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by AustinC. 05/21/24 05:01 PM
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Big Case in the Supreme Court - Unrealized Gains
#4032570
12/05/23 10:20 AM
12/05/23 10:20 AM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
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OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: whack-n-stack]
#4032630
12/05/23 12:08 PM
12/05/23 12:08 PM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
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OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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All over a $14,000 tax bill. I don't know about you, and I ain't exactly poor, but if the government tried to tax me $14,000 on money that I hadn't even made yet, I would be pissed too. "Hey Irish we are going to go ahead and tax your 401k now, because we calculated and figured on an average 8% rate of return, you will owe us $20k in taxes sometime in the future, so now since we've blow all our other money, you need to go ahead and fork yours over now." The government is scared that the SCOTUS will rule it unconstitutional. Folks with money are scared that the SCOTUS will rule it constitutional. i would think that anyone who has saved up some money and has it invested should be watching this case.
Last edited by Irishguy; 12/05/23 12:10 PM.
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Irishguy]
#4032638
12/05/23 12:20 PM
12/05/23 12:20 PM
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Joined: Aug 2001
Posts: 64,904
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 64,904
Luverne, AL
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I'm watching it close.
The other side to that is, if they rule it constitutional then it will kill the entire stock market overnight. Who wants to watch a stock grow in value and be taxed as it grows before ever realizing a dime? Nobody. So people will stop investing.
Also, if unrealized gains can be taxed then unrealized losses can be applied to overall taxes. For some wealthy folks it might be cheaper to invest in something that always runs at a loss rather than pay taxes.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Irishguy]
#4032651
12/05/23 12:43 PM
12/05/23 12:43 PM
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Joined: Nov 2008
Posts: 10,370
Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,370
Alabama
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All over a $14,000 tax bill. I don't know about you, and I ain't exactly poor, but if the government tried to tax me $14,000 on money that I hadn't even made yet, I would be pissed too. "Hey Irish we are going to go ahead and tax your 401k now, because we calculated and figured on an average 8% rate of return, you will owe us $20k in taxes sometime in the future, so now since we've blow all our other money, you need to go ahead and fork yours over now." The government is scared that the SCOTUS will rule it unconstitutional. Folks with money are scared that the SCOTUS will rule it constitutional. i would think that anyone who has saved up some money and has it invested should be watching this case. It's not a lot of money in the scheme of things it will effect is what I meant.
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Irishguy]
#4032784
12/05/23 03:41 PM
12/05/23 03:41 PM
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Joined: Nov 2015
Posts: 21,454
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,454
HSV AL
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They want to tax 401ks so bad they cant stand it.
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: jamesm1976]
#4032832
12/05/23 04:48 PM
12/05/23 04:48 PM
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Joined: Sep 2014
Posts: 1,294
Slocomb,Al
Young20
8 point
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8 point
Joined: Sep 2014
Posts: 1,294
Slocomb,Al
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Yall know this was a major bill that Trump passed, right? Here's what Congress "passed" and sent to his desk for a signature. "In 2017, the Tax Cuts and Jobs Act (TCJA) created a one-time "deemed repatriation" on foreign investment, even if the money was still tied up in the investment and no profits were received. As a result, the Moores were hit with a tax bill of $14,729, despite receiving no income from their investment." The current administration could cause a huge problem if the SCOTUS deems that particular part Constitutional. Another cliff note from the article "High Net Worth Americans should be watching closely because if the definition of income is expanded to include unrealized gains, then a wealth tax would fundamentally be constitutional. That would still require an ambitious Congress and President acting in tandem, but it would overcome the long-held theoretical hurdle to a wealth tax...". https://www.newsweek.com/moore-unit...-money-finance-indian-farm-tools-1847984
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: jmudler]
#4032842
12/05/23 04:59 PM
12/05/23 04:59 PM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
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OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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They want to tax 401ks so bad they cant stand it. You mean Roths. 401k's will get taxed on every cent as soon as you start taking some out. And if you're not taking any out they make you start taking some out starting at about 72 years old whether you like it or not, because they want the tax money from it.
Last edited by Irishguy; 12/05/23 05:00 PM.
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Young20]
#4032845
12/05/23 05:02 PM
12/05/23 05:02 PM
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Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
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OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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Yall know this was a major bill that Trump passed, right? Here's what Congress "passed" and sent to his desk for a signature. "In 2017, the Tax Cuts and Jobs Act (TCJA) created a one-time "deemed repatriation" on foreign investment, even if the money was still tied up in the investment and no profits were received. As a result, the Moores were hit with a tax bill of $14,729, despite receiving no income from their investment." The current administration could cause a huge problem if the SCOTUS deems that particular part Constitutional. Another cliff note from the article "High Net Worth Americans should be watching closely because if the definition of income is expanded to include unrealized gains, then a wealth tax would fundamentally be constitutional. That would still require an ambitious Congress and President acting in tandem, but it would overcome the long-held theoretical hurdle to a wealth tax...". https://www.newsweek.com/moore-unit...-money-finance-indian-farm-tools-1847984Right. That's what the bill was that started the whole thing, but the SCOTUS ruling, because it can be used as a precedent, can affect all kinds of potential "Unrealized investment gains."
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Irishguy]
#4032912
12/05/23 06:32 PM
12/05/23 06:32 PM
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Joined: Jul 2011
Posts: 34,817
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,817
Boxes Cove
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They want to tax 401ks so bad they cant stand it. You mean Roths. 401k's will get taxed on every cent as soon as you start taking some out. And if you're not taking any out they make you start taking some out starting at about 72 years old whether you like it or not, because they want the tax money from it. Umm , they want both, now.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Big Case in the Supreme Court - Unrealized Gains
[Re: Irishguy]
#4033484
12/06/23 02:41 PM
12/06/23 02:41 PM
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Joined: Nov 2015
Posts: 21,454
HSV AL
jmudler
Freak of Nature
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Freak of Nature
Joined: Nov 2015
Posts: 21,454
HSV AL
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They want to tax 401ks so bad they cant stand it. You mean Roths. 401k's will get taxed on every cent as soon as you start taking some out. And if you're not taking any out they make you start taking some out starting at about 72 years old whether you like it or not, because they want the tax money from it. They want the grow now, and expediential grown again in XYZ years.
Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
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