Kamala's Unrealized Capital GainsTax

[i am herdman]

Crazy if True.

If I bought my house 15 years ago for 250k and it is worth 500k now, she is saying I need to pay the govt on the 250k unrealized capital gain??? For real?

Also on my IRA's, stock, 401k? My savings account?

These people are lunatics. She can kiss my ass.

These people and insane commies.

 

[raleighherdfan]

Crazy if True.

If I bought my house 15 years ago for 250k and it is worth 500k now, she is saying I need to pay the govt on the 250k unrealized capital gain??? For real?

Also on my IRA's, stock, 401k? My savings account?

These people are lunatics. She can kiss my ass.

These people and insane commies.

Insanity indeed. Of course, the liberals here will say "it's just a proposal, won't get voted into law anyway". The audacity to even suggest this as a policy shows how misguided and dangerous putting these Bolsheviks in office is for the American way of life.

 

[i am herdman]

Insanity indeed. Of course, the liberals here will say "it's just a proposal, won't get voted into law anyway". The audacity to even suggest this as a policy shows how misguided and dangerous putting these Bolsheviks in office is for the American way of life.

Pure Bolshevik. This would destroy the middle class and investment and retirement.

this is just a play on we will get the rich and redistribute it. But, it is completely dangerous.

 

[HerdandHokies]

Crazy if True.

If I bought my house 15 years ago for 250k and it is worth 500k now, she is saying I need to pay the govt on the 250k unrealized capital gain??? For real?

Also on my IRA's, stock, 401k? My savings account?

These people are lunatics. She can kiss my ass.

These people and insane commies.

Do you make $100 Million? Then no, none of those things would happen.

 

[Marshall Jeff]

Can't stand

 

[WV-FAN]

this is just a play on we will get the rich and redistribute it. But, it is completely dangerous.

blows my mind the way politicians preach making the rich pay more when they were selling box seats at the RNC/DNC for 1/2 a million, plus. it's like the wealthy of the country is overall a bunch of stupid motherfvckers for supporting either party . . . well, that, or are the political overlords talking shit just to appease the masses of sheeple?

wealth redistribution ain't happening, no matter how hard liberal peons cry about it.

 

[raleighherdfan]

Do you make $100 Million? Then no, none of those things would happen.

Good God here comes the sheep. Do you really think taxing unrealized gains on assets for the wealthy wouldn't impact asset prices for anyone that owns similar assets or depend on the various "assets" owned by the wealthy for their livelihood????

 

[Marshall Jeff]

Good God here comes the sheep. Do you really think taxing unrealized gains on assets for the wealthy wouldn't impact asset prices for anyone that owns similar assets or depends on the various "assets" owned by the wealthy for their livelihood????

Yes, because he is retarded.

 

[extragreen]

Tax the rich.

 

[-CarlHungus-]

Do you make $100 Million? Then no, none of those things would happen.

Tell me, who initially paid income tax and who pays it now?

 

[greengeezer]

Tax the rich, tax the poor, tax the middle class out of existence.

Fify

 

[extragreen]

Fify

TAX THE RICH

 

[HerdandHokies]

Good God here comes the sheep. Do you really think taxing unrealized gains on assets for the wealthy wouldn't impact asset prices for anyone that owns similar assets or depend on the various "assets" owned by the wealthy for their livelihood????

That isn’t what Herdman was bellyaching about. Nobody is going to go tax the increase in his homes value (besides the increase in property tax.)

If the wealthy are using those assets to pay for other people’s livelihoods then they aren’t unrealized capital gains. The ultrawealthy are using financial instruments in lieu of actual pay to skirt taxes. If that’s artificially propping up the value of those instruments then the adjustment will suck but will be worth the long term benefit.

 

[herdfan429]

Do you make $100 Million? Then no, none of those things would happen.

Just like the irs with its new funding/agents won't go after lower income filers and only focus on higher income individuals

 

[extragreen]

IR-2024-185, July 11, 2024

WASHINGTON — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

“With this collection activity, the IRS passed an important milestone in our effort to improve compliance and ensure fairness in the tax system,” said IRS Commissioner Danny Werfel. “Our increased work in this area means these past-due tax bills from high-end taxpayers are no longer being left on the table, like they were too often in the past.”

IRS tops $1 billion in past-due taxes collected from millionaires; compliance efforts continue involving high-wealth groups, corporations, partnerships | Internal Revenue Service

IR-2024-185, July 11, 2024 — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

www.irs.gov

 

[raleighherdfan]

If the wealthy are using those assets to pay for other people’s livelihoods then they aren’t unrealized capital gains

Not as it is being proposed. "Investments and property" is what this suggested policy impacts.

If that’s artificially propping up the value of those instruments then the adjustment will suck but will be worth the long term benefit.

This is absolutely nuts. "Artificially"??? What are you even talking about???

 

[i am herdman]

Tax the rich.

How many billionaires did the Dems March out at their convention.

