Bribed Joe Thinks He Can Tax Home Appreciation Even If You Don't Sell Your House

Discussion in 'Political Opinions & Beliefs' started by Zorro, Jun 24, 2024.

  1. Zorro

    Zorro Well-Known Member

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    Moore v. United States: Joe Biden Thinks He Can Tax Gains in the Value of Your House When You Have Not Yet Sold It: The Biden Solicitor General’s office and Justice Ketanji Brown Jackson think that cases under the Taxation Clause or the 16th amendment are political questions.

    Did you think you were going to pay for all of Bribed Joe and the Dems spending with just the 20% inflation you've suffered since Bribed Joe and the Dems went on their wild spending spree in the absence of the deflationary impulse from COVID.

    Hell, No. That inflation was the start of the game not the end of the game.

    Both Bribed Joe's 'Supreme Court appointee, Justice Ketanji Brown Jackson and Joe Biden himself, though his Justice Department, think that Congress has limitless power to tax unrealized capital gains or to enact a wealth tax on your net worth. Justice Jackson concluded her opinion by saying essentially that all questions concerning the Tax Clause of Article I, Section 8 or the scope of the 16th Amendment are political questions that are not reviewable by the federal courts.'

    'This means that the government could tax increases in the value of your house or apartment; in your IRA retirement savings account; or in any other stocks that you happen to own even without you selling any of those items. Until this week, no prior Supreme Court Justice has, to my knowledge, taken any position as radical as Justice Jackson's view that all cases that arise under the Taxation Clause or the Sixteenth Amendment [only] raise a political question.'

    Please discuss.
     
  2. Eclectic

    Eclectic Newly Registered

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    A large fraction of "capital gains" are not actual increases in value. They are the result of inflation.

    So the government is going to create inflation, and then use taxes to take your assets from you.
     
  3. JohnHamilton

    JohnHamilton Well-Known Member

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    It’s hard to pay taxes on “gains” when you have not received any cash from that gain. Is the government going to pay you a refund if the value of your house goes down? Homeowner are already paying local property taxes.

    This idea was floated in 1954 for unrealized gains on stock holdings. The idea was shot down because administrating it was a nightmare because the government would have to analyze every stock portfolio. And, once again, if the stocks go down, do you get a refund? What if the stock goes up, you pay, then it goes up and then comes down. Do you pay only when it goes up, even if over all the price doesn’t increase over a period?

    Under the Biden proposal, there would have to be appraisals for every house. How do you determine the value of the house? It’s an estimate until an actual sale is made.
     
    Last edited: Jun 24, 2024
  4. garyd

    garyd Well-Known Member

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    And the left's new mantra, "you will own nothing and you will be happy". It should be noted that this statement runs counter to 8000 years of recorded human history. People who own nothing are generally miserable unhappy, drug addicted, mentally ill and and not infrequently violent.
     
  5. Sirius Black

    Sirius Black Well-Known Member

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    In reading your article I noticed that this was actually a Supreme Court decision that passed. If I recall the Supreme Court has a lot of conservative justices.

    I also noticed words like "could" or "might" and no words like "will."

    Actually this is a case about foreign corporate earnings in the US and has nothing to do with your house or property.
    This case upholds and reaffirms a Trump administration corporate tax on foreign corporations
    https://www.scotusblog.com/case-files/cases/moore-v-united-states-3/

    Your source is either confused or untruthful.
     
    Last edited: Jun 24, 2024
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  6. Eclectic

    Eclectic Newly Registered

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    Owning nothing, other that personal items like clothing, was the lot of most of our central and eastern European serf/peasant ancestors prior to about 1800. I don't think that they were particularly drug addicted or mentally ill. Depending on the lord of the manor, they were likely miserably unhappy and not infrequently violent.

    The Road to Neo-Feudalism
    https://quillette.com/2024/06/19/the-road-to-neo-feudalism/

    "Western societies stand on the brink of a great reversion towards a demographically and economically stagnant society reminiscent of the Dark Ages."
     
    Last edited: Jun 24, 2024
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  7. drluggit

    drluggit Well-Known Member

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    The thought is that "government" or the "people" own the production, so making money off of the "people" is a drag on the "efficiency" of the programmed economy of socialism. It makes perfect sense that the socialists in the democratic party want to punish anyone that exercises capitalism. And as folks start to understand the reality of inflation engineering that democrats are engaged in, the effect is to draw more and more capital out of the economy for the ability to steal it and give it away to the elite who support them.

