Wyden's New Capital Gains Tax Scheme

Se. Wyden (D, OR) released more details (CNBC, WSJ) of his plan to revise the capital gains tax and apply it to a mark-to-market of some assets. Valuing illiquid assets and non-marketable securities is a puzzle.

Figuring out annual values is straightforward for stocks and other tradable assets but trickier for private businesses, collectibles and commercial real estate.Mr. Wyden proposes to let holders of those illiquid, nontradable assets defer their tax bill until they sell assets or transfer them through gift or death. But they would face an additional charge designed to eliminate the benefit of deferral and the plan outlines options for calculating it.

That will be simple! Does it mean the Koch Brother defers taxes until death? Presumably. I don't see how that will fly with the Dems who are holding out for an annual public flogging.

I had suggested something similar last January. Wyden has lower thresholds now than he had mooted in the past - Warren's wealth tax is meant to kick in at $50MM and Wyden had a figure in mind of $43MM. His new threshold is $10MM of assets, with exclusions of up to $2MM for a residence and $3MM for retirement accounts. So as a practical matter, the threshold will be around $15MM for most (Some tech geek renting a place in San Fran or Manhattan will cash out his IPO at age 26, pocket a bundle and have no exclusions. Bummer, but I'm over it. And the tech geek is over it, too, if he buys an excludable residence.)

I had also noted that to avoid any liquidity crunch for the taxpayer some sort of deferred payment plan would make sense. Wyden is on the same page:

The tax would also apply to built-up gains on existing assets, after a deduction for losses, potentially triggering significant tax bills for billionaires who built their fortunes over the past few decades. That would include the world’s richest person, Amazon.com Inc. founder Jeff Bezos, Mr. Wyden said in an interview Wednesday.

Levies on past gains would be payable over a to-be-determined transition period, perhaps at discounted rates. So someone who bought $20 million of stock in 1990 that is now worth $50 million would face taxes on that $30 million gain. In that sense, Mr. Wyden’s plan resembles a one-time wealth tax President Trump proposed in 1999.

Obviously none of this is happening under Trump and with a Republican Senate, but who knows what 2021 will bring? As to applying the revenue, estimated to be at least $1.5 trillion over then years, Sen. Wyden is staid and lacks the "More Free Everything!" vision of the Dem Presidential candidates. He proposes dedicating the funds to Social Security. Boring! By way of contrast Warren wants to use $700 million of her wealth tax to pay off student loans, because heaven knows young college grads need more financial assistance sent there way than, oh, struggling inner-city school kids.

Well. I think tax hikes are coming and frankly, I'm with Willie Sutton on this one - let's tax where the money is, which is lightly-if-ever taxed capital gains.

Comments

[KevlarKid]

foist?

[Narciso79]

They assume a static analysia where sharwholders wont dumo the shares or find some way of reducing their income before tsunami hits

[KevlarKid]

An a1C of 8.15 reflects a daily glucose average level of 196. Normal blood glucose before first meal should be between 80-100 and spike no more than 50 points.

What most endocrinologists will conclude about a double digit a1C is the erroneous conclusion re the pancreas; that it has stopped producing insulin.

The pancreatic delivery system is enflamed and swollen shut (a tube-like structure) and the cell vessels that carry insulin into the blood are trapped inside the organ.

inflammation is the destructive force behind high blood sugar. it is also the red flag, if you will, to elevated white blood cell counts, weakened or compromised red blood cells (shorter life span and bloodstream clogging), and heightened metabolic acidity.

inflammation and high glucose readings will correlate with infection in the body. i was in diabetic reversal when the strep infection hit my spine. at the hospital the intake staff went bat shit nuts over my 674 blood glucose level. "What did you eat today?!?!??!??!" Nothing.

most nutritionists and dieticians do not understand blood glucose problems associated with T2 diabetes. most doctors don't understand the diabetic complex and how each individual can go beyond "management" (shooting insulin) and all the other strategies which attempt to lower a1c while ignoring the larger issues of bloodstream acidity, insulin resistance, and red blood cell destruction.

[Narciso79]

Now bidens elimination of the step up in asset appreciation is actually a much wider reservoit of revenue, accirding to the investment gurus on the weekend.

[Narciso79]

Sounds like that weird thyroid reading i got last spring, like i was redlining

https://www.linkedin.com/in/ahsha-tribble-phd-773a6a5/

[KevlarKid]

thanks for the kind words, Momto2. finding the vegan healing foods, the metabolic science behind it, the Essene lifestyle, and fellows who are in the same know has bought me the time i needed to cooperate with western medicine professionals to solve the disease equation.