 

[extragreen]

How many billionaires did the Dems March out at their convention.

TAX THE RICH

 

[Rock98Dog]

IR-2024-185, July 11, 2024

WASHINGTON — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

As part of larger efforts taking place, the IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt. Since last fall, this IRS compliance effort has generated more than $1 billion in collections from this group, with work continuing in this area.

“With this collection activity, the IRS passed an important milestone in our effort to improve compliance and ensure fairness in the tax system,” said IRS Commissioner Danny Werfel. “Our increased work in this area means these past-due tax bills from high-end taxpayers are no longer being left on the table, like they were too often in the past.”

IRS tops $1 billion in past-due taxes collected from millionaires; compliance efforts continue involving high-wealth groups, corporations, partnerships | Internal Revenue Service

IR-2024-185, July 11, 2024 — As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

www.irs.gov

Do you realize that one billion dollars funds almost exactly 1.5 hours of federal government spending? Our government spends over $16 billion per day, 365 days a year.

The government can’t collect enough money to pay for itself, especially not just from “the rich”. If they took every single penny from every billionaire in the country it would all be gone in a few months and we would be back to the same spot just with no more billionaires to blame for being too rich.

 

[extragreen]

Do you realize that one billion dollars funds almost exactly 1.5 hours of federal government spending? Our government spends over $16 billion per day, 365 days a year.

The government can’t collect enough money to pay for itself, especially not just from “the rich”. If they took every single penny from every billionaire in the country it would all be gone in a few months and we would be back to the same spot just with no more billionaires to blame for being too rich.

Hey idiot, that $1 BILLION is just from PAST DUE taxes and that's only part of what's owed.

TAX THE RICH

 

[WVUSerg]

Do you realize that one billion dollars funds almost exactly 1.5 hours of federal government spending? Our government spends over $16 billion per day, 365 days a year.

The government can’t collect enough money to pay for itself, especially not just from “the rich”. If they took every single penny from every billionaire in the country it would all be gone in a few months and we would be back to the same spot just with no more billionaires to blame for being too rich.

It's what we have been saying forever the government has a spending problem not an income problem.

 

[i am herdman]

Hey idiot, that $1 BILLION is just from PAST DUE taxes and that's only part of what's owed.

TAX THE RICH

Would you like to take all their stuff?

Problem is people like you think the guy making 200 grand is ultra wealthy.

 

[riflearm2]

Do you realize that one billion dollars funds almost exactly 1.5 hours of federal government spending? Our government spends over $16 billion per day, 365 days a year.

The government can’t collect enough money to pay for itself, especially not just from “the rich”. If they took every single penny from every billionaire in the country it would all be gone in a few months and we would be back to the same spot just with no more billionaires to blame for being too rich.

Still waiting to show that gambling winnings must be reported and taxes paid quarterly.

 

[Rock98Dog]

Still waiting to show that gambling winnings must be reported and taxes paid quarterly.

Topic no. 419, Gambling income and losses | Internal Revenue Service

Topic No. 419 Gambling Income and Losses

www.irs.gov

 

[riflearm2]

Topic no. 419, Gambling income and losses | Internal Revenue Service

Topic No. 419 Gambling Income and Losses

www.irs.gov

Stop wasting my time with bullshit. Your link doesn’t support what you vehemently claimed.

 

[30CAT]

TAX THE RICH

The rich are taxed. The top 1% pay nearly half. The poor pay zero in taxes.

Reduce government spending.

 

[extragreen]

TAX THE RICH

 

[30CAT]

TAX THE RICH

They are taxed, dumbass.

 

[extragreen]

TAX THE RICH

 

[KyMUfan]

Tax withholdings on gambling winnings...

Reported and tax paid at the time of withholding. Wow... Anyone should be able to figure that out...

Form W-2G, Certain Gambling Winnings

If you gamble, play poker, or bet on horses, chances are you may receive Form W-2G and must report your winnings on your tax return.

www.taxdefensenetwork.com

Gaming facilities are required to furnish Form W-2G if your gambling winnings exceed any of these limits:

• $1200 or more from a bingo game or slot machine;
• $1,500 or more from a keno game;
• $5,000 or more from a poker tournament;
• $600 or more from other betting (if the win is at least 300 times the wager)

If you don’t receive a W2-G from a facility, you are still required to report your winnings on your tax return. Failure to do so could result in you receiving IRS Notice CP 2000. If you owe additional taxes as a result of underreporting your income, you’ll be charged interest on the unpaid balance until it is paid in full.

• Regular withholding. For cash prizes over $5,000 (minus the wager), a 25% regular withholding fee may apply. This may jump to 33.33% for various non-cash winnings earned through sweepstakes, wagering pools, and certain lotteries.

 

[riflearm2]

Tax withholdings on gambling winnings...

Reported and tax paid at the time of withholding. Wow... Anyone should be able to figure that

Moron, why do you insist on showing your ass everyday? The point that the numerically challenged banker and I argued about it was that it had to be reported and paid quarterly. He has continued to show that in any of his attempts at the tax code, just like you failed.