    The command economy doesn't work. Democrats likely know this, but don't care as they are willing to engage in anything that builds them more power and influence to do more of this type of BS>
     
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  8. JohnHamilton

    JohnHamilton Well-Known Member

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    “You will own nothing and be happy.” This is a return to modern feudalism. The lord and master owned everything, and the people had nothing. They were tied to the land, and the lords were very wealthy.

    This shows that the progressives are really reactionaries. They want go back to the system that even the Marxists viewed as outmoded. According to the Marxists, capitalism was an advance over feudalism. The Democrat progressives are looking to make the people into serfs with the Democrat ruling class plus guys like Bill Gates and George Soros as their lords and masters.
     
  9. garyd

    garyd Well-Known Member

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    The love of money may be the root of all evil but the lust for power destroys more surely and takes a butt load of people with it.
     
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  10. Alwayssa

    Alwayssa Well-Known Member

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    three things"
    1. The mandatory repatriation tax was signed into law by President Donald J Trump under the JCTA in 2018. A Republican House, along with a Republican Senate passed this bill. Biden had nothing to do with it.
    2. It is not your home, it is those foreign profits overseas from MNC. The case dealt with a controlled foreign corporation, CFC, in which the plaintiffs were stakeholders in that company.
    .3. SCOTUS ruled in favor that the tax was within the scope of the United States Congress, 7-2 decision with Justice Kavanaugh, appointed by Trump, writing for the majority. Roberts, Alito, and Barrett, along with the three liberal justices affirmed that majority decision. Only Thomas and Gourcisch dissented.
     
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  11. Alwayssa

    Alwayssa Well-Known Member

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    John this has nothing to do with your home. It is the Mandatory Repatriation Tax, part of the JCTA, that a conservative Supreme Court said was within the purview of Congress.
     
  12. JohnHamilton

    JohnHamilton Well-Known Member

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    "Mandatory Repatriation Tax, part of the JCTA (please stop using acronyms). Whatever it is, it appears to be another way for the government to get into your pocket, as usual.
     
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  13. Alwayssa

    Alwayssa Well-Known Member

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    Don't like, blame Trump and the GOP, you know, the people who you will STILL vote for.
     
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  14. garyd

    garyd Well-Known Member

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    Only difference with these goons you won't even own the clothes on you back and there will be no place one might flee. At least by the late middle ages the growth of cities and the lack of the ability to effectively track people from point a to b meant that an un happy serf could flee to any nearby large city to obtain freedom of a sort but these asses want us all crowded into jam packed fifteen minute cities so they can control every aspect of our lives from cradle to grave.
     
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  15. conservaliberal

    conservaliberal Well-Known Member

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    But never, EVER, put it past some sleazebag, socialist wanna-be to TRY to find ways to suck wealth out of the Middle Class to pay for their America-hating 'wet-dreams'.... The national debt-versus-GDP ratio has gone beyond the 'point of no return' and although not all of this is the fault of Democrats, they're in charge now, and they're going to win the election in November. Interest on the national debt already amounts to more than we spend on defense but the 'Crats are going to need much more funding for their 'social programs'.

    The poor don't pay any income tax at all... and the rich avoid paying a 'fair share' by manipulating dozens of loopholes and tax shelters in the U. S. Tax Code. Who do you think is going to get screwed when the 'Crats come looking for more money to throw down their hundreds of 'social' ratholes?! :eekeyes:
     
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  16. garyd

    garyd Well-Known Member

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    Yet the top ten percent create more tax revenue than the bottom 40%
     
  17. JohnHamilton

    JohnHamilton Well-Known Member

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    The Democrats screwed me with quotas from the day I graduated from college. (“We can’t hire you because we have to hire a minority.) After that there was special treatment for every young female who walked through the door. Many of the older women, who had cause to complain of discrimination because they were not promoted, were passed over.

    Your party views me as a third class citizen because of my race and gender. There is a reason why Democrats poll poorly among White males.

    I was a registered Democrat and worked for party when I was in my 20s.
     
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  18. conservaliberal

    conservaliberal Well-Known Member

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    And yet most of the big-rich pay only a small fraction of the personal income taxes that they should have to pay if the U. S. Tax Code weren't rigged in favor of all their loopholes, shelters, deductions, exclusions, exemptions, and "carried interest".

    Hint: remember the scandal that boiled up when it was revealed that workers who installed Mitt Romney's car elevator paid more in personal income tax than he did?! The rich may 'pay more', but they don't pay a FAIR SHARE! And they've got armies of tax accountants and tax lawyers to make sure they never do....

