| CURRENT EVENTS The Presidential Race: The Debacle. Err, debate.
- Thread starter Brandon Van de Graaff
- Start date
TerryP
Staff
@ElephantStomp I've said "policy" a few times, right?
This "unrealized capital gains tax?" That's a policy that's playing with my money.
What was it I heard tonight? If you want to buy a house, elect Kamala Harris. People can't buy a house because of ... Kamala Harris and this last administration? WTF is the message here?
This "unrealized capital gains tax?" That's a policy that's playing with my money.
What was it I heard tonight? If you want to buy a house, elect Kamala Harris. People can't buy a house because of ... Kamala Harris and this last administration? WTF is the message here?
Speaking to people that have no clue!!! Anyone with a rudimentary understanding of economics can’t fall for this, can they??!?
There's all sorts of chaos in that tax proposal, but the unrealized capital gains tax is an estate tax piece:
Major individual, capital gains, and estate tax provisions modeled:
- Expand the base of the net investment income tax (NIIT) to include nonpassive business income and increase the rates for the NIIT and the additional Medicare tax to reach 5 percent on income above $400,000 (effective 2024)
- Increase top individual income tax rate to 39.6 percent on income above $400,000 for single filers and $450,000 for joint filers (effective 2024)
- Tax long-term capital gains and qualified dividends at ordinary income tax rates for taxable income above $1 million and tax unrealized capital gains at death above a $5 million exemption ($10 million for joint filers)
- Limit retirement account contributions for high-income taxpayers with large individual retirement account (IRA) balances
- Tighten rules related to the estate tax
- Tax carried interest as ordinary income for people earning more than $400,000
- Limit 1031 like-kind exchanges to $500,000 in gains
Essentially, it means if you have a rich uncle with a ranch, it'll have to be sold to pay the estate taxes. Passing on family-owned businesses will be that much harder. In the end, much wealth will go to attorneys and trust companies as the well-to-do will find ways around it, and the first generation success stories will have a greater chance of having their heirs getting kicked in the teeth.
President Biden’s FY 2025 Budget Proposal: Details & Analysis
President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the U.S. in a distinctly uncompetitive international position and threaten the health of the U.S. economy.
taxfoundation.org
ElephantStomp
Member
Policy- she’s going to give first time home buyers $20,000 to use for a down payment. No doubt the right will sue her in court when she tries to implement it, but it’s a policy
XXL TideFan
Member
It’s a gimmick for low information voters. The prez can’t give out money.
So “she’s” giving them $20,000??? Then charging everyone exorbitant taxes on “equity” in the home???!???
Oh and she’s giving them tax payer money to start with,
It’s all a lie and a pretend shell game!!
I believe it's up to $25,000 for "first generation homebuyers" - not sure how you prove that - along with a $5,000 tax credit for the first two years of home ownership for those and many others. Those purchasers will end up in gov't gtd. loans, with qualifications already watered down during the Biden administration and poised to be further loosened. The wonderful makings of another housing crisis.
TerryP
Staff
On day two I said I was still trying to process some things I'd heard on day one. Here it is day four, and I'm still trying to process some of the stuff I heard on day one.
When I heard this...no, rather read that in a release...and then heard comments here and there it's been a "what?" A few of the things I've heard this week have turned my brain into an early version of Internet Explorer: it just freezes up.
ElephantStomp
Member
No shit the prez can’t. It only takes us winning all three branches
OldPlayer
Member
1. She’s promising $25,000, not $20,000.
2. She’s not giving anything. She’s making the US citizens give it
Here's a pretty good score card through yesterday midday:
Harris: Supersized Biden
Democrats rolled out Joe Biden late on the first night of their Chicago convention, eager to get his obligatory moment over before disappearing him until November. Yet it seems fitting Biden led the week, since everything but his face remains on the ballot. The Kamala Harris policy agenda has turned out to be nothing more than supersized Biden 2.0.A month into her coronation, the Democratic nominee is finally fleshing out an agenda and has settled the big question of whether she’d revert to her 2020 progressive platform or chart any different path from Biden. Answer: a resounding no. She’s instead doubling down on the failing status quo. So much so that the Harris team didn’t even bother to put its stamp on the party platform, which was released in July under the expectation of a Biden renomination.
The campaign and press will continue to repackage her as “fresh,” but the policy substance is pure Biden redux–only wilder, spendier and more damaging. Her turbocharging:
• CTC: Adopts Biden’s call for a re-expanded $3,600 child tax credit, though also promises a $6,000 bonus for newborns. Cost: $1.2 trillion over 10 years.
• EITC: Mimics Biden’s policy to triple the earned income tax credit for childless adults to $1,500. Cost: $150 billion over 10 years.
• Housing: Escalates Biden’s call for a $10,000 tax credit for first-time homebuyers to $25,000 while throwing in more tax incentives and subsidies for homebuilding. Cost: $200 billion over 10 years.
• ObamaCare: Proposes another Biden-like extension of the ObamaCare premium tax-credit sweeteners that lure subscribers to otherwise unpopular offerings. Cost: $400 billion over 10 years.
• Medical debt: Vaults from a Biden rule to exclude medical debt from credit reports to a full-fledged pledge to cancel medical debt altogether. Cost: Unknown, though current medical debt in the U.S. exceeds $200 billion.
• Taxes: Continues Biden’s promise to reverse the Trump tax cuts and raise taxes on tens of millions of Americans, including his wage-pilfering proposal to raise the corporate tax rate to 28%. She also adopts Biden’s supposed carveout for those making less than $400,000.
• Climate: Continues Biden policies to regulate fossil fuels out of existence and eliminate consumers’ ability to purchase gasoline-powered vehicles or appliances.
• Price controls: Vows to accelerate Biden’s extortion of drug companies in Medicare price negotiations and expand caps on out-of-pocket drug costs. Further adds a new threat to impose Nixonian price controls on food and groceries.
• Border: Mirrors Biden’s recent border pivot, promising more security and border resources.
• Israel: Sticks with Biden’s support of Israel, even as tens of thousands of protesters swarm Chicago demanding an “arms embargo.”
Charitable commentators claim Harris is putting a “unique” twist on the Biden agenda, but that’s gloss. In her rush to distance herself from her more radical 2020 progressive positions, Harris has come full circle to the very agenda that has encumbered Biden with a 40% approval rating. Amusingly, her only true “new” idea was stolen from Donald Trump: eliminating the federal tax on tips.
Dept. of Convention Wisdom:
The press is swallowing Harris’s claim she’ll produce an “opportunity economy,” failing to explain how more of the policies that brought the nation inflation, border chaos and crime—and soured the public— will produce different results. The Harris fallback to a Biden agenda is potentially a powerful theme for Republicans, if anyone is wise enough to pick it up. Most Americans understand it is Biden’s big-spending, big-regulation agenda that caused this mess, and will remain very wary of a repeat. But only if Trump can marshal the discipline to make the case. That’s a big if.
XXL TideFan
Member
Therefore it is a talking point for the low IQ voters. A continuous drumbeat of “gimme other people’s money.”
XXL TideFan
Member
Both sides of DC make us pay for this.
orthochristian.com
“No one can outlaw Christ”—UOC hierarch encourages flock as state prepares to ban Orthodox Church
Having been approved in both its first and second readings, the bill now awaits the promised signature of President Vladimir Zelensky in order to pass into law.
TerryP
Staff
It was suggested earlier in this thread that the party knows the agenda, knows the candidate. I found this article interesting, encapsulated by this graphic.
