Okay pubs, here's some real 'liberal' policy to rally around
- Thread starter TommyCracker
- Start date
The answer is to replace most or all of Social Security with TSP for all. It would build actual wealth for everyone (those who had/have no income would get some SS minimal benefit instead) and allow for the deceased to pass what remains of their wealth to their spouses and children.
Thrift Savings Plan - Wikipedia
No it's not.... You can buy one share of certain stocks and you'll receive a K-1.
For example... Kinder Morgan will likely generate a K-1
But you could see that coming also. Trump is no Republican....if he had thought he had a better chance of being nominated as a Democrat in 2016 that's where he would have run.
NPT, in support of your thoughts one of our most gifted Republican posters has often said that Trump has no ideology.
One of my takes on Trump (although in many ways he remains a puzzle) is that winning is always his most important objective. Given this, and wanting to be nominated in 2016 along with being reelected in 2020, his primary strategy was to simply oppose and undo anything Obama did or wanted to do.
At any rate, NPT, you bring up an interesting discussion. Hope some of the other Coolerites from all ideologies along with those who claim not to be ideological join the discussion.
That would be fine by me, but people need to keep in mind that Social Security is not really a savings/retirement program. It's a generational transfer of wealth.The answer is to replace most or all of Social Security with TSP for all. It would build actual wealth for everyone (those who had/have no income would get some SS minimal benefit instead) and allow for the deceased to pass what remains of their wealth to their spouses and children.
Thrift Savings Plan - Wikipedia
en.wikipedia.org
If you're going to make the switch, you'll need to make sure those caught in the middle -- between SS over their lifetimes and TSP over their lifetimes -- don't get shafted.
Mitch McConnell is the embodiment of everything that is wrong with Washington. No matter how misguided the Democrats might be, keeping him sidelined is more important. There are enough level headed Democrats in the Senate to keep things sane. What we don't need is McConnell grinding everything to a halt.
I don't. Politicians are politicians and now they couldn't agree which way is up.
Or, discover they are/were employed by the rich, who previously saw it coming and secretly sold their decades-long business to a cutthroat "raider/turnaround specialist" who promised he wouldn't downsize the staff but, three months later, announces he has finally gotten an inside look at the business and now thinks a drastic cut in staff and salaries is needed for the business to survive (after decades of surviving previously doing something else).
So, he says goodbye to the staff, which means you and your friends.
If you liked House M.D., you'll remember this character, who ultimately proved to be the rare case of a raider being a (fairly) good guy:
Hey Mark. I think "earnings" is well defined by now.
For example, "earnings" likely includes wages/payments for a certain (ahem) high-pressure parttime delivery job previously discussed on this board (regardless whether it generated a W-2 or 1099) but as I understand it, "earnings" might not include the .0000000000003 % bank interest a person would passively earn by depositing such a delivery paycheck into a bank account yielding 3 cents of interest for a whole month.
I don't think interest payments are considered to be "earnings" because they are passive, but annoyingly they are still considered taxable income that challenges the 10-digit limit on a calculator's ability to calculate the minimal tax.
Maybe StollCPA could chime in -- he seems willing to fight the man on taxes.
They get rewarded because they are taking more risk. If the stock market always went up what you say would be true. And you're only rewarded if you hold an asset more than a year. Otherwise it is taxed as ordinary income.
Taking the risk and providing the juice to keep the engine running.
Or, discover they are/were employed by the rich, who previously saw it coming and secretly sold their decades-long business to a cutthroat "raider/turnaround specialist" who promised he wouldn't downsize the staff but, three months later, announces he has finally gotten an inside look at the business and now thinks a drastic cut in staff and salaries is needed for the business to survive (after decades of surviving previously doing something else).
So, he says goodbye to the staff, which means you and your friends.
If you liked House M.D., you'll remember this character, who ultimately proved to be the rare case of a raider being a (fairly) good guy:
Are you speaking from personal experience?
You left out AOC.
The Squad encompasses her and three other morons
GOAT doesn't believe in capital formation. He thinks the world runs on GoFundMe and Sunday coupons.
I think there is a lot of envy/jealousy by a lot of people so they want to punish the ones that have taken risk and made some money. I've had winners and I've had losers when it comes to investing in stocks. As you know there is risk and one that a lot of people don't even realize is on the tax side. If you invest in a stock and make $100,000 one year you have to pay taxes on all of that BUT if you lose $100,000 they'll on let you deduct $3,000 I believe. The excess carries over so over 33 years you could deduct all the loss. 😁 Of course you can always deduct losses up to the amount of gain if you had some winners and some losers.
Yeah, capital gains has always woken my inner libertarian for what you just said.
It's hard make money from the market.
Like was previously said, if it always went up that's a different story but since you can lose, and lose big, a lot of what you are risking it seems a little much to heavily tax your winnings, making your risk curve even greater.
I guess you could say the same for starting a business but to me the business is more dependent of govt utilities along with the fact of limited liability classifications and bankruptcy options.
I had a K1 partnership (an LLC limited partner) for 10 years or so. Never amounted to anything, moneywise, but TurboTax always walked me through it, no problems.
I use HR Block so I will have to remember that if I ever get another one. I even tried entering an old one a while back and H&R block gets to a certain point and tells me that I need to consult a tax professional.
Anyone who's ever invested in stocks very many times have lost money at some point. Just look at 2008-2009 when the S&P 500 dropped over 35%. I was lucky in that earlier that year I had a gut feeling that it was gonna drop and moved our K401s into a stable income fund but a lot of people weren't that lucky.
And you only get a break on long term capital gains so it's not like you can be a day trader and get a tax break.
Only lost on paper and it’s all more than recovered. Since I didn’t sell anything it had no impact on taxes.
Right, it was only "lost" to people who had to sell at that time. So someone who had just retired and had to sell to generate income to live on lost money. But even then not necessarily, depending on when they bought the stock. If they bought stock for $10, saw it go to $20, then drop back to $12 where they sold it, they really didn't lose that $8.
We talk about capital gains like it is all stock. It isn't. Buying and selling artwork, baseball cards, derivative income, precious metals, are all capital gains. I am not sure why we encourage artwork as an investment worthy of lower taxes than working. Workers invest time, time is money. Ergo.
You can write off your losses. Oops, your gains are now capital gains. Argh, back to writing off losses.
If people to make a more progressive cap gains rate for very high incomes, whatever. But what the hell is really the goal? Just to whip on rich people? It doesn't raise crap for actual revenue.
Without changing stepped up basis rules, people will just hold until death.... and by estimate this idea actually loses the govt revenue. Even if stepped up basis is scrapped.... this raises a whopping $113B.... over a DECADE. A wet fart.
Without changing stepped up basis rules, people will just hold until death.... and by estimate this idea actually loses the govt revenue. Even if stepped up basis is scrapped.... this raises a whopping $113B.... over a DECADE. A wet fart.
For stocks and bonds, I have no problem with lower rates. They do help spur the economy. But we know artwork (https://www.moneylaunderingnews.com...anctions-and-launder-money-the-senate-report/) and now bitcoin are being used to launder money. I am not sure why we demand lower taxes on laundered money. That is one reason why some investments need taxed at the normal rate.
The other reason is more simple. Someone can make a million a year off of investment income and have a tax rate far lower than someone making $100,000. Now true, part of that is social security and medicare. But it just doesn't sound particularly fair.
Politics and votes and envy and jealousy and elitists who are over educated and underachieved. Punish the “rich”. Pretty sad. 80 percent of millionaires in this country are self made. What message are we sending.....
Eliminate loopholes and impose a flat tax
