Biden plans to raise taxes

a reply to: putnam6

That's the unpredictable side of the whole economy, we do not know yet the extend of the damage done, but we will find out soon enough.

Just be glad these idiots don't pass the threatened unrealized gain tax. This would tax paper gains in stock values held by the tax payer even though the gains were never realized. In many cases, people would have to sell some of the stock to pay the taxes.

originally posted by: gortex
a reply to: Bluntone22

Who didn't see this coming?

With a National debt as colossal as your's no one I guess , extra spending due to the Pandemic and free money giveaways all have to be paid for.

So? Are saying this tax hike will start paying / reducing the national debt, and lead to record tax revenue?

a reply to: Bluntone22
folks have been bypassing estate taxes for generations by simply inflating their life insurance policies (whole not term) near the end of expected life span. Its my plan, but im only mid thirties now so plenty of time

a reply to: neutronflux

Only in your dreams, our national debt is beyond fix it will only keep growing, soo nope, no way in hell, no way jose is not going to happen. Is easier to print money this days.

originally posted by: marg6043
a reply to: putnam6

That's the unpredictable side of the whole economy, we do not know yet the extend of the damage done, but we will find out soon enough.

I would imagine many industries will never recover past milestones, pretty damn certain ours won't. It will be a substantially smaller pie easily 60% less along with a lot fewer companies to take bites as well. For example, we had 4 companies we represented for years outright shutdown and go OOB. The rest have cut back on employees and inventory.

A lot of companies have flooded the market with discounts and even consignment pay later merchandise, stores are flush with the merchandise. Since sales are slow, a lot of stores aren't actually buying anything, the good retailers know if they hold out manufacturers will likely give them favorable terms. It's a never-ending cycle, or should I say it's spiraling downward. Amazingly stores in rural areas seem to be doing slightly better than stores in uirban areas.

originally posted by: pteridine
Just be glad these idiots don't pass the threatened unrealized gain tax. This would tax paper gains in stock values held by the tax payer even though the gains were never realized. In many cases, people would have to sell some of the stock to pay the taxes.

How would you re-coup that if the paper gain turned into a paper loss?

These clowns in office are mostly old, they will all soon be pushing flowers soon. Not like they take debt or fortune with them. They don’t care about the young folks futures.

originally posted by: 38181
These clowns in office are mostly old, they will all soon be pushing flowers soon. Not like they take debt or fortune with them. They don’t care about the young folks futures.

We don’t need to pay for anything. Healthcare and education will be free. Right?

originally posted by: neutronflux

originally posted by: 38181
These clowns in office are mostly old, they will all soon be pushing flowers soon. Not like they take debt or fortune with them. They don’t care about the young folks futures.

We don’t need to pay for anything. Healthcare and education will be free. Right?

Yeah, sure. Reparations, stimulus money, student debt forgiveness, I’m sure I’m forgetting something. Ohh more free aid, Obama care part 2.

originally posted by: 38181

originally posted by: neutronflux

originally posted by: 38181
These clowns in office are mostly old, they will all soon be pushing flowers soon. Not like they take debt or fortune with them. They don’t care about the young folks futures.

We don’t need to pay for anything. Healthcare and education will be free. Right?

Yeah, sure. Reparations, stimulus money, student debt forgiveness, I’m sure I’m forgetting something. Ohh more free aid, Obama care part 2.

That’s why my retirement plan is a van down by the river. And live off cockroach milk. My future is so bright I have to wear blinders.

Why do you think all the "money" people are buying land? Saw a video yesterday, money coming from nowhere????? Money borrowed off ALL the pension funds. You think your pensions safe, think again.

a reply to: 38181

You are right, showing that they care for the future of America is just a political plot, if they care soo much everything we have do deal with in our own time now would not have been this bad and would have been better planned by those before us.

We live in a time that everything is about now time.

a reply to: neutronflux



I am sure I will get better care by the witch doctor in south America than by the government pay and funded free education while our doctors are on a socialist pay.

originally posted by: RazorV66

originally posted by: LordAhriman
This was announced before the election.

It sure was and all the morons still voted for him.
Stupid is as stupid does.

To be fair, not many of the Biden voters were real, and of the real ones that did vote for him in the handful of urban inner city counties they aren't paying much if anything in taxes. So Win/Win for them. Sucks for the vast majority of us though.

a reply to: Bluntone22

Yep. The company I work for had me ordering 40 more 3D printers for a total of 110 until the election happened. I had to put a hold on ordering because the owner knew Biden would raise taxes and take away what Trump had given us. We'll be shutting down our live customer service center and going automated if we're hit as hard as we think we will be. I'm sure that the 70+ call service reps - all of who received a raise after Trump's tax cut (if they were employed here at the time) - would love send a huge shout out to the Biden Admin if that happens. And ~85% of them are black women.

Thanks, Biden.

a reply to: LSU2018

You are not the first story I've heard like this.
Lots of my clients have stopped hiring labor and capital investments are in limbo.

a reply to: LSU2018

So, basically, taxes go up and unemployment goes up.

Wonderful............not.

a reply to: LordAhriman

It surely was, wasn't it? Or hinted at, any way...

Yet idiots voted for him. Oh, well...we get what we deserve.

originally posted by: peter_kandra

originally posted by: pteridine
Just be glad these idiots don't pass the threatened unrealized gain tax. This would tax paper gains in stock values held by the tax payer even though the gains were never realized. In many cases, people would have to sell some of the stock to pay the taxes.

How would you re-coup that if the paper gain turned into a paper loss?

I think the complications may prevent such a law. One would have to allow losses to offset taxes the following year but since many people are holding stocks in 401k's how that would be done is not known. This would essentially tax retirements and that would need to be addressed; maybe such investments would be exempt. Those who hold investments in funds would also find this a nightmare of red tape. Dividends would also have to somehow be considered.
The Infernal Revenue Service probably wouldn't want to have to police this, either. I can't remember who proposed this gem of an idea but the person responsible should be pressed to death with economics books.