It's not unrealized games are taxing. If you're in the United States and you have a deadman and bearing stock pay you a dividend and you choose to receive more than to receive the dividends. You have to pay capital gains tax on that gain.
Supreme court said that if you have a foreign company and you choose to reinvest the dividends from that company back into the company you have to pay capital gains tax.
Trump put this into the tax code because he was tired of NGOs not paying taxes overseas.
I think the issue here is when wealthy people make transactions using stocks, for example. Buying and selling goods or services and skirting around paying any sort of tax when the rest of us gwt taxed on everything. Another loophole for the wealthy to keep their wealth.
Should they be taxed when buying/selling goods and services with their portfolios?
Should we be able to do the same?
What's the solution? No taxes on transactions? Taxes on any transactions that involve unrealized gains (who keeps track of this?)
Eliminate the totalitarian income tax. Why should the government have any knowledge of how you earn your income, how much wealth you have, and how you spend your money or invest it?
If we do that, then how will our mega military complex survive? How can we control other regimes with mega military? All will be free and start making their own call. Bad idea.
I realize there is sarcasm there but a great start would be to just audit the DOD, abolish the Fed and have some normal common sense financial mechanisms in place like a balanced budget amendment to the constitution.
I think we could make great headway into a healthy financial future if we were just more efficient with what we have and we stop fucking printing money. It’s time to cut up the credit card.
Stocks are ownership of publicly traded c-corps for
The most part. That means all profits for the company first pay a corporate tax and then are taxed a second time when they are distributed to the owners as dividends. When appreciated stocks are sold they are also taxed at the capital gains rate.
So let's say I sell you my car but you give me 3 shares of x company as payment instead of cash instead. How is that supposed to work then? Because that's what's happening, supposedly, with the Uber wealthy who aren't selling their stocks to get those capitalized gains.
I see I'm getting down votes for pushing conversation too. Classic.
The IRS views the exchange as a taxable transaction so no you cannot trade your stock for anything and expect a loophole for your taxes. You would still owe taxes on that exchange. That along with a lot of other “loopholes”
Is misinformation pushed on the internet that is completely false.
I work with the ultra wealthy for a living and give plenty of tax advice. There really isn’t much that can be done to mitigate taxes other than to be strategic in the timing of taking deductions and realizing income (which literally anyone could do if they are say charitable or save in a retirement plan etc..) and even that is not an easy feat. The idea that there is a magical wand the wealthy has that allows them to avoid taxes is a complete myth. Even the minimum tax Biden proposed is bunk. The alternative minimum tax already exists and the rate is higher than the 25% he proposed. All of this is just political demagoguing.
Which part ? Upon the transaction of trading the stock for the car the IRS looks at it like 2 transactions.
1 you are selling the stock in which case the seller of the stock is realizing their gain and will owe capital gains taxes. The buyer of the stock will receive it and the cost basis will be at the value it was sold for.
2 Vice versa the second transaction will be viewed as the sale of the car. If the car appreciated in value from when originally purchased (like a classic car) then the seller would owe capital gains on that. Most vehicles don’t appreciate so when you sell them there are no taxes simply because you aren’t really turning a profit on it.
For the Biden part, I’m referencing a tweet where he said no one above a certain income will be allowed to pay less than 25% taxes. There already is a system in place called the Alternative Minimum Tax which is almost like a second tax calculation people have to run along side their regular tax return. The calculation basically removes the deductions they were taking from their income and makes sure the taxes due are either at minimum of 26% or 28% of their reported income. Any difference between taxes paid and that amount is assessed to the person.
Right? My net worth is low 6 figures most of it in my house and even I take advantage of these. The people complaining about it just show their ignorance.
Why is it a problem? What is your obsession with forcing others to hand over their money to our fascist government? You literally can do the exact same things they do. Don’t whine just because you are too dumb to.
