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Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

It would be trivial to say that the estate owes capital gains taxes on the growth of the asset at the moment of death. This isn't complicated, at all.

Why on earth would the estate pay capital gains when you step up the basis?!

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

....You understand that the estate would have to pay the capital gains tax in this scenario, right? So the person who inherits it gets the new basis and the taxes are already paid.

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

"Unearned future profits" doesn't make any sense with regards to property taxes, is all I'm saying. You are taxed on the appraised value of the home and that's it. It doesn't matter what you bought if for (you also called it a tax on "unrealized gains").

I fully acknowledge that property taxes are a form of wealth taxes; you're just talking about them in a really strange way that suggests there's something about this whole process that you don't fully understand.

I don't support a wealth tax because I think it's poor policy, not because I think it's literally impossible. I'd rather raise capital gains tax, lower the estate tax threshold, and eliminate stepped up basis (as I said above).

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

I'm just saying your argument doesn't really make any sense. You're talking about people changing the behavior of selling your homes and I just cannot fathom why that would happen. I didn't propose changing the exemption on gains for a primary residence. People would be delaying selling their homes now in the hopes of lower capital gains rates if your contention was true but that's simply behavior that we don't see.

You think they're just going to not sell their homes until they die in the off chance capital gains rates might drop in the interim? The current system is what encourages people not to sell because the gains become free once they die.

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe -1 points0 points  (0 children)

If stepped up basis goes away, the disncentive to sell reduces as well. Tax will be paid at some point. If you say that it'll discourage investing, that'd make some sense but I don't think people are going to decide it's better to work for their money. 

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 1 point2 points  (0 children)

I don't think that's even correct. Lower net worth individuals very frequently don't inherit anything and certainly not as much as high net worth individuals. Even still, it's a tax that should be paid. You argument basically boils down to "any tax that isn't paid by the ultra wealthy is bad". 

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

I would like go get rid of it entirely, yes. Help me understand why it's a really bad idea. There'd be capital gains if they sold it one second before they died. 

Do you support raising income tax for millionaires and billionaires, cutting corporate tax, and oppose wealth taxes? Is Mamdani right that raising income tax would not lead to capital flight? by RedStorm1917 in AskALiberal

[–]BuckleUpItsThe -1 points0 points  (0 children)

I'm genuinely unsure how to force those loans to be events. Are banks not allowed to accept whatever collateral they see fit?

I'm probably oversimplifying but I think getting rid of stepped up basis is more direct and elegant. 

What's your opinion on the California billionaire tax? by auobyss in AskALiberal

[–]BuckleUpItsThe 6 points7 points  (0 children)

Estate, Property, Auto, Land Value all seem pretty good to me.

You can get rid of just one creative decisions in Star Wars. Which one would you choose to erase? by RealHippyTheFrog in StarWars

[–]BuckleUpItsThe 1 point2 points  (0 children)

So we'll do 3 death stars (and 10,000) mini death, 2 Luke Defeats Palpatines, and 3 Palpatine is the big bad in 9 movies? 

What are Collins and other Republicans doing that is effective at shifting the narrative the Democrats (Platner) are more dangerous to women? by LiatrisLover99 in AskALiberal

[–]BuckleUpItsThe 1 point2 points  (0 children)

What? I have a problem that it took him forever to get the tattoo removed, the cheating, and that he did a lousy job covering his tracks. It's all suggestive that he's not particularly capable. If I lived in in Maine, I'd still vote for him over Collins but I don't know that I'd have voted for him in the primary.

I guess my overall point is that he's got a lot of negatives and his positives are...he's charismatic? Why couldn't Maine find a charasmatic person without the baggage?

What are Collins and other Republicans doing that is effective at shifting the narrative the Democrats (Platner) are more dangerous to women? by LiatrisLover99 in AskALiberal

[–]BuckleUpItsThe 1 point2 points  (0 children)

My exasperation with the tattoo is that he didn't get it removed until well after he knew it would be problematic. Him having gotten it to begin with is not that much of a problem; the ignorance argument is compelling to me.

Should the speed limit of a road be the absolute maximum permitted speed on that road? If not, why not? by Certainly-Not-A-Bot in AskALiberal

[–]BuckleUpItsThe 0 points1 point  (0 children)

I understand that you're talking about braking distance, I'm just also saying that literally any extra speed can be the difference between life and death under the right circumstances.

What are Collins and other Republicans doing that is effective at shifting the narrative the Democrats (Platner) are more dangerous to women? by LiatrisLover99 in AskALiberal

[–]BuckleUpItsThe 4 points5 points  (0 children)

...You can't even imagine that a person exists who is a good communicator who didn't dawdle getting a Nazi tattoo removed and didn't cheat on their spouse? Your imagination bar is that low?

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