It was a fun ride ya'll.

Not liking this one bit. Consulting my accountant tomorrow lol.

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It was a fun ride ya'll.

Not liking this one bit. Consulting my accountant tomorrow lol.

What is this referring to?  I've been out of the daily transaction process as I hold my recovery stocks and a few that dipped -- fortunately, CCL and others have popped back up.

Been watching a lot of football shows as I anticipate the NFL Draft.  Nice change of pace.  Forgot how cool Kate Adams was as my focus was on Jim Cramer the past 12 months.  lol

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Not liking this one bit. Consulting my accountant tomorrow lol.

What is this referring to?  I've been out of the daily transaction process as I hold my recovery stocks and a few that dipped -- fortunately, CCL and others have popped back up.

Been watching a lot of football shows as I anticipate the NFL Draft.  Nice change of pace.  Forgot how cool Kate Adams was as my focus was on Jim Cramer the past 12 months.  lol

https://taxfoundation.org/biden-capital-...tax-rates/

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What is this referring to?  I've been out of the daily transaction process as I hold my recovery stocks and a few that dipped -- fortunately, CCL and others have popped back up.

Been watching a lot of football shows as I anticipate the NFL Draft.  Nice change of pace.  Forgot how cool Kate Adams was as my focus was on Jim Cramer the past 12 months.  lol

https://taxfoundation.org/biden-capital-...tax-rates/

Check out the plan for raising the "death tax".

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

https://taxfoundation.org/biden-capital-...tax-rates/

Check out the plan for raising the "death tax".

The key is to not die while a Democrat is in office.

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What is this referring to?  I've been out of the daily transaction process as I hold my recovery stocks and a few that dipped -- fortunately, CCL and others have popped back up.

Been watching a lot of football shows as I anticipate the NFL Draft.  Nice change of pace.  Forgot how cool Kate Adams was as my focus was on Jim Cramer the past 12 months.  lol

https://taxfoundation.org/biden-capital-...tax-rates/

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

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Stock market growth under President Biden is the best on record for the first hundred days of any administration since at least the 1950s.

https://www.cnbc.com/2021/04/26/bidens-1...1950s.html

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I wonder why? Could it be that our economy has been artificially depressed since Covid and government lockdowns? I think this is nothing more than a natural bounce-back. I'll be shocked if we're not entering a recession in the next 2 years.

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Stock market growth under President Biden is the best on record for the first hundred days of any administration since at least the 1950s.  

https://www.cnbc.com/2021/04/26/bidens-1...1950s.html

The same way Biden is creating so many jobs. Great president.  We should be thankful.

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https://taxfoundation.org/biden-capital-...tax-rates/

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

In addition to raising taxes for those earning +$400,000, raising estate taxes, and raising corporate taxes. 

Hard pass!

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https://taxfoundation.org/biden-capital-...tax-rates/

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

The uneducated don't understand this is just the starting point.

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https://taxfoundation.org/biden-capital-...tax-rates/

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

It's a huge deal if you are really invested.  That "50% gain" that you made on a stock melts away.  That multi-generation farm that you might have worked on your entire life pretty much "melts away" when the owner passes away and you inherit it.

The hundreds or possibly thousands of dollars that you supposedly have made with your day trading is confiscated to pay for the "new green deal".

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

In addition to raising taxes for those earning +$400,000, raising estate taxes, and raising corporate taxes. 

Hard pass!

Exactly.  I suspect that you probably "earn" +$400,000.00 per year with your operation.  Nobody is looking at the cost to run the operation.  I know farmers that "earn" a lot of money but when it comes down to the cost of operating they actually have a very modest income when all is said and done.  I also know people that own small businesses that are in the same situation.

Some people equate income to equal "wealth".

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There are 10 kinds of people in this world.  Those who understand binary and those who don't.

The Biden Tax Plan: Revenue - Expenses = Taxes

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

It's a huge deal if you are really invested.  That "50% gain" that you made on a stock melts away.  

I'll never make $1m in a single year (without including capital gains) so it will never impact my capital gains. If it impacts the stock market an such as investors cash in profits before any bill passes, that's also fine with me as I'll sell high and buy the dip.  Every change presents a new opportunity.

The next President will erase everything as the erasing cycle continues so I'll manage things in 4-8 year increments.

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In addition to raising taxes for those earning +$400,000, raising estate taxes, and raising corporate taxes. 

Hard pass!

Exactly.  I suspect that you probably "earn" +$400,000.00 per year with your operation.  Nobody is looking at the cost to run the operation.  I know farmers that "earn" a lot of money but when it comes down to the cost of operating they actually have a very modest income when all is said and done.  I also know people that own small businesses that are in the same situation.

Some people equate income to equal "wealth".

Newsflash --- Earnings is Sales minus Expense minus Tax.