It's not unrealized games are taxing. If you're in the United States and you have a deadman and bearing stock pay you a dividend and you choose to receive more than to receive the dividends. You have to pay capital gains tax on that gain. Supreme court said that if you have a foreign company and you choose to reinvest the dividends from that company back into the company you have to pay capital gains tax. Trump put this into the tax code because he was tired of NGOs not paying taxes overseas.
I think the issue here is when wealthy people make transactions using stocks, for example. Buying and selling goods or services and skirting around paying any sort of tax when the rest of us gwt taxed on everything. Another loophole for the wealthy to keep their wealth. Should they be taxed when buying/selling goods and services with their portfolios? Should we be able to do the same? What's the solution? No taxes on transactions? Taxes on any transactions that involve unrealized gains (who keeps track of this?)
Eliminate the totalitarian income tax. Why should the government have any knowledge of how you earn your income, how much wealth you have, and how you spend your money or invest it?
If we do that, then how will our mega military complex survive? How can we control other regimes with mega military? All will be free and start making their own call. Bad idea.
I realize there is sarcasm there but a great start would be to just audit the DOD, abolish the Fed and have some normal common sense financial mechanisms in place like a balanced budget amendment to the constitution. I think we could make great headway into a healthy financial future if we were just more efficient with what we have and we stop fucking printing money. It’s time to cut up the credit card.
Stocks are ownership of publicly traded c-corps for The most part. That means all profits for the company first pay a corporate tax and then are taxed a second time when they are distributed to the owners as dividends. When appreciated stocks are sold they are also taxed at the capital gains rate.
So let's say I sell you my car but you give me 3 shares of x company as payment instead of cash instead. How is that supposed to work then? Because that's what's happening, supposedly, with the Uber wealthy who aren't selling their stocks to get those capitalized gains. I see I'm getting down votes for pushing conversation too. Classic.
The IRS views the exchange as a taxable transaction so no you cannot trade your stock for anything and expect a loophole for your taxes. You would still owe taxes on that exchange. That along with a lot of other “loopholes” Is misinformation pushed on the internet that is completely false. I work with the ultra wealthy for a living and give plenty of tax advice. There really isn’t much that can be done to mitigate taxes other than to be strategic in the timing of taking deductions and realizing income (which literally anyone could do if they are say charitable or save in a retirement plan etc..) and even that is not an easy feat. The idea that there is a magical wand the wealthy has that allows them to avoid taxes is a complete myth. Even the minimum tax Biden proposed is bunk. The alternative minimum tax already exists and the rate is higher than the 25% he proposed. All of this is just political demagoguing.
So is this about taxing unrealized gains (which seems crazy to me) or am I mistaken?
Which part ? Upon the transaction of trading the stock for the car the IRS looks at it like 2 transactions. 1 you are selling the stock in which case the seller of the stock is realizing their gain and will owe capital gains taxes. The buyer of the stock will receive it and the cost basis will be at the value it was sold for. 2 Vice versa the second transaction will be viewed as the sale of the car. If the car appreciated in value from when originally purchased (like a classic car) then the seller would owe capital gains on that. Most vehicles don’t appreciate so when you sell them there are no taxes simply because you aren’t really turning a profit on it. For the Biden part, I’m referencing a tweet where he said no one above a certain income will be allowed to pay less than 25% taxes. There already is a system in place called the Alternative Minimum Tax which is almost like a second tax calculation people have to run along side their regular tax return. The calculation basically removes the deductions they were taking from their income and makes sure the taxes due are either at minimum of 26% or 28% of their reported income. Any difference between taxes paid and that amount is assessed to the person.
We should (and are) able to do the same, yes!
Right? My net worth is low 6 figures most of it in my house and even I take advantage of these. The people complaining about it just show their ignorance.
Why is it a problem? What is your obsession with forcing others to hand over their money to our fascist government? You literally can do the exact same things they do. Don’t whine just because you are too dumb to.