30 years without consuming alcohol (getting drunk), avoiding commercial tobacco products for nearly as long, slowed down the advance of the disease complex which was thriving due to 20 years of type2 diabetes. diabetes is the least of the diabetics worries. there 164 correlated life ending diseases including lupus and RA associated with the diabetic metabolic complex.

study and concerted action are the best weapons of conserving my brain (ALZ-dementia is type 3 diabetes)and extremities, circulatory system, and heart. this heart valve was regurgitating blood inside the heart structure----with strep bacteria concentrated in that flow. so the heart walls were next. no signs of that happening now....but who wants to whistle past the graveyard.

things are lining up in our favor with one week to go before the surgery. i say our because it is my family who will benefit from having me here for another 40 years!!

best to all! may your pain and suffering be modest and surmountable.

some early KJOM. both tunes signify the high elevation of my Spirit, right now, today:

https://www.youtube.com/watch?v=-wJDd_uu1JI

Kev

[Narciso79]

Tribble in paradise, alright ill stop now.

[James D.]

Well. I think tax hikes are coming and frankly, I'm with Willie Sutton on this one - let's tax where the money is, which is lightly-if-ever taxed capital gains.

How about let’s not. How about let’s cut spending and not destroy the economy.

[Narciso79]

I wasnt as familiar with the second tune kev.

[KevlarKid]

cut spending to reduce the "need" for taxation. we're being taxed to pay for shit and disease festering in our city streets and a whole host of social engineering payments that have run amok.

drain the swamp and turn off the taps. the party's over, Scumbags.

[Narciso79]

As pointed earlier, wyden does not look well, so he may be in kamikazi mode.

[MissMarple2]

https://theconservativetreehouse.com/2019/09/12/president-trump-delivers-remarks-during-republican-dinner-baltimore-maryland-715pm-edt-livestream/

Three choices for livestreams. I am watching the Fox one in the middle.

[Threadkiller]

I did not expect man in the moon face to be a moderator.

What a dipshit.

[Narciso79]

Jo jo is having some trouble challenging biz markey, perhaps the kemmedy name is not what it once was.

[henry]

The step up basis... as if taxing the estate isn’t enough.

[Narciso79]

Watchinhg an old episode of babylon 5 is less dissorienting, theres no one as earnest as g'kar, plenty as slithy as mollari.

[Narciso79]

Watching, why do people cling to conspiracids, theyve declassified one of the names of those who likely aided the hijackers in your neck of the woods but they womt publically release the name, it was likely printed years ago as part of the 28 pages

[MissMarple2]

Robby Starbuck
@robbystarbuck
·
1m
Is this a Trump Derangement Syndrome therapy session or are they going to actually debate anything? #DemDebate #DemocraticDebate

[Narciso79]

Yes, miss marple.

Perhaps lord rifa, besides the fan growing out of his skull.

[Threadkiller]

This is intolerable. I check highlights later.

[Threadkiller]

I'll...

[MissMarple2]

HAHA! Link goes to OJ Simpson tweet with video telling people to watch the dem debate.

Killer endorsement https://t.co/w9HbqeOSko

— Chuck Ross (@ChuckRossDC) September 13, 2019

[MissMarple2]

President Trump wonders if they will mention the low unemployment rates and low poverty rates for African-Americans and Hispanic-Americans at tonight's debate.

He says probably not, but he will hold onto that for the debates he is in. "How do you argue with that?"

[Threadkiller]

Biden's seem to have had the bloodball replaced with a glass eye.

[Threadkiller]

They are attacking each other for what that is worth.

[GUS]

I don't think you RETHUGLICANS get it.

WE NEED MOAR MONEY.

[MissMarple2]

HAHA! The President just brought up the straws and the light bulbs again!

Now he is going after AOC and the Squad.

[Narciso79]

Outcrazying each other:
https://mobile.twitter.com/RealSaavedra/status/1172305645476835328

[Threadkiller]

I've evolved on this debate. This is awesome!

How many trains can derail at once?

[Threadkiller]

Stephanopoulos says that healthcare is the #1 issue in America.

[Threadkiller]

Castrate is asking Biden if he has memory problems.

[Jane]

Markey hasn’t even lived in MA for a decade.

[Threadkiller]

Ying Yang says "I'm Asian so I know a lot of doctors..."

