USA Kamala Harris the 47th President of the United States - Hopefully.

[burge13]

Regarding additional taxes on the wealthy, Massachusetts (e.g. Boston) levied an additional tax on those with income over $1m dollars

Here's how much the new ‘millionaires tax’ has raised this year (it's a lot)

State officials announced Monday that the surtax on high earners had generated more than $1.8 billion in revenue this fiscal year

www.boston.com

It was expected to raise $1bn in revenue, and the people opposed to it said all the wealthy would simply flee the state.

It actually raised USD $1.8bn and no wealthy people appear to have fleed the state.

 

[faible]

You buy shares for $1, the price moves to $3 but you don't sell. You owe CGT on the move

The price drops to $0.80 and you cut your losses so you actually lost.

Use your noggin to work out what a complete disaster this would be for the entire stock market

Then think about what people with money will do with it.

Imagine the unrealised gains taxed on a stock fluctuating like this.

View attachment 2087447

That's quite a strange example you're using, if you've sold the asset then you've realised the gain or loss.

Again though, this is for people with assets greater than USD $100m dollars. They don't have all their assets invested in stocks that move the way the USD does, for a start. They have the ability to offset gains against losses, same as anyone else.

Who currently pay one of the lowest percentages in tax of any group in the US. They'd pay a far lower rate of tax than you do for example.

You're talking about a very small proportion of people in the US this would actually apply to.

 

[faible]

View attachment 2087455

So in some article you've chosen not to link, Norwegian's left Norway due to a wealth tax.

This is quite a bit different than Americans leaving America.

Is Elon Musk going to just 'leave' the US market?

 

[burge13]

That's quite a strange example you're using, if you've sold the asset then you've realised the gain or loss.

Again though, this is for people with assets greater than USD $100m dollars. They don't have all their assets invested in stocks that move the way the USD does, for a start. They have the ability to offset gains against losses, same as anyone else.

Who currently pay one of the lowest percentages in tax of any group in the US. They'd pay a far lower rate of tax than you do for example.

You're talking about a very small proportion of people in the US this would actually apply to.

You clearly haven't got a clue what you're on about if you don't understand the example I used

The price goes up but you don't sell = you still pay CGT (the problem)
THEN the price drops and you cut losses realizing a loss after already being billed

No one could be so stupid as to implement this and it would never get up as it is completely brain dead but I have to laugh at people defending it because their team brought it up.

 

[burge13]

So in some article you've chosen not to link, Norwegian's left Norway due to a wealth tax.

This is quite a bit different than Americans leaving America.

Is Elon Musk going to just 'leave' the US market?

Your last response proved you haven't been able to keep up here so we're done. Use your brain and think about how stupid it is to tax an unrealized position and try again later. Defending the indefensible here

 

[faible]

You clearly haven't got a clue what you're on about if you don't understand the example I used

The price goes up but you don't sell = you still pay CGT (the problem)
THEN the price drops and you cut losses realizing a loss after already being billed

No one could be so stupid as to implement this and it would never get up as it is completely brain dead but I have to laugh at people defending it because their team brought it up.

I'm not fully across the US tax laws; but pretty sure if you make a tax loss here you can carry it forward for future tax periods - you certainly can if you're a company.

Again though, this only impacts people that are already extremely wealthy.

Not sure what the 'team' thing has to do about it. I'd be in favour of Trump introducing the exact same policy. Our system is woefully inadequate when it comes to taxation for those with extreme wealth where a significant portion of that wealth is tied up in assets.

What’s the so-called ‘wealth tax' in Biden's proposed bill, and how would it work?

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is and that's billionaires.

www.pbs.org

Here's an article from a few years back discussing a proposal Biden had. It would impact ~ 700 people.

They would be taxed on any increases in value and take deductions on losses.

So they're able to claim deductions on losses. The same way we can. So if there's unrealised losses, it'll be able to offset unrealised gains you're worried about.

Again though, this only applies to those who are already extremely wealthy.

 

[faible]

Your last response proved you haven't been able to keep up here so we're done. Use your brain and think about how stupid it is to tax an unrealized position and try again later. Defending the indefensible here

Calling someone stupid because your extremely simplistic argument was unconvincing seems strange.

I apologise for attempting to try to engage with you in good faith I guess, here I was thinking you actually wanted a discussion.

 

[OneGreatClub]

At the DNC. Impressive

 

[Satan]

But they were tourists

 

[SBD Gonzalez]

Love this

LOL when I read “wedding band” my first thought was a bunch of guys in tuxedos playing Girl From Ipanema.

 

[SBD Gonzalez]

Any Trump supporter here, who tries to claim that his voters aren’t vile, misogynistic cretins, needs to read the comments on that post and try to defend them.

You can talk policy, economy etc all you want, the thing I hate most about Trump is that he has emboldened people to make these disgusting comments around people. Pre-Trump, we were in a time where there was some relative civility, which had now been thrown out the window and it’s a free for all.

Christ, that post and it’s comments make me ill.

“Free speech”! LOL.

 

[Present Not Past]

View attachment 2087455

How does Norway even have 30 billionaires?
It has the population of Sydney.

 

[Satan]

How does Norway even have 30 billionaires?
It has the population of Sydney.

North sea oil?

 

[SBD Gonzalez]

View attachment 2087455

Thirty exiting a country of 5.5 million.

Place will fall apart…

 

[faible]

Thirty exiting a country of 5.5 million.

Place will fall apart…

Gotta let the rich hold countries to ransom.

 

[Swan4Life]

It's a growing list of shameless lies from the communist VP candidate:



Keep up the good work 'Tamps' !

 

[Sqotty from office works]

Love this

Please tell me this isn't part of the Democrats convention.
Just crass rubbish that I'd expect from the other mob.
Both parties in a race to the depths of awfulness

 

[Bloods86]

It's a growing list of shameless lies from the communist VP candidate:

Citing memes as if they are factual accounts of events.

Bigly sad.

 

[Present Not Past]

It's a growing list of shameless lies from the communist VP candidate:



Keep up the good work 'Tamps' !

LOL. That's it? That's all you got?

False or misleading statements by Donald Trump - Wikipedia

en.wikipedia.org

 

[Borough Blood]

It's a growing list of shameless lies from the communist VP candidate:



Keep up the good work 'Tamps' !

Using the term IVF instead of IUI is apparently a great gotcha.

 

[GreyCrow]

How does Norway even have 30 billionaires?
It has the population of Sydney.

Well they dont as they have all left

Obvs

 

[GreyCrow]

Please tell me this isn't part of the Democrats convention.
Just crass rubbish that I'd expect from the other mob.
Both parties in a race to the depths of awfulness

Whats awful about it?

 

[Sqotty from office works]

Whats awful about it?

If you're asking that question then nothing I post will satisfy you.

 

[GreyCrow]

If you're asking that question then nothing I post will satisfy you.

Ok so avoid the question

Cool story bro

Ok let me try - you hate lesbians or you hate same sex marriage choices? Help me out

 

[modul8]

Not what I said and I note I asked for examples of price caps working somewhere and you didn't provide anything

Funny how those on high horses don't answer questions isn't it

And the price caps weren't limited to just Insulin. Groceries etc too. Please provide an example of this working. Venezuela?

Price caps on pharmaceuticals in Australia. I'm diabetic and i have 3 different medications capped at $31.60 (from memory) each a month. Bloody good seeing one alone would cost hundreds a month not being capped.