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

You are talking about property taxes. The discussion is about a capital gains tax.

This is an apples-to-oranges comparison if ever there were one.

 

Which means what in terms of this conversation? You aren't being taxed on its capital gains, so why bother bringing this up? You realize that this would be in addition to your revaluations in terms of your properties value, right? No? It's hard to know what you understand.

 

and property taxes are set by local and state government.
Also if you are selling your personal residence and if you have lived there more than a year. The first $250,000 of capital gains is not taxed, $500,000 if you and your spouse file jointly.
So all this about individual's capital gains on their home is a tempest in a teapot.

 

The notion of taxing unrealized capital gains is very real and being pushed by many on the left including Joe Biden. The only "tempest in a teapot" here is you trying to act as if people are talking about taxing a house after it sells. Post-sale capital gains taxation truly has nothing to do with what is being discussed.

 

First of all the law that was cited in the op was a law that applied to foreign companies and had nothing to do with taxing Americans

secondly to OP states, "'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."
This is not legal.

thirdly Capital Gains Tax is defined as tax on the profit one makes after selling an asset.

fourthly the law being discussed has nothing to do with Biden it was conceived and passed by a Republican Congress and signed by President Trump.

Finally, people in the United States do not pay capital gains until the asset is sold or cashed in unless they pay taxes on the interest they earn or the profit they make.

Please feel free to point out any errors in what I am posting.

 

I will happily point out your errors.

I am not sure what all of your firstly, secondly...fourthly stuff is all about in regards to what I had just said. They dont respond to my words even slightly. Those are all strawmen from the post of mine to which you just responded. As such, they do nothing to speak to the substance of what I had just said.

Beyond the strawman aspects, where you have erred began when you jumped into MY conversation where I was responding to someone specifically talking about him paying taxes on his house appreciating, and me properly pointing out that he is referring to property taxes not unrealized capital gains which is what his property tax quip was trying to respond to, bogusly making it sound as if it is already happening.

Yes capital gains is currently defined as tax on the profit from a sale, but Biden amongst many other leftists have recently very seriously floated the idea of taxing unrealized capital gains. That is what they call it taxing unrealized gains. I didn't call that a capital gain, they did.

This is not a made up issue. Democrats are currently pushing this concept. I guess you are not aware. You called this a tempest in a teapot, but the ramifications from taxing unrealized capital gains are enormous. It would actually require that every American fill out a government certified and audited balance sheet.


Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal? (forbes.com)

 

You said: "The only "tempest in a teapot" here is you trying to act as if people are talking about taxing a house after it sells. Post-sale capital gains taxation truly has nothing to do with what is being discussed."

I was doing two things. Pointing that it was current not legal to do so and pointing out the history of what was being discussed and why it was inappropriate.

 

Im not so sure that it has been declared illegal, but it is certainly not currently in practice. Biden would not be seriously proposing such an action if he didn't think there was any chance that it might be approved (at least leftist supporters believe it, maybe Biden knows it is all nonsensical political posturing).

The reality is, that this is a Presidential proposal that is being taken very seriously and has support amongst the left. Apparently, you were not aware of this reality.

You were acting as if this is something made up by the right, but it most certainly is not. Now you know. You are welcome. I will post the relevant text below so that you do not miss it...




"In President Joe Biden’s proposal in the Fiscal Year 2025 Budget of the United States Government, and more specifically in the General Explanations of the Administration’s FY 2025 Revenue Proposals, the Biden administration has proposed a slate of bold shifts in tax policy that could redefine high income tax planning and investment strategies.

Among the most striking initiatives in the FY2025 Budget Proposal is a set of proposals taxing unrealized gains—a concept generally absent in tax frameworks due to valuation complexities, liquidity concerns and the overall challenge of implementation.
The proposals, aimed at ensuring tax fairness, could fundamentally alter how assets are valued and taxed in the United States."
Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal? (forbes.com)

 

3 paragraphs and you ignored the point.

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.

That's what they argued, in court. That's their position. You talked all around the point, because you cannot argue the point, because I've accurate stated their position and it betrays their willingness to rob the American People blind.

 

don't disagree, pacs have made it easy to buy our government

 

and that should not apply until sold

 

taxes increase as the value of the home increases, at least in my State

 

Shows at least one justice doesn't know the Constitution from a hole in the ground, nor seemingly the restrictions on justices commenting on potential cases.

 

Not federal taxes.

 

agree

 

These positions by Bribed Joe's folks and her agreement with them came during the presentation of Moore v. United States to the Supreme Court.

 

https://reason.com/volokh/2024/06/2...-of-your-house-when-you-have-not-yet-sold-it/

The big news that I glean from reading the opinions in Moore v. United States is that both Biden 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.

DEI hire Justice Jackson is a cancer upon American private property

 

top one percent versus the bottom 50%

 

Senate Dems Threaten 'Tax Armageddon'

'Sen. Ron Wyden (D-Wa.) chairs the Finance Committee and last Thursday "revived his pitch to tax the appreciation of assets for those with at least $100 million in income," the Wall Street Journal reported. "Wyden plans to run through the door on wealth taxes that the Supreme Court left open Thursday in its lamentable decision in Moore v. U.S."'

They sell as only taxing the wealthy, but, 'the real target of a wealth tax is the retirement accounts (and appreciation in home values) of regular Americans.'

 

Yeah!!! Between 1970 and 1975 when you were coming up in the work force, it was a well known fact that white males really were getting screwed!!!!!!!

 

You do know this tax was passed in 2018. It has nothing to do with unrealized gains on home values. The OP article's author is ignoring a lot of incontrovertible facts. The case has to do wit ha CFC, a controlled Foreign corporation. Again, Biden has nothing to do with this law. But it is the law.

 

I would suggest you understand the damn law. It is the Repatriaton Tax that was part of the JCJA Act that Trump signed in 2018.

To understand what is going on, let me give you a clue.

Generally, US citizens and corporations are taxed on worldwide income no matter where the source is derived. However, corporations can deter foreign income and profits using IRC 969. If they do, then that income, and all related deductions associated with foreign income, are excluded from the US corporate income tax, Form 1120 series. To help pay for the tax cuts, it was proposed that a repatriation tax would be used on US corporations, especially controlled foreign corporations. These are foreign corporations owned in part or whole by US citizens or US corporations. If the profits are repatriated, then there is a one-time tax on that repatriation. It has nothing to do with home values or any of that kind.

https://www.irs.gov/newsroom/tax-cu...-large-businesses-and-international-taxpayers

 

True, but that is tax avoidance. And they will use that no matter which type of tax system, flat, national retail sales tax, income, etc, to achieve that goal.

 

Actually, it is about the repatriation tax under the JCJA. Property tax or capital gains tax have nothing to do with this.

 

The court case has nothing to do with unrealized gains in a general sense. You are in error here, along with most of the people who posted this. Again, this has to do with the JCJA and the repatriation tax under CFC rules in Title 26, subtitle A. There are several codes in involved.

Prior to the JCJA, a controlled foreign corporation income and deduction could be excluded from the US Taxpayer, generally, a US person under IRC or a US corporation, if they do not receive either income or claim deduductions under that income using IRC 969. The Moore's were doing this when they bought the foreign corporation in 2005. However, this is a one-time tax on repatriation if you do not receive the income and claim it on your tax return any of the deductions or the dividends received, which there is a special deduction for at 100%, generally. The Moore's did this, claiming it is an "unrealized gains" argument. The conservative supreme court, in a 7-2 decision, ruled that the tax was properly ratified by a conservative Congress in 2017 when Trump was president.

So, how in the hell is this Biden's fault.