I really thought he was going to say dry-cleaners.

[Threadkiller]

Is Booker a homo?

[MissMarple2]

https://www.breitbart.com/politics/2019/09/12/donald-trump-trolls-democrat-debate-with-counter-programing-speech-to-republicans/

[Narciso79]

Bottoms up:

https://pjmedia.com/blog/liveblogevent/one-night-only-drunkblogging-the-september-democratic-debate/amp/?__twitter_impression=true

[Threadkiller]

Uh-ohh... Stephanopoulos's cohort says that racism is the number one issue.

Beto ripped his shir off to show his fresh 1619 tattoo.

"REPARATIONS!!!"

[Another Bob]

“Is Booker a homo?”

LOL...

My meter mat need batteries, but yes that is somewhat widely speculated.

[Threadkiller]

If there was a gayer version of Ra from Stargate, Booker would be cast.

[Another Bob]

Ok, my name is Bob and I’m a ledgie.

There really is no way Trump loses to any of these clowns, right?

[Narciso79]

Well hes more like michael boatman from spin city.

[anonamom]

Beto is absolutely unbelievable. "This country was founded in 1619."

You just lost.

"We have a white supremicist in the White House who poses a mortal threat to this country."

[Threadkiller]

Radar O'Buttplug is about 4' tall. What a runt.

[anonamom]

Buttigieg looks like Elf on a Shelf

[Threadkiller]

Trump is running against himself, Bob.

[Threadkiller]

Boatman is too obvious.

The Dummy Mummy works.

[Narciso79]

The part of o rourke will be played by jon cryer yes its that absurd.

[Threadkiller]

Harris and KloBitchar need flonaze.

[anonamom]

Go Amy!
Don't let them call you a racist because you area white girl.

[MissMarple2]

If you watch President Trump, he is speaking in his calm, friendly, personal tone and is going over how well the country is doing and how we have to protect the advances we have made.

He has discussed how socialism destroyed Venezuela, and how this is what the dems are proposing.

[Threadkiller]

Biden wants criminals who were charged with a misdemeanor to still be able to vote.

[anonamom]

Did anybody understand what Biden just said? Word salad to me.
Me or him??

[Narciso79]

It apoears thd good samaritan in el paso embellished his atory.

[Threadkiller]

Her comes Crescent-Moon-Face.

An absolute idiot.

[Threadkiller]

Harris sounds like a high as a kite whore.

[peter]

When Kamala does that slurred speech "cool" talk, she sounds so phony. Please don't let this woman get elected.

[Narciso79]

Well she has experience with these things:

https://legalinsurrection.com/2019/09/secret-service-arrest-el-paso-shooting-hero-due-to-arrest-warrant-and-police-refute-his-heroic-story/

[Narciso79]

Getting high as kite i mean.

[peter]

Beto apparently pronounces Beto "Bear-toe."

[peter]

El Paso getting many more mentions than Dayton.

[Narciso79]

No hispanic says this.

[anonamom]

peter, they are in Texas---playing to the crowd.
Plus, more dead people.
29--like many a weekend in Chicago.

[Threadkiller]

When does this end?

[Another Bob]

Just popped OANN on who has Trump on.

“the god-damned windmill stopped”

LOLOLOL!!

[MissMarple2]

BREAKING: Joe Biden: "Nobody should be in jail for a non-violent crime." pic.twitter.com/r7C8ZFvJDO

— Breaking911 (@Breaking911) September 13, 2019

Video at the link.

[Threadkiller]

How in world did Warren make it this far?

[peter]

I can't stand it any more. No Marianne.

[MissMarple2]

I am happy I watched the President. He was charming and had a lot of good things to say.

[Threadkiller]

Castrate looks like the generic fish characters from SpongeBob.

[Narciso79]

No tulsi either, they have a bizarre notiom of what constitutes an audience.

[MissMarple2]

Bill O'Reilly
@BillOReilly
·
1m
Biden wants ALL asylum seekers allowed into USA. That’s open borders.

[Narciso79]

I call him the thalosian because he looks odd.

[anonamom]

Really--she TOTALLY is the lecturing, screachy schoolmarm.

[Threadkiller]

Wasn't Jorge an NBC tool?

[MissMarple2]

anonamom,

That has been the opinion of my friend Jan from the get-go, and I agree.

I am trying to imagine young guys voting for her. Nope. Not gonna happen.

