Dow tumbles 321 points on Biden's capital gains tax hike plan

[Magyars]

You are correct. Gov. wants ALL the money?

Fedgov only wants the money because that equates with power and control

 

[SumtnFancy]

If you have real estate, not your primary residence, and you elect to sell you can avoid capital gains by rolling over the property in a like kind new property. It's called a 1031 Exchage. You defer capital gains until some other time. You cannot take possession of the funds and you must use a Qualified Intermediary to close the transaction. You would have 45 days to identify up to 3 potential properties and a max of 180 days to close. Most commerical brokers and Title Companies can answer any questions

Former VP Biden is going to do away with the 1031 exchange as well. Wouldn't want to give people a way around the new taxes.

 

[gregr]

Former VP Biden is going to do away with the 1031 exchange as well. Wouldn't want to give people a way around the new taxes.

Well, not unless you`re connected to the swamp...

 

[BugI02]

It doesn't matter if Biden is still in office or not. His dreadful laws and rules will continue on.

It has to do with revenue and can be modified using reconciliation, which takes only one more Republican senator. And if tax policy whipsaws back and forth as the WH changes hands, it will not be a bad thing if people come to realize that the economy and taxes always get worse when a Dem is at the helm

 

[actaeon277]

And now they're talking about making the tax RETROACTIVE.

 

[churchmouse]

And now they're talking about making the tax RETROACTIVE.

And why not. Nobody seems to care what these POS do any way. So no big deal right.....

 

[JTScribe]

And now they're talking about making the tax RETROACTIVE.

Unconstitutional.

"No Bill of attainder or ex post facto Law shall be passed."

Pretty freaking straightforward, and some here voted for it.

 

[actaeon277]

Unconstitutional.

"No Bill of attainder or ex post facto Law shall be passed."

Pretty freaking straightforward, and some here voted for it.

Unfortunately, SCOTUS ruled differently during the Clinton admin.

 

[roibroker]

Former VP Biden is going to do away with the 1031 exchange as well. Wouldn't want to give people a way around the new taxes.

Last I checked Congress made laws and tax legislation not the president. King Biden is out of his league. Hope he tries.

 

[The Bubba Effect]

Unconstitutional.

"No Bill of attainder or ex post facto Law shall be passed."

Pretty freaking straightforward, and some here voted for it.

"Shall not be infringed".

And look at what goes on.

 

[actaeon277]

"Shall not be infringed".

And look at what goes on.

Not to mention, the article states the the SCOTUS has already ruled twice that they can, if there's a "limit".

 

[steverino]

39 to 43 percent? Geez! I know when you look at it, it seems like only the wealthy will have to pay, but not necessarily. For instance, we (my mother) own property in Texas worth in excess of $1.5 million. If I inherit, do I have to give 40% of that away? Because I can't pay $400K in taxes, nor can my siblings.

Stock market will probably continue to decline as those million dollar earners will want to get out at 20% as it is now, and not have to pay 40% later. I think this is where the meltdown begins.

https://www.foxbusiness.com/markets/stocks-tumble-biden-capital-gains-tax-plan

When you inherit property you receive a step up in basis to the fair market value at the date of death. The net effect is no taxable gain. However, Biden wants to eliminate the step up provision. This has been tried before but didn’t pass. Most people don’t know the original basis of inherited property.

 

[kBk wz. 1970]

We are parting with 140 acres for just this same reason.

THAT IS BULLS**T!! This makes me furious, and I don’t even know you-

 

[Kutnupe14]

This thread has not aged well, and it’s not even that old. Stock Market under Biden strongest start since 1961. But I’m not so foolish as to place credit for that with Biden; like many Trumpers did.

Biden at 100 days: Hottest stock market since JFK

The Biden bust that the Trump campaign warned of has morphed into a Biden boom.

www.cnn.com

 

[drillsgt]

This thread has not aged well, and it’s not even that old. Stock Market under Biden strongest start since 1961. But I’m not so foolish as to place credit for that with Biden; like many Trumpers did.

Biden at 100 days: Hottest stock market since JFK

The Biden bust that the Trump campaign warned of has morphed into a Biden boom.

www.cnn.com

That's a pretty positive article I guess the MSM likes a good stock market now that a democrat is President.

 

[smittygj]

Google it. Forbes, Bloomberg, and many others are stating we are looking at a 30 to 40 percent "market correction" sometime in 2021. I chickened out. Once we hit 31,000 dow, I moved my money into money market. I know, I lost some money in the long run, but when it starts to tank, everyone and their brother will be trying to cash out, and you may not be able to catch up in time to save your investments. I learned my lesson from 2008....

 

[Tombs]

This thread has not aged well, and it’s not even that old. Stock Market under Biden strongest start since 1961. But I’m not so foolish as to place credit for that with Biden; like many Trumpers did.

Biden at 100 days: Hottest stock market since JFK

The Biden bust that the Trump campaign warned of has morphed into a Biden boom.

www.cnn.com

I'm not seeing it in my holdings.

Things have been trending downwards, as I watch gold keep climbing for the moon. The euro and the pound keep gaining against the dollar.
All signs point to troubled waters, in my estimation.

 

[foszoe]

I'm not seeing it in my holdings.

Things have been trending downwards, as I watch gold keep climbing for the moon. The euro and the pound keep gaining against the dollar.
All signs point to troubled waters, in my estimation.

FSMAX is up 12%.try some index funds