 

[Rock98Dog]

Stop wasting my time with bullshit. Your link doesn’t support what you vehemently claimed.

What doesn’t it support that I claimed? It even mentions that you will need to pay estimated taxes based on the time of winning the money. I linked the dummy version for you, but you can actually go read the referenced publications.

Only a moron would think “if I don’t withdraw my winnings I don’t have to pay tax on that revenue”.

 

[riflearm2]

What doesn’t it support that I claimed? It even mentions that you will need to pay estimated taxes based on the time of winning the money. I linked the dummy version for you, but you can actually go read the referenced publications.

You claimed that winnings had to be reported and paid quarterly. That was the entire thing we were arguing about. I repeatedly asked you to show where gambling winnings had to be reported to the IRS and paid quarterly, and you have continued to fail in doing so.

 

[BUFFALO LION]

You claimed that winnings had to be reported and paid quarterly. That was the entire thing we were arguing about. I repeatedly asked you to show where gambling winnings had to be reported to the IRS and paid quarterly, and you have continued to fail in doing so.

Why the crap are you even arguing this???? If you are not reporting your gambling winnings you are in violation of Federal Tax Law. End of story.

If you don’t freakin believe me or anyone else here, call the IRS directly and tell us all what they say.

P.S. You don’t have to admit that they laughed you off the phone.

 

[i am herdman]

Why the crap are you even arguing this???? If you are not reporting your gambling winnings you are in violation of Federal Tax Law. End of story.

If you don’t freakin believe me or anyone else here, call the IRS directly and tell us all what they say.

P.S. You don’t have to admit that they laughed you off the phone.

Draft Kings has an entire page about reporting earnings to the IRS.

 

[Rock98Dog]

Moron, why do you insist on showing your ass everyday? The point that the numerically challenged banker and I argued about it was that it had to be reported and paid quarterly. He has continued to show that in any of his attempts at the tax code, just like you failed.

That wasn’t the basis of all this. You originally said that you didn’t have to pay taxes on winnings until you withdrew the winnings from your account and I said,
No, it’s income when you win it, not when you withdraw it. And it is tax code that you report income in the quarter it is received.

If you read
The simple link I provided it says “estimated tax may be due”, that means you have to make a quarterly payment of over a certain amount.

If was hard enough dealing with normal rifle, this new version is not an improvement.

 

[Rock98Dog]

Why the crap are you even arguing this???? If you are not reporting your gambling winnings you are in violation of Federal Tax Law. End of story.

If you don’t freakin believe me or anyone else here, call the IRS directly and tell us all what they say.

P.S. You don’t have to admit that they laughed you off the phone.

If this is a real question:

The answer is that rifle is a raging narcissist. He believes he is infinitely smarter and better than everyone else on the board and therefore is incapable of admitting mistakes or being appreciative when someone tries to help by pointing out he’s breaking tax rules.

He’s gotten worse since he got beat up and got a brain injury of some sort. He even lies about getting beat up and says it was a bike accident.

 

[extragreen]

The govt forced financial institutions to not verify income of loan applicants___banker

Paying mickeys workers $15/hr will create $13 Happy Meals___banker

 

[Rock98Dog]

I said a federal minimum wage of $15 would cause $13 happy meals, not paying one specific groups of workers $15.

This is where you have always been to stupid to get the point.

 

[riflearm2]

This is where you have always been to stupid to get the point.

It never fails. "Too" is the word you were looking for, and you don't even need a calculator to fvck that one up.

Why the crap are you even arguing this???? If you are not reporting your gambling winnings you are in violation of Federal Tax Law. End of story.

If you don’t freakin believe me or anyone else here, call the IRS directly and tell us all what they say.

P.S. You don’t have to admit that they laughed you off the phone.

That wasn't the point of contention, moron. Like I asked somebody else recently, why do you insist on showing everybody how much of a moron you are? The point of contention was not about paying taxes on the winnings but was about having to pay and report those winnings quarterly, which Banker has still failed to show.

If this is a real question:

The answer is that rifle is a raging narcissist. He believes he is infinitely smarter and better than everyone else on the board and therefore is incapable of admitting mistakes or being appreciative when someone tries to help by pointing out he’s breaking tax rules.

He’s gotten worse since he got beat up and got a brain injury of some sort. He even lies about getting beat up and says it was a bike accident.

Why are you even entertaining his question which isn't what was being argued? That's dishonesty on your part. You know that what he posted wasn't the basis of our argument. The issue was never about if people had to pay taxes on their gambling winnings. The issue was about me saying that I could have $45k in a gambling account and wouldn't have to pay taxes on that. You argued, incorrectly, that I had to pay taxes on that quarterly, which you STILL, after numerous attempts, haven't shown. Not only would you not pay taxes on the $45k, you'd only pay taxes on the money of that $45k which were winning (offset by losses). Further, you wouldn't have to pay those taxes quarterly.