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What is your view of the tax cut proposal?

Discussions about the economic and financial ramifications of PEAK OIL

Re: What is your view of the tax cut proposal?

Unread postby GHung » Sun 01 Oct 2017, 19:09:02

Cog wrote:And I will reiterate, there is no reason to change the tax rules on trading accounts or capital appreciation, just because you see an untapped tax resource. Cut spending. Let's try that first.


I'm sure a lot of people have reasons to change the rules. They don't care if you like it or not. Best to not be a one-trick pony.
Blessed are the Meek, for they shall inherit nothing but their Souls. - Anonymous Ghung Person
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Re: What is your view of the tax cut proposal?

Unread postby Cog » Sun 01 Oct 2017, 19:32:24

Vt is the only one proposing this nonsense. Its not in the Republican bill. I think he is just doing it to annoy me.
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Re: What is your view of the tax cut proposal?

Unread postby Outcast_Searcher » Mon 02 Oct 2017, 10:24:40

Cog wrote:There is that word fairness again. Anytime I hear it, I hear a code word for raiding someone's pocket that jingles more than yours does.

But here is yet another objection to this. You can balance out your gains and losses throughout the year but I have no idea what the price of say, GM will be on Dec 31st. If you are going to tax me on the value of that unrealized stock appreciation, what happens if it goes up huge that day? I'm stuck with a huge tax bill. And because of the two day settlement rule, I can't actually do anything about it this fiscal year.

And if you're long and it drops "huge", you have a tax windfall that year on the loss.


Somehow people who trade oil, gold, etc. futures manage to deal with annual taxation on rolling profits/losses just fine over time. I think it's because they're used to it.

Would you be willing to trade this tax advantage for some kind of a guarantee the estate tax goes away for all estates less than, say, $25 million, adjusted for inflation? The guarantee would need to be something the dems couldn't renege on, which might not be possible -- so I'm talking in theory.

I guess the question is what is worse. To me, taxing the income on stocks the same year with a hybrid rate is no big deal as long as it's done consistently and I expect it. But to me, the death tax on a lifetime of work and earnings, on top of all the taxes paid while living, is just a liberal money grab because they hate highly successful people and want to punish them (or just want to use envy to get every tax dollar they can). (No estate I've been involved with, including my own, is likely to pay estate taxes under the rules in place at the time. I'm talking pure principle here, not self interest).

So to me, in principle, the estate tax is far worse. Now that the brokers calculate what you owe on all trades from the 2011-2013 period for stocks, options, and stock funds, I'm a happy camper anyway.

To me the death tax can't be justified in the current system. I'm all for fixing the income tax loopholes so ALL rich people pay a "reasonable" amount of taxes on large incomes instead. Then again, I'm apparently more open to compromise than the extremes of either political aisle.
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Re: What is your view of the tax cut proposal?

Unread postby Cog » Mon 02 Oct 2017, 10:39:20

Reasonable? Like reasonable gun control? LOL Just another word for fair, which is another word for robbery, at government gunpoint.
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