Buydin’s yellen wants to tax unrealized capital gains

[dennishoddy]

Wouldn't this all be simple if this dip s$$$ would support and pass the fair tax?

Never happen. As previously posted, the dimocrats want inflation because it brings in additional tax money that they can squander.

 

[DavidMcmillan]

No….the original tax code was a form of the “fair” tax proposal, and the “reform” to that started immediately. There are too many varied sources of income to apply one size fits all. Most charitable organizations receive the bulk of their funds due to the deductibility of donations. The list of potential unintended consequences is massive, and is a big reason there have been so many changes over the years to the current code.

 

[Dale00]

Complexity in the income tax generates graft for politiicians....."legislating tax breaks" for profit.

I've posted my support for the fair tax previously. See Fairtax.org.
Unfortunately Americans respond more to "taxing the rich" lies than real, beneficial changes in tax law.

 

[dennishoddy]

No….the original tax code was a form of the “fair” tax proposal, and the “reform” to that started immediately. There are too many varied sources of income to apply one size fits all. Most charitable organizations receive the bulk of their funds due to the deductibility of donations. The list of potential unintended consequences is massive, and is a big reason there have been so many changes over the years to the current code.

That's very true. Charities and others would suffer.
I'd like to see a flat tax with deductions to charities managed some way to benefit those donating. I'm not sure how that would happen but we do need to support our charities.
Suggestions?

 

[DavidMcmillan]

I know that there are focus groups around the country (non-political) that have been working on just that issue for several years.

 

[Glocktogo]

It’s pretty simple. The federal government is addicted to other people’s money. We all know what an addict will do to get a fix. Anything and everything.

 

[Profreedomokie]

Unfortunately, the Constitution doesn't have provisions for this. The Ballot box seems to be the only answer.

I don't see the ballot box being the answer after the 2020 elections.

 

[raeken45]

This administration isn't going to ever be happy even if we sign over the deed to our property, bank accounts and anything of value. But you have to admit, they need the money to provide free college, medical care, housing, food, dental care, and a monthly stipend for the illegals. The only thing we can do is to denounce our citizenship, leave the country and come back as an illegal and they won;t tax us. It seems each member of this administration has to come up with something bigger than their peers in order to "look good." I think they aren't' smart enough to realize it is going to affect them, their families, their children and grandchildren etc in many ways from safety to schooling. We have effectively lost our country with a few more suggestions if they become law-and O'Biden will sign anything.

They absolutely realize the damage it will do, they just don't care. It's not going to affect them because they have set it up for them to benefit. They want to do these things so the power only stays in their families and friends while the "poors" are too distracted by trying to survive.

 

[mavs]

The Constitution gives the federal government the power to tax income. It does not give them the power to tax wealth.

The Supreme Court would rule it unconstitutional and not allow it.

 

[SlugSlinger]

The Constitution gives the federal government the power to tax income. It does not give them the power to tax wealth.

The Supreme Court would rule it unconstitutional and not allow it.

You are correct, but do the democrats care what the constitution says? Or the Supreme Court for that matter.