Because of COURSE Manchin wants to gut a core benefit for the country the rest of Democrats support.
Manchin Blasted for Opposing Biden's Plan to Tax US Billionaires | Common Dreams
"Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."www.commondreams.org
They've payed the humongous share of total tax revenue for decades. Biden's plan is idiotic.Why should unrealized capital gains (on liquid assets?) suddenly be considered income and taxed only for households with over $100M in ‘wealth’?
Unrealized capital gains either are or are not taxable income. There is no household ‘wealth’ threshold for treating realized capital gains as income.
Good for him ... why would you want to tax unrealized value? I mean, seriously, taxing potential income. That'll be a cluster ****, especially if markets go down and the unrealized amount no longer exists. Additionally, why would you raise taxes when inflation is at a 40+ year high?Because of COURSE Manchin wants to gut a core benefit for the country the rest of Democrats support.
Manchin Blasted for Opposing Biden's Plan to Tax US Billionaires | Common Dreams
"Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."www.commondreams.org
Unrealized gains aren't income. They are potential income, and only become tangible when you sell them.Why should unrealized capital gains (on liquid assets?) suddenly be considered income and taxed only for households with over $100M in ‘wealth’?
Unrealized capital gains either are or are not taxable income. There is no household ‘wealth’ threshold for treating realized capital gains as income.
Unrealized gains aren't income.
They are potential income, and only become tangible when you sell them.
What would be interesting is to see when you'd be taxed on an unrealized gains. What happens if the market tanks after the taxes have been paid? Do you get money back?Exactly, which is why the 16A does not grant the federal government the power to tax them.
All assets are potential sources of income if they are later sold.
Joe Manchin really does not want to tax them. If he did, his plan would have no exceptions. You want to tax all obscenely rich people or none of them, regardless of how they got way too much money.
Why does this guy identify himself as a Democrat? He leans conservative on every issue except Trump the Terrorist and likes what Mitch McConnell does as the Senate Minority Leader.
I don't disagree with your position on taxing unrealized capital gains but cannot envision any connection between a proposed tax on the uber wealthy and the current inflation rate.Good for him ... why would you want to tax unrealized value? I mean, seriously, taxing potential income. That'll be a cluster ****, especially if markets go down and the unrealized amount no longer exists. Additionally, why would you raise taxes when inflation is at a 40+ year high?
Democrat pipe dream here, and Republicans most likely won't vote for it (along with Manchin and Sinema)
Not that I agree particularly with mansion but any attempt to try and collect more taxes from the billionaires is lip service.Because of COURSE Manchin wants to gut a core benefit for the country the rest of Democrats support.
Manchin Blasted for Opposing Biden's Plan to Tax US Billionaires | Common Dreams
"Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."www.commondreams.org
When the electorate is this evenly split, it shouldn't be a surprise that it's hard to pass legislation.
Seems to me we already pay a tax on those sorts of assets. My home is worth $650,000.00 and I pay taxes on that unrealized income every year. I don't have to sell it to be taxed on it. I really don't see the difference.Unrealized gains aren't income. They are potential income, and only become tangible when you sell them.
Well, Joe Manchin has been key in many 50/50 votes, and will be, i think, as KBJ goes through the confirmation process. He votes against repeal of the ACA and called for withdrawal of troops from Afghanistan.Why does this guy identify himself as a Democrat? He leans conservative on every issue except Trump the Terrorist and likes what Mitch McConnell does as the Senate Minority Leader.
You don't collect taxes from the donor class otherwise they don't donate to you anymore.
Well, Joe Manchin has been key in many 50/50 votes, and will be, i think, as KBJ goes through the confirmation process. He votes against repeal of the ACA and called for withdrawal of troops from Afghanistan.
Joe manchin committed the sin of being an acceptable democrat only 20 years ago.
That has absolutely nothing to do with Joe Manchin being a Democrat in name only.
Because of COURSE Manchin wants to gut a core benefit for the country the rest of Democrats support.
Manchin Blasted for Opposing Biden's Plan to Tax US Billionaires | Common Dreams
"Manchin is apparently eager to tax the obscenely rich in every way except the ones by which they actually make their obscene money."www.commondreams.org
What unrealized income are you paying taxes?Seems to me we already pay a tax on those sorts of assets. My home is worth $650,000.00 and I pay taxes on that unrealized income every year. I don't have to sell it to be taxed on it. I really don't see the difference.
I think it does. In this environment you're at the mercy of such people. If you had just one more Democrat seat you could almost ignore Manchin or other conservative democrats.
If the shoe were on the other foot, Republicans would have to cozy up to liberal Republicans like Susan Collins and such.
This idea of considering unrealized capital gains as income ignores common sense.
I get your point but don't think you can really make a comparison between property taxes and income taxes in this situation.Seems to me we already pay a tax on those sorts of assets. My home is worth $650,000.00 and I pay taxes on that unrealized income every year. I don't have to sell it to be taxed on it. I really don't see the difference.
Seems to me we already pay a tax on those sorts of assets. My home is worth $650,000.00 and I pay taxes on that unrealized income every year. I don't have to sell it to be taxed on it. I really don't see the difference.
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