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Author Topic: Biden's Taxes  (Read 198 times)

Ben

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Biden's Taxes
« on: February 07, 2021, 08:38:05 AM »

While this short article focuses on farming, it applies to many things. The loss of "step-up" will be devastating to family farms as well as homeowners, given what has been going on with housing. Heck, here in Idaho, houses that were going for $100K just 10-15 years ago are going for $500K today in some areas. It doesn't say if he's applying the loss of step up to trusts, or otherwise changing the current (I believe) $2.5 million gift exemption. With the latter, people like farmers could just gift the farm to their kids while they are still alive, in most cases avoiding the capitol gains, though the kids would still be stuck with the non-step up taxes if/when they sell. Apparently the Biden admin is looking to force the tax upon death, not upon sale.

I was also unaware Biden plans on cutting the federal standard exemption by half. That affects more than "the one percent".

https://www.mnfarmliving.com/2021/01/why-changes-capital-gains-tax-will-kill-family-farms.html
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Boomhauer

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Re: Biden's Taxes
« Reply #1 on: February 07, 2021, 09:38:27 AM »

Quote
I was also unaware Biden plans on cutting the federal standard exemption by half. That affects more than "the one percent"


I assumed he would since thatís part of undoing that evil Orange Manís tax cuts for all his rich buddies (trying to explain how taxes work and especially Trumpís tax cuts to these *expletive deleted*ing idiots is like sending a dog to medical school but more pointless). Heís also reinstitution the mandate for Obamacare so *expletive deleted*ck you if you canít afford insurance.

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RocketMan

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Re: Biden's Taxes
« Reply #2 on: February 07, 2021, 10:11:13 AM »



I assumed he would since thatís part of undoing that evil Orange Manís tax cuts for all his rich buddies (trying to explain how taxes work and especially Trumpís tax cuts to these *expletive deleted*ing idiots is like sending a dog to medical school but more pointless). Heís also reinstitution the mandate for Obamacare so *expletive deleted*ck you if you canít afford insurance.

I thought SCOTUS struck down the mandate portion of ObamaCare as unconstitutional?  Could be misremembering.  Besides, the current pack of Dems don't pay much attention to the COTUS as it is a living document that says whatever they need to say at a given moment.
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HankB

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Re: Biden's Taxes
« Reply #3 on: February 07, 2021, 10:50:30 AM »

And once again I ask - if Biden were a genuine Manchurian Candidate, tasked with doing whatever he could to harm the USA within the limits of his executive power - what would he do differently than what he's been doing so far?
Trump won in 2016. Democrats haven't been so offended since Republicans came along and freed their slaves.
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Ben

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Re: Biden's Taxes
« Reply #4 on: February 07, 2021, 10:54:10 AM »

Having read the comments to the article I posted, where there was some confusion, I should clarify that the article talks about something Biden had been thinking about, and that there is not (to my knowledge) current legislation forthcoming (yet). It just seems to be something Biden would like to see happen.
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just Warren

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Re: Biden's Taxes
« Reply #5 on: February 07, 2021, 12:34:44 PM »

If you control the land, you control the people.

You can gain control of the land by taxing people off of it and then making sure your cronies get ahold of it.

Drive the people into the cities where they will be much more dependent on government services.

The more dependent they are the more they need to make you happy and to do that they have vote for you.

The more voters there are in the cities, the more electoral votes and congressional seats they have relative to rural areas and thus rural votes become less relevant.

Do all that and you guarantee controlling the presidency and congress with a chance at controlling the senate as well.

While all this is going on you restrict their ability to own weapons. So they can't fight back.

Also make it so that all transactions are electronic, recorded, and observable by "the authorities" so no one has any economic privacy and that puts a chill on anyone's ability to make their own way and try to find a way out of this dependency maze they're trapped in.

Now the people are trapped and helpless and must obey.

Then you get to do what you want. Forever.
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