And unconstitutional. It’d also make holding onto stocks of any kind completely counterintuitive, as you’d pay taxes on them every time the value goes up AND when you sell it, the former of which would mean the government gets all the gains and the stock holder gets all the losses, which is the LITERAL definition of a zero sum game!😓
@BigcountryReactions
4 ай бұрын
@@cbl6520it’s ment to collapse the system the elites do not want us having anything they’ve said it time and time again
@raymc5699
4 ай бұрын
How is taxing unrealized gains on stocks very different from annual property tax? Property is taxed based on its “assessed value” for holding the asset. We already know what stocks assessed values are, the stock market does that for us. Maybe only tax unrealized gains on more than $xxM in a single stock. Could this not help get away from people sitting on mountains of generational wealth and actually do something with the money to help people alive today?
@BigcountryReactions
4 ай бұрын
@@raymc5699 because your house isn’t taxed at 50% or more of its value yearly
@levridge6601
4 ай бұрын
@@BigcountryReactions he must have missed that part lol
@SonarGeek
3 ай бұрын
we don't need to tax more - we need to spend less!
@davidowens1424
3 ай бұрын
Unfortunately since our leaders kept spending and kicking the can down the street for decades we'll need both.
@enforcerridley158
3 ай бұрын
@davidowens1424 The majority of the national debt is money owed to the people. The people don't need to be taxed more, but taxed less, while the government needs to be far more conservative with their spending. The government can start that by eliminating their bloat, which would also greatly limit their power, and that's a good thing.
@johnp6469
3 ай бұрын
We could cut everything except defense and social security to zero and it would be a drop in the bucket compared to the debt right now. Unfortunately we are so deep in the whole now its tax or inflate our way out of it.
@mathman1475
3 ай бұрын
@@johnp6469- They collect 5 Trillion in taxes each year. The service on the debt is 2 Trillion. They don’t need any more that 2 trillion. They can pay the debt down about 1 Trillion per year.
@Ch8t
3 ай бұрын
We need to ask the current president to resign
@yin81
4 ай бұрын
This country never had a revenue problem, we have a spending problem
@9999deoxys
4 ай бұрын
Correct.
@ds5651
3 ай бұрын
Both we lowered taxes so much from the 1960s and increased spending. We use to not have a revenue problem.
@tristinkesick6729
2 ай бұрын
@@ds5651 we still had around 286 million in debt in 1960, so spending has always been the issue
@ds5651
2 ай бұрын
@@tristinkesick6729 you have to admit lowering taxes from historical norms has not helped the situation.
@shermantse7322
4 ай бұрын
Total unfair for people who are financially responsible pay for people who make stupid decisions.
@kathyhansen2820
2 ай бұрын
All most people hear is "make the rich pay their fair share". That's quite enough for the envious.
@ShawnPatton-rm2hv
2 ай бұрын
Total unfair for the 1% of active duty soldiers and sailors and the 3% of veterans that may have been in combat for the people that stay in their comfortable homes. How about people just help people instead of complaining?
@shermantse7322
2 ай бұрын
I acknowledge the contributions of our veterans. Without their contributions especially during the two world wars, our country would not be where it is today. I even thought of the idea if the Axis won what would happen? I am not saying not taking care of people in need. Just that we need to be smart about doing it. As for veterans, I suggest we help them reintergrate to civilian society. Also programs to build financial awareness. For example, education about cash flow and saving for rainy days. I played SimCity and learned a life lesson when I was 14 years old. I built the biggest schools, roads, hospitals thinking that I was doing good for society. But I overlooked that I had overbuilt my infrastructure. The infrastructure was more than enough for 3 times my city's current and mid term population needs. I then ran out of money. I was presented with 2 choices. Cut my spending or raise taxes. I raised taxes and continued to spend like there was no tomorrow. I ran out of money again. I was advised that I could issue bonds. I didn't know what a bond was and was not aware that I have to pay it back. I continued to spend. At the end, I defaulted. People in my city voted with their feet. To add salt to my injuries, I saw the neighboring city was thriving while my city was in ruins because I had no money to maintain roads and my infrastructures. Spend, spend, spend, borrow, borrow, spend, spend, spend, does it sound very familiar?
@patricksimon8943
4 ай бұрын
I hate that he is trying to remove the Back Door Roth and increasing Capital Gains taxes. He’s not punishing the rich, he’s punishing the Upper Middle Class. If he’s going to do that, then increase the amount you can put into a regular Roth and increase the amount you can earn and still be able to contribute.
@FIREPsyChat
4 ай бұрын
I think the whole Roth IRA income limits have been irrelevant since inception. People like us who pay attention to this understand the ins and outs but not to most people. I’ve been saying that we need update the Roth IRA rules because $7/8K is a big fat joke, especially for people who don’t have a 401K. Until 401K is available to every worker, the government needs to raise the IRA limits.
@NicE-jq3wv
4 ай бұрын
Middle class and upper middle class is not his voter base.
@priestesslucy3299
4 ай бұрын
@@FIREPsyChat best thing they could do is combine the Employee 401k Contribution limit and IRA limit into a single limit that's the total of both and applies across both types. And set the annual limit increase appropriately for the combined value.
@toranaga1969
4 ай бұрын
@@FIREPsyChat None of these proposals will pass, tax hikes almost never pass if the rich are affected. As far as eliminating the back door roth: I think it should be changed but not eliminated. The capital gains hike is aimed at the rich but will hurt everyone with investments in the market.
@Kinetic754
4 ай бұрын
@@FIREPsyChatdo you make over 400k? Ban only applies to people making over that.
@markmyjak7739
4 ай бұрын
I've been hearing about unrealized taxes for a long time. The average person will think it's geared towards wealthy people. Everybody will be trapped in reporting their assets regardless of value. Imagine paying a tax on your coin collection you inherited from your great grandfather.
@rjlt4841
4 ай бұрын
Having to value it and pay that tax would happen every year.
@Penny.22
4 ай бұрын
This is luckily not going to happen due to increased complexity.
@dname1802
3 ай бұрын
This is necessary because corporations and billionaire don't pay much taxes. Somehow we have to fix the taxes.
@chasebrower7816
3 ай бұрын
this is literally just false. the tax proposal is restricted to those making 100 million$/year. unless your great grandfather's coin collection is worth in excess of 100 million$, you cannot possibly be affected by this.
@dname1802
3 ай бұрын
@@chasebrower7816 Yes, exactly. Something applicable to over 100 million, cannot be argued as applicable for regular people.
@Aerodog72
4 ай бұрын
