People wealthy enough to buy homes, but not wealthy enough to pay lawyers the same as international corporations and make tax havens. So yes, the middle class and small business owners.
I think you vastly overestimate the importance of a few billionaire oligarchs.
I'm quite glad that Biden is turning on his masters who got him into office. I'd have expected him to increase their taxes by 3 percentage points and to say "SEE, they are now paying their FAIR SHARE" - even though it doesn't make a dime's worth of difference to people who make so much.
If the cap gains rate is 39.6% and the max short-term rate sticks to 37% (maybe that's the next phase), you would want to bail on your investments at 11.9 months and move them to another stock. Otherwise you're just throwing away 2.6%
2.6% is chump change when it comes to such investments. But I assume that the short-term rate will be either equalized or made higher than that still.
What will happen to the billionaire oligarchs is the same as happens now:
Warren Buffet goes to an investment bank and says "I want a $100 million line of credit for pocket money"
Bank asks "what collateral do you have?"
Warren Buffet: "$XX billion of Berkshire Hathaway shares"
Bank: "ok we will give you a $100 million line of credit using your shares as collateral, to be repaid upon your death"
Warren Buffet uses that line of credit for everyday spending until he dies. He pays no capital gains tax on this money because he hasn't sold any shares to obtain it.
When his heirs inherit the shares the cost basis of the shares is adjusted to current market value
Buffet heirs repay the line of credit by selling shares
Buffet heirs pay almost no capital gains tax because they're essentially selling the shares for the same amount as their adjusted cost basis
This is more likely an attempt to make sure the working class does not ever get past that tax bracket and become donors to their competitors. The ultra rich that donates Biden can afford it. Their start up competitors can not.
I think it's more that the finances of the extremely wealthy are nothing like that of us mere mortals, and if you don't know this a simple raising of capital gains tax sounds reasonable because selling your shares is how you would get cash from a modest investment portfolio. Whereas if you're extremely wealthy you have other options.
That's how it works. The communists eat their way down the productive hosts until only broke-ass lazy communists are left. Then they enslave everyone into work camps about the same time the food supply system breaks. Then everyone starves.
Except here random isn't random. They'll pick white Men first, NoCovVaxxers second, then useful volunteers for the cause (self flagella ting white women basically)
People that wealthy don't actually sell their assets so as to be subject to capital gains: they use them as collateral for low-interest rate equity lines of credit. Then when they die the cost basis for the assets gets reset, and the estate sells assets at the reset cost basis to settle the loan.
Not much different than getting a mortgage on a house than taking out a HELOC on the equity when the value goes up. It works until it doesn't, as 2008 showed us.
A lot of what's described in that video is just a supercharged version of what us mere mortals can do with our houses or an investment portfolio. Retirees take out reverse mortgages on their homes for a lifetime income stream without selling the home. Some people try to use margin loans on their investment portfolio and live off that without selling off the shares. You can make it work, but your interest rates aren't nearly as good as if you're a billionaire.
Yeah my family wasn't financially sophisticated either, but they also didn't do anything monumentally stupid either; which is more than I can say for some I know and counts for a lot.
I know of "second mortgages", but assumed they were a last resort if money was needed quickly.
They used to be. Then housing costs started going up and interest rates started going down, and people discovered that it was a lot of cheap money they could tap into.
I bought my first house as a foreclosure from someone who bought it and two others on the block with the goal of juggling lines of credit between the three to flip them. Then the housing market blew up, and so did his little venture.
Personally I treat my house as the one thing that literally keeps me from being out on the street, so I try not to do anything clever with its finances.
This is the point where anyone with a brain realizes there are as many communist parasites on the right as the left. Will all of you stupid, lazy, dipshit hatsoc retards just kill yourselves? Please?
Translation: the middle class
People wealthy enough to buy homes, but not wealthy enough to pay lawyers the same as international corporations and make tax havens. So yes, the middle class and small business owners.
...
Market crash about 10 minutes after it passes?