[MissMarple2]

Katie Pavlich
@KatiePavlich
·
3m
LIE: Biden says he didn't lock unaccompanied children in cages while Obama was president. They did.

john jackson
@pvtjokerus
·
4m
Biden just saying the the Obama admin DIDN'T put illegals in cages...not one challenge from the moderators.

======================
So, Biden just told a flat-out lie.

[Threadkiller]

not one challenge from the moderators.

This is why I think Pavlich is mostly a dope.

Did she expect otherwise?

[GUS]

Did Butt on edge, slip Booker the tongue yet??

[Ignatz Ratzkiwatzki]

--As to applying the revenue, estimated to be at least $1.5 trillion over then years...--

What a load of shit. Higher cap gain taxes collect LESS revenue and depress the economy.
And if it can be engineered to raise MORE revenue the economic harm will be twice as bad.
TM sounds like lonesome George Will surrendering to the inevitable welfare state.

[Another Bob]

Trump on windmills:

"You happen to be watching the Democratic debate and the wind isn't blowing, you're not going to see that. 'Charlie, what the hell happened to the debate?' He says, 'Darling, the wind isn't blowing, the goddamn windmill stopped.”

[Ignatz Ratzkiwatzki]

No heterosexual man with descended testicles will vote for Elizabeth Warren.

[Narciso79]

I put it more tactfully but the same poimt optains,

[GUS]

If I just raise the price of a candy bar to $5.35, I'll get more sales and make more money.

Or maybe I could put a $3.00 tax on straws at McDonalds, and then raise the minimum wage to about 40 buck and hour.

It's quite easy. Then everyone will get to keep their doctor.

[MissMarple2]

Tim Young
@TimRunsHisMouth
·
5m
Mayor Pete is the first one to speak spanish tonight... he wins the gift basket that includes tequila, a handcrafted sombrero, and Goya brand products. #DemDebate

[Narciso79]

I'll take his word for it.

[sbwaters]

A couple of years ago I Keto’d and dropped from a high of somewhere near 245 to 230. Stayed there for years. This past month, along with the Mrs, we Keto’d again and I dropped to 220. I’ll stop for now.

That means, according to my measure of weight loss, I am no longer carrying two women’s bowling balls around with me.

Busting out of the carb fog and sweet addiction, I feel better. I’ll be interested in my next blood work results.

[Threadkiller]

No heterosexual man with descended testicles will vote for Elizabeth Warren.

She may have a couple voters standing on that stage.

[anonamom]

I will say, for an old white woman, Liz has great looking skin.

[Narciso79]

But she has the charm of stella mudd, model #500

[GUS]

and high cheek bones.

[anonamom]

Kamala needs to look at the camera.
That's like TV 101. How can she not know that?

[anonamom]

Bernie sounds like Larry David with a cold.

[MissMarple2]

Chris Stigall
@ChrisStigall
·
22m
Democrats tonight:

You can’t keep your health insurance.
You’re racist.
You can’t keep your guns.
Illegal aliens are entitled to everything.

[Narciso79]

This is like that umpteeth terminatot sequel, no one asked fot this.

[GUS]

It's a reeetard festival. Do you think there will be PINATA'S at the end???

[Narciso79]

I didnt mayor howdy till now, hes like toad from the x men, but they drained all his blood.

[Ignatz Ratzkiwatzki]

--But she has the charm of stella mudd, model #500--

LOL.
You should forward that meme to Parscale.

[MissMarple2]

Manu Raju
@mkraju

“I'm not planning on endorsing in the presidential race," Romney told me today. "At this stage, I'm not planning on endorsing in the primary or in the general."
=======================
Donald Trump Jr.
@DonaldJTrumpJr
·
39m
The best part of this is no one cares... more importantly no viable future republican candidate would ever seek or need his nomination.
===========
I think Don Jr. meant "endorsement", not "nomination."

[Ignatz Ratzkiwatzki]

This is some great stuff.New Yorker: We Can’t Prevent the Climate Apocalypse.
Well worth the read. The first half is this Franzen im-be-cile declaring the world essentially coming to an end and the science behind the cataclysm being irrefutable.
The second half is all the things we can do for "climate action" like banning assault weapons. I kid you not.
We can't possibly lose to people this effing stupid can we?
I just wish I could live to 2100 to put my boot on the pencil neck of every one of these stupid bastards as we survey a world essentially unchanged from the one we now dwell in. Of course my boot when I'm 140 might not carry much fear with it.

[GUS]

Rumbley can blow me.