Elizabeth Warren proposes Wealth Tax on the very rich

US News & Politics
81

Nope. Already been taxed.

82

So has the rest of your income, including the interest on your savings accounts and your disbursement from you IRA.

83

Exactly. Glad we could agree again.

84

Then why did you disagree with me in the first place? :stuck_out_tongue:

85

While we’re at it, what will they actually tax? What you have or what they think you should have? I mean, they’re already doing AMT so they can pull numbers out of their asses and tax people above their earnings so why shouldn’t they decide arbitrarily what you should be worth and tax you on that?

You’ve only yourself to blame if you aren’t a rich as they claim and we all know where the presumptions of who is right lay when you don’t really really get due process as happens with taxes (or the penalties associated with Obamaharm).

86

All I’ll say is this: the rich will find the way to loophole their money to safety (usually being out at work to create more money), and the poor will find the way to spend all of their new “subsidized” wealth away.

You know who’s in the middle? Upper middle class who voted for these new taxes.

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87

I didn’t and still don’t.

88

Then what was this?

.

89

They don’t need a loophole, it isn’t a capital gain until you sell it. So here’s what you do if you are very rich. You don’t sell it, if you need capital you use your shares as collateral for a low interest loan instead. And when politicians see what it does to the market, odds are it will be reversed, and then you can sell.

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90

And that is what is so insidious about her proposal. It would tax unrealized gains. Net worth includes the present value of everything you own whether you intend to sell it or not.

91

Easy to look poor on paper too. I just sold some stock options at a loss, made for a nice tax deduction. Company gave me quite a bit of stock that was valued at X, I sold them for less than the value when they were issued. As far as the IRS is concerned, I lost money on the deal, but it was all profit in reality. If they ever do manage to have the brains to nail people with money, those people have the brains to get the hell out of dodge.

Plenty of EU countries that would love to have me for a lesser cap gains rate and all it would cost me today is some extra airfare to fly my kids over to see me. I wouldn’t lose anything else. And airfare is a lot cheaper than even a few extra points on cap gains. This isn’t 1950.

92

Preinheritance Taxes

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