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Trevor is taking his signing bonus in Crypto:

https://fee.org/articles/trevor-lawrence...ere-s-why/

FTA: “[Lawrence’s] signing bonus will come in cryptocurrency, which will be deposited into his Blockfolio account in a variety of crypto coins such as Bitcoin, Ethereum and Doge,” Sports Illustrated reported.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Trevor is taking his signing bonus in Crypto:

https://fee.org/articles/trevor-lawrence...ere-s-why/

FTA: “[Lawrence’s] signing bonus will come in cryptocurrency, which will be deposited into his Blockfolio account in a variety of crypto coins such as Bitcoin, Ethereum and Doge,” Sports Illustrated reported.

Isn't he endorsed by Blockfolio?

I don't understand crypto enough to form an opinion, but good for him.

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Oh that.  Not that big of a deal - market swiftly reacted to the news but bounced back up once people had time to absorb the fact that it only impacted people that earned over $1m per year (not including cap gains) AND it still needs to be passed by the Senate which is unlikely.

In addition to raising taxes for those earning +$400,000, raising estate taxes, and raising corporate taxes. 

Hard pass!

The worst part is applying capital gains taxes to inheritances.  Now, assets are inherited on a stepped up basis, but under the proposal as I understand it, not only will the stepped up basis be eliminated, but also, capital gains taxes will be assessed at the time of the inheritance.  

So, for example, if you inherit a house from your parent, and they've owned the house for many years, you will be assessed a capital gains tax on the increase in the value of the house since that parent bought it.

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Trevor is taking his signing bonus in Crypto:

https://fee.org/articles/trevor-lawrence...ere-s-why/

FTA: “[Lawrence’s] signing bonus will come in cryptocurrency, which will be deposited into his Blockfolio account in a variety of crypto coins such as Bitcoin, Ethereum and Doge,” Sports Illustrated reported.

Isn't he endorsed by Blockfolio?

I don't understand crypto enough to form an opinion, but good for him.

I just hope the endorsement deal pays him enough to make up for the loss he will take if and when those cryptocurrencies crash.

Blockfolio Trevor Campaign

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In addition to raising taxes for those earning +$400,000, raising estate taxes, and raising corporate taxes. 

Hard pass!

The worst part is applying capital gains taxes to inheritances.  Now, assets are inherited on a stepped up basis, but under the proposal as I understand it, not only will the stepped up basis be eliminated, but also, capital gains taxes will be assessed at the time of the inheritance.  

So, for example, if you inherit a house from your parent, and they've owned the house for many years, you will be assessed a capital gains tax on the increase in the value of the house since that parent bought it.

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Isn't he endorsed by Blockfolio?

I don't understand crypto enough to form an opinion, but good for him.

I just hope the endorsement deal pays him enough to make up for the loss he will take if and when those cryptocurrencies crash.

If what you say is accurate,, does that mean when you sell it, capital gains are only paid on the profit made between the sales price and the value of the home at the time of inheritance? Does this mean an appraisal of all assets is required upon the death of a parent?

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The worst part is applying capital gains taxes to inheritances.  Now, assets are inherited on a stepped up basis, but under the proposal as I understand it, not only will the stepped up basis be eliminated, but also, capital gains taxes will be assessed at the time of the inheritance.  

So, for example, if you inherit a house from your parent, and they've owned the house for many years, you will be assessed a capital gains tax on the increase in the value of the house since that parent bought it.

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I just hope the endorsement deal pays him enough to make up for the loss he will take if and when those cryptocurrencies crash.

If what you say is accurate,, does that mean when you sell it, capital gains are only paid on the profit made between the sales price and the value of the home at the time of inheritance? Does this mean an appraisal of all assets is required upon the death of a parent?

No.  Currently, if you sold the hypothetical home, you would pay capital gains tax on the sale price minus the value of the house when you inherited it.  Under the new tax proposal, capital gains tax would be assessed when you inherit the house, and calculated based on the value at the time of inheritance minus the price paid for it many years ago when the parent bought it.  

Currently, appraisal of all assets at the time of the inheritance is strongly recommended, so if you sell something, you calculate your capital gain based on the stepped up basis, that is, the value when you inherited it.  

Example: your parent bought the house 30 years ago for $100,000.  When you inherit it, you get an appraisal, and the value is appraised at $500,000.  A year later, you sell the house for  $510,000.  Under current law, you would pay capital gains tax when you sell the house, and the capital gain that would be taxed would be $10,000.  You would owe $2,000 capital gains tax if you sold the house.  You would owe nothing if you don't sell the house.  

Under the proposed law, you would pay capital gains tax when you inherit the house, and the capital gain to be taxed would be $400,000.  You would owe $80,000 in capital gains tax when you inherit the house, even if you don't sell it.

This would be a breathtaking redistribution of wealth on a scale never seen in this country, and no one would be exempt from it.

I assume they will build in some exemption level, to give the proposal a chance to pass the Congress, but so far, I haven't seen it.

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