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sir pball

(5,347 posts)

17. Eh, there's ways around having gains in the first place.

Mon Jan 24, 2022, 09:14 AM

Jan 2022

I have a modest (>100k/>1M) portfolio from my mom's estate that I take an even more modest monthly income from. My manager does some jiggery-pokey every year with taking short term losses that offset the realized gains from my income, regardless of what growth the portfolio actually sees - the end result being I owe $0 in taxes on that income. I can't imagine why it wouldn't scale, if I were the 1% with a portfolio 100x as large taking 100x the income it would still work exactly the same.

So then we get into changing the laws to not permit losses to be counted, which I'm not sure would get even the tepid support that taxing unrealized gains gets.

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Wyden fills in details for 'Billionaires Income Tax' [View all] brooklynite Oct 2021 OP

If passed, it'll be in the courts in a New York minute. George II Oct 2021 #1

On what grounds though? cstanleytech Oct 2021 #3

From the what I see, it's taxing specific private individuals based solely on their level of.... George II Oct 2021 #4

I thought the courts took a largely hands off approach though over tax laws as cstanleytech Oct 2021 #8

That it's a direct tax not apportioned between the states by population FBaggins Oct 2021 #5

Maybe a better analogy.... George II Oct 2021 #6

Warren and Sinema True Blue American Oct 2021 #2

Honestly, they should just tax capital gains at the same rate as normal income and move on GregariousGroundhog Oct 2021 #7

And require individuals to take capital gains annually, KPN Oct 2021 #11

Just exempt it up to 100K JCMach1 Jan 2022 #16

Eh, there's ways around having gains in the first place. sir pball Jan 2022 #17

This message was self-deleted by its author jfz9580m Oct 2021 #9

Wyden's right on. Thanks for sharing. KPN Oct 2021 #13

This message was self-deleted by its author jfz9580m Oct 2021 #14

If they are taxed on appreciation in value of assets even if not sold, marie999 Oct 2021 #10

For that source of income, yes. It only makes sense. KPN Oct 2021 #12

Kick ck4829 Jan 2022 #15

Wyden tax plan sounds like a winner. K and R oasis Jan 2022 #18

This doesn't sound like such a good deal to me jmowreader Jan 2022 #19