MUST have the same rate as realized gains. That’s nonsense. Make it a payment for delaying the realized gains by on year.
Just use the 1-year treasury rate to get the percentage that need to be paid per year
So capital gains tax is 20% * one-year treasury rate 4% = 0.8% on the unrealized gains.
If you stock goes by 10% up from $100 to $110, the tax to be paid would be $0.08 (8 cents.) This would be a yearly tax
Obviously, once you realize the gain, the normal tax on the gain should be paid.
This is reddit, you can say kill.
Seems pretty fucking obvious to everyone outside of Reddit
That’s okay
When billionaires are complaining, it’s a good thing.
Good, fuck that giant scam
The legitimate criticism of taxing unrealized gains is only that some entrepreneurs, controlling shareholders, who are sitting on paper only wealth become forced to sell, including if they try to take out loans to pay for the taxes and then lose their company to a margin call.
The pyramid scheme of the stock market is based on preferential tax treatment for capital gains instead of loan interest. That tax preference is not going away. If you prepay taxes on gains, you get a refund if the gains lower in next year. You are still scammed into trusting company management to do very well compared to just trusting them to not do horribly and pay their bonds, and take over the company if they don’t pay their bonds.
It is the case that instead of this gimmick, a better policy is higher capital gains taxes, towards equating them with interest income.
Just make borrowing against stocks/options at a certain level a taxable event. If you want to borrow $10m or more against your portfolio, you can pay a fee tax of 25%.
Will these people also get to offset unrealized losses?
This will affect roughly 10,000 Americans out of nearly 400 million. Meh. They should just eat less caviar and buy fewer yachts. They’ll survive.
Kill the shit
KILL IT THEN, I want cheap stock
He literally did not say this. This was Biden’s plan, not Kamala’s. Therefore the conclusion of the article is:
>Kamala Harris is unlikely to endorse Biden’s plan, Cuban said.