    Link: https://www.politifact.com/factchec...-michigan-gov-romney-pays-less-tax-guys-who-/
     
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  19. FreshAir

    FreshAir Well-Known Member Past Donor

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    we pay more taxes on a home as it appreciates in value, I live in a Republican State
     
  20. FreshAir

    FreshAir Well-Known Member Past Donor

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    yep, Corporations want everything to have a monthly service fee, even your car...

    if they could make forever cloths, sure they would try to rent those to you too

    greedy Corporatism is killing Capitalism
     
    Last edited: Jun 24, 2024
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  21. garyd

    garyd Well-Known Member

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    And the corporatist own most Democrats. Why do you think no merger has ever been blocked by Democrats?
     
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  22. garyd

    garyd Well-Known Member

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    I also remember when Mitts taxes proved that was a lie. And when confronted with the lie later Schmuck Schumer said it worked didn't as if that excused telling the lie in the first place.
     
  23. Ddyad

    Ddyad Well-Known Member

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    The tax code is designed to sequester and protect the entrenched super rich by bleeding rising elites and retarding economic growth. The tax code is very effective.
     
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  24. garyd

    garyd Well-Known Member

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    You have to remember for the die hard power grabber whether it worked or not in the past is utterly irrelevant to their belief that they will get it right this time. We are dealing with a would be ruling class that is fueled entirely by arrogance and hubris in roughly equal amounts and a belief in themselves out of all proportion to their actual capabilities.
     
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  25. Ddyad

    Ddyad Well-Known Member

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    Romney, with a net worth $300M is not really one of the super rich, but he and his businesses have the resources necessary to hire tax advisors to find and use loopholes needed to legally avoid paying the higher rates on income.

    1. [​IMG]https://www.vanityfair.com › news › politics › 2012 › 08 › investigating-mitt-romney-offshore-accounts
      Investigation: Mitt Romney's Offshore Accounts, Tax Loopholes, and ...
      In 2010 and 2011, Mitt and Ann paid $6.2 million in federal tax on $42.5 million in income, for an average tax rate just shy of 15 percent, substantially less than what most middle-income ...
    2. [​IMG]https://www.investmentnews.com › industry-news › news › can-you-dig-it-i-dig-it-trust-a-key-to-mitt-romneys-14-tax-rate-47080
      Can you dig it? 'I Dig It' trust a key to Mitt Romney's 14% tax rate ...
      Romney's effective income tax rate in 2011 was about 14 percent. He has also enhanced his family's wealth by moving assets worth $100 million into a trust while taking steps to avoid paying ...
    3. [​IMG]https://www.cnn.com › 2012 › 08 › 08 › opinion › canellos-kleinbard-romney-taxes › index.html
      Did Romney enable a company's abusive tax shelter? | CNN
      Aug 8, 2012Moreover, on the key issue of the business purpose and economic substance, Romney was, or should have been, aware of the facts that the transaction had its genesis solely in tax avoidance and was ...
    4. [​IMG]https://www.rollingstone.com › politics › politics-news › mitt-romneys-tax-dodge-126974
      Mitt Romney's Tax Dodge - Rolling Stone
      Marriott wound up paying less than half the corporate tax rate - just 16.9 percent. Mitt Romney's Real Agenda. CAYMAN CASH. Romney has nearly $30 million stashed in at least a dozen Bain funds ...
    5. [​IMG]https://www.nytimes.com › 2012 › 10 › 02 › us › politics › bains-offshore-strategies-grew-romneys-wealth.html
      Bain's Offshore Strategies Grew Romneys' Wealth - The New York Times
      Oct 2, 2012Offshore arrangements made through Mitt Romney's former company, Bain Capital, were part of tax-avoidance strategies that have enhanced his income.
    6. [​IMG]https://www.businessinsider.com › law-professor-says-one-of-romneys-tax-avoidance-schemes-was-illegal-2012-8?op=1
      Law Professor Says One Of Romney's Tax-Avoidance Schemes Is Illegal
      One of the tax-avoidance tricks that Romney's funds employ, however, is not legal, according to Fleischer. This trick involves treating not just "performance-based fees" but management fees as ...
    7. [​IMG]https://www.epi.org › blog › mitt-romney-exploits-tax-loopholes
      Romney heavily exploits tax loopholes while slamming others for not ...
      A Bloomberg article from yesterday highlighted the fact that a trust set up by Mitt Romney to benefit his children and grandchildren relied heavily on tax loopholes for maximum returns. Romney was able to avoid gift and estate taxes by relying on a vehicle known as an "intentionally defective grantor trust," or IDGT, which tax planners sometimes refer to as "I Dig It."

     
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