I think you vastly overestimate the importance of a few billionaire oligarchs.
I'm quite glad that Biden is turning on his masters who got him into office. I'd have expected him to increase their taxes by 3 percentage points and to say "SEE, they are now paying their FAIR SHARE" - even though it doesn't make a dime's worth of difference to people who make so much.
2.6% is chump change when it comes to such investments. But I assume that the short-term rate will be either equalized or made higher than that still.
Wealthy people don't stay wealthy because they throw away money when they don't have to.
What will happen to the billionaire oligarchs is the same as happens now:
This is more likely an attempt to make sure the working class does not ever get past that tax bracket and become donors to their competitors. The ultra rich that donates Biden can afford it. Their start up competitors can not.
I think it's more that the finances of the extremely wealthy are nothing like that of us mere mortals, and if you don't know this a simple raising of capital gains tax sounds reasonable because selling your shares is how you would get cash from a modest investment portfolio. Whereas if you're extremely wealthy you have other options.
Die in a pit, communist.
Why in a pit?
So you don't deny being a communist. I'll try to remember that, pinko.
Comment Reported for: Rule 12 - Falsehoods
Comment Approved: That's not how this rule works.
I think it's real and Bloomberg is trying to warn the targets out of spite for how badly he did in the primary.
That's how it works. The communists eat their way down the productive hosts until only broke-ass lazy communists are left. Then they enslave everyone into work camps about the same time the food supply system breaks. Then everyone starves.
Then they blame other countries and "enemies of the people." Then people are randomly executed by the thousands.
Except here random isn't random. They'll pick white Men first, NoCovVaxxers second, then useful volunteers for the cause (self flagella ting white women basically)
When they run out of billionaires, it will be millionaires.
When they run out of millionaires, it will be thousandaires.
The taxes on capital gains is the wealthy elites pulling up the ladder behind them to prevent others from building wealth.
Don't worry, they'll definitely spread that wealth equally, and not keep it for themselves. It'll be different this time.
If they actually tax the shit out of Bezos and Bill Gates, I'm going to say yes to that.
I'm sick of this people.
People that wealthy don't actually sell their assets so as to be subject to capital gains: they use them as collateral for low-interest rate equity lines of credit. Then when they die the cost basis for the assets gets reset, and the estate sells assets at the reset cost basis to settle the loan.
This is a good video on the subject
Not much different than getting a mortgage on a house than taking out a HELOC on the equity when the value goes up. It works until it doesn't, as 2008 showed us.
A lot of what's described in that video is just a supercharged version of what us mere mortals can do with our houses or an investment portfolio. Retirees take out reverse mortgages on their homes for a lifetime income stream without selling the home. Some people try to use margin loans on their investment portfolio and live off that without selling off the shares. You can make it work, but your interest rates aren't nearly as good as if you're a billionaire.
Yeah my family wasn't financially sophisticated either, but they also didn't do anything monumentally stupid either; which is more than I can say for some I know and counts for a lot.
They used to be. Then housing costs started going up and interest rates started going down, and people discovered that it was a lot of cheap money they could tap into.
I bought my first house as a foreclosure from someone who bought it and two others on the block with the goal of juggling lines of credit between the three to flip them. Then the housing market blew up, and so did his little venture.
Personally I treat my house as the one thing that literally keeps me from being out on the street, so I try not to do anything clever with its finances.
I'd tax their oxygen intake if I could.
They are probably going to do that in the name of climate change
Clearly this has not phased any diamond hand having retards out there. GME still 150+.
"You will own nothing and be happy". ~Joe Biden (maybe)
He's purposed a lot of shit. It's over. The democrat majority is gone. Here come the days of partisan bickering once more.
Womp womp.
So "markets plunge" now equals a move of less than 1%? The Dow Jones dipped lower on Tuesday FFS.
This is the point where anyone with a brain realizes there are as many communist parasites on the right as the left. Will all of you stupid, lazy, dipshit hatsoc retards just kill yourselves? Please?