If someone appears to be repeatedly personal, lean towards patience as they might not mean offense. If you are sure, however, then do not deepen the problem by being negative; instead, simply place them on ignore by clicking the unhappy yellow face to the right of their name.
- Manlobbi
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
No. of Recommendations: 7
which would obviously have serious implications for investors globally.
Dear Oprah, Mayor Bloomberg, etc.
Please go on Morning Joe with Steve Rattner a very sharp guy. Ask him how many years of selling your assets to pay the new taxes before you are minority shareholders in your own companies? Thank you.
" Capital gains and dividends tax more than twice as high as communist China
Here is a direct quote from the Biden-Harris budget: “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.“
Yes, you read that correctly: A Kamala Harris capital gains and dividends tax rate of 44.6%
China’s capital gains tax rate is 20%. Is it wise to have higher taxes than China?
Under the Harris plan, the combined federal-state capital gains tax exceeds 50% in many states. California will face a combined federal-state rate of 59%, New Jersey 55.3%, Oregon at 54.5%, Minnesota at 54.4%, and New York state at 53.4%.
Unconstitutional wealth tax on unrealized gains
The Harris-endorsed budget calls for an annual 25 percent minimum tax on the unrealized gains of individuals with income and assets that exceeding $100 million. Once in place, it won’t be long before the threshold is lowered to hit more and more Americans.
Americans overwhelmingly oppose taxes on unrealized gains, by a factor of three to one, including 76% of independents. Americans know that a “gain” isn’t “real” until it is actually realized, in hand.
This Harris tax is similar to the wealth taxes pushed by radical progressives such as Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.).
Capital gains taxes should only be paid when a gain is realized. Harris’s wealth tax would break with current tax policy and impose tax Americans based on the value of an asset on a particular arbitrary date.
This unprecedented tax would give even more power to the IRS, encourage taxpayers to move assets overseas, and will only expand to hit millions of Americans over time.
A second Death Tax by taking away stepped-up basis when parents die
Harris wants to impose a second Death Tax by taking away stepped-up basis when parents die. This would result in a mandatory capital gains tax at death — separate from, and in addition to — the current Death Tax.
This will impose a steep tax increase and paperwork nightmare for small businesses, farms, and families. "
No. of Recommendations: 22
There is a US Policy board for this kind of topic.
No. of Recommendations: 1
" There is a US Policy board for this kind of topic."
good morning, you might not know this but many of us own brkb or brka. Have you given much thought to how these tax proposals might impact us? Thanks.
No. of Recommendations: 0
No. of Recommendations: 9
good morning, you might not know this but many of us own brkb or brka. Have you given much thought to how these tax proposals might impact us? Thanks.
This isn't even a bill, it is a proposal. And we haven't even had the election yet which is pretty much a coin flip at this point. When that happens it is very unlikely the Democrats will capture the House thanks to some gerrymandering in North Carolina. Only sightly better odds of keeping the senate. On top of that, some of these proposals have been floated before and didn't pass. I wouldn't lose any sleep over any of this at this point.
But since you asked, one thing the CNBC video didn't account for was that under current law, state and local taxes will become fully deductible on the federal after next year. So effectively no one will be paying marginal rates that high. As a guess, I'd say that for most people here that will be a bigger tax break than the proposed tax increases.
No. of Recommendations: 30
" There is a US Policy board for this kind of topic."
...
good morning, you might not know this but many of us own brkb or brka.
You may not know this, but it's the World Wide Web. Many of us do not live in the US.
Corporate tax is certainly important, but personal tax is generally pretty OT. Personally I'm entirely fine with an admixture of off topic stuff if it adds interest, but personal tax is not really the raison d'ętre of the board.
Jim
No. of Recommendations: 7
" You may not know this, but it's the World Wide Web. Many of us do not live in the US.
Corporate tax is certainly important, but personal tax is generally pretty OT."
good morning, Jim, always nice to hear from you. What percent of brk do you suppose is owned by shareholders subject to American tax law? How many Americans have held brk 20-30 years or longer, and currently have net worth's substantially above 100 million? Just for fun, how do you suppose a 38 % long term cap gain rate AND a net worth tax would impact long term holders of brk who are subject to American tax law, and those of us with net worths below 100 million? In reality both political parties of self-dealing grifters are owned by the super-rich so it's unlikely to happen in Buffet's lifetime, but the implications for securities listed on American exchanges are very substantial, if you think it through. Have a grand day-old friend, your American pal, HC.
No. of Recommendations: 14
HC, limit your spillovers to BRK. Many of us do read BRK, and are perfectly capable of discussing it on the Policy threads without annoying BRK folk. Virtually everything we talk about over there has an effect on BRK, but we don't bring it over... because....
