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Only if the stocks are outside of a 401k, Roth IRA or IRA.
It's for the filthy rich real estate investors and filthy rich billionaires.
He's gonna bankrupt the country by cuttings taxes on billionaires and corporations but he doesn't care about regular people. He only cares about the uber-wealthy that afford multiple mansions across the world, private yachts, private planes, butlers, etc.
This was the example given for an adjustment for inflation: If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.
Even in 1980 - a $100,000 investment did not make a person a "billionaire" or "uber wealthy".
In 1980 - if you sold a $35,000 home that you got a really good deal on for $300,000 and wanted to downsize and buy a $100,000 home -- you paid a very steep Capital Gains Tax on the extra $200,000 you didn't spend on your new house. As for selling stocks you have held for years -- you wouldn't believe the Capitol Gains hit and taxes on that. Buy company stock over a 40 year period, watch it grow, plan to use it for your retirement + support your company .... sell it and pay a HUGE Capitol Gains tax on it. You sure don't have to be a "billionaire" or "Uber rich" to be in that position AND I have very recent experience of that sort of thing.
Thankfully - they changed that rule on homeownership, now they are "mulling" some other changes.
Even the NYT uses the word "mulling", while the OP is just interested in another Trump Bashing Thread.
[b]Pay Attention - this is important. Let's say that you put some money in a stock and held on to it for many years (thinking of the future) - anyone besides me remember when Apple was selling for $21 a share??? 20 years down the road that 100 shares of $21 stock is worth a LOT of money (lucky you) - BUT, you can't really do much with it because the TAX you will have to pay will eat up most of your profit. That's the real world and you didn't have to be "uber rich" to by 100 or even 1,000 shares of APPLE at $21 a share.
It's worth noting that Steven Mnuchin was talking hypothetically and used terms like "mulling over", "studying", "consider", "studied internally" - the New York Times presents this as "Trump" and "Fact".
Steve Mnuchin : Mr. Mnuchin emphasized that he had not concluded whether he had the authority to make such a move but that it was being studied internally, along with the economic costs and impact on growth.
Chuck Schumer: “Furthermore, Mr. Mnuchin thinks he can do it on his own, but everyone knows this must be done by legislation.”[/i]
This is standard New York Times twist and FAKE Newsfor the LIV's to spread far and wide.
Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.
Currently, capital gains taxes are determined by subtracting the original price of an asset from the price at which it was sold and taxing the difference, usually at 20 percent. If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.
Give it up OP. Trump could shoot someone on Fifth Avenue and his lemmings would cheer him on, saying, "He deserved to get shot!" or "You should be grateful he didn't shoot 10 people."
This was the example given for an adjustment for inflation: If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.
Even in 1980 - a $100,000 investment did not make a person a "billionaire" or "uber wealthy".
In 1980 - if you sold a $35,000 home that you got a really good deal on for $300,000 and wanted to downsize and buy a $100,000 home -- you paid a very steep Capital Gains Tax on the extra $200,000 you didn't spend on your new house. As for selling stocks you have held for years -- you wouldn't believe the Capitol Gains hit and taxes on that. Buy company stock over a 40 year period, watch it grow, plan to use it for your retirement + support your company .... sell it and pay a HUGE Capitol Gains tax on it. You sure don't have to be a "billionaire" or "Uber rich" to be in that position AND I have very recent experience of that sort of thing.
Thankfully - they changed that rule on homeownership, now they are "mulling" some other changes.
Even the NYT uses the word "mulling", while the OP is just interested in another Trump Bashing Thread.
[b]Pay Attention - this is important. Let's say that you put some money in a stock and held on to it for many years (thinking of the future) - anyone besides me remember when Apple was selling for $21 a share??? 20 years down the road that 100 shares of $21 stock is worth a LOT of money (lucky you) - BUT, you can't really do much with it because the TAX you will have to pay will eat up most of your profit. That's the real world and you didn't have to be "uber rich" to by 100 or even 1,000 shares of APPLE at $21 a share.
It's worth noting that Steven Mnuchin was talking hypothetically and used terms like "mulling over", "studying", "consider", "studied internally" - the New York Times presents this as "Trump" and "Fact".
Steve Mnuchin : Mr. Mnuchin emphasized that he had not concluded whether he had the authority to make such a move but that it was being studied internally, along with the economic costs and impact on growth.
Chuck Schumer: “Furthermore, Mr. Mnuchin thinks he can do it on his own, but everyone knows this must be done by legislation.”[/i]
This is standard New York Times twist and FAKE Newsfor the LIV's to spread far and wide.
Those who had 100,000 in excess income were very wealthy 25 years ago. So your argument is that it’s not that much, what exactly is the poin in an additional 8% tax cut on capital gains. This will once again benefit the wealthy by a large margin, not the small investor.
It’s not fake news, the fact that this will largely benefit the top brackets is not arguable. What is the problem they are attempting to address, was there a shortage of investment income.
Last edited by Goodnight; 07-30-2018 at 07:27 PM..
Why is he talking about doing this via EO and not going through Congress?
Because it is election year and some GOP would be hard pressed to justify MORE relief for the uber wealthy now that the tax cut passed by Congress is not having a big effect to the average wage earner
Salaries are not going up because of the tax relief companies got
Benefits are not being enriched
The Companies are doing stock buybacks and paying high level officers better--but not much trickle down
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