Comments on: Planning for the Warren Wealth Taxes

By: Steve

Steve — Fri, 15 Nov 2019 20:45:30 +0000

In reply to Suresh V. Good points. Thanks for adding to the discussion Suresh!

By: Suresh V

Suresh V — Fri, 15 Nov 2019 20:33:30 +0000

Steve, Thank you for your educational writing. While I agree that rich should pay more, we should come up with a practical way to do that. Eliminating certain deductions, raising marginal tax rates, taxing capital gains at marginal tax rate etc. may be more feasible than a wealth tax approach. The mark to market scheme looks particularly painful for retirees whose primary home appreciated over the years in places like Seattle and they accumulated significant retirement funds in 401k while working their butts off their whole life. We are already seeing seniors being forced to sell their homes because of the property taxes they don’t have liquid funds to pay. Imposing a liquid cash need for people whose assets are in primary homes and retirement funds will be a horrible side effect.

On the practical front, I doubt if congress would ever pass such a draconian change to the tax law – given most senators and congress(wo)men will be significantly impacted.

I will pray for the pitchforks to be returned to their rightful place in the yard sheds and for common sense to prevail..

By: Be Anonymous

Be Anonymous — Wed, 13 Nov 2019 00:46:11 +0000

“We will have to give up most of our excess wealth or we risk them taking all of it by force. ”
Remember this quote

By: Steve

Steve — Tue, 12 Nov 2019 17:08:16 +0000

In reply to Charles Meyerson.

Charles, thank you for your comment. Sorry you felt it was a scare tactic propaganda piece. I was actually trying to provide a very precise description of how the accounting works. Thanks for stopping by and sharing your thoughts on the policy though.

And maybe one other point to make again: My advice or suggestion to the small business owners and real estate taxpayers affected by the mark to market rules: First, folks need to stay alert to this policy discussion in case it or something similar results in actual new laws… and then, second, folks need to update business plans and retirement plans for the impact of any actual wealth taxes and wealth-triggered taxes.

By: Charles Meyerson

Charles Meyerson — Mon, 11 Nov 2019 15:14:40 +0000

Steve,
A discussion is between 2 or more people. It is not a scare tactic propaganda piece with one person giving his opinion. The top 1 percent need to be paying more. PERIOD!

By: Dominick

Dominick — Sun, 10 Nov 2019 17:29:28 +0000

So how do u save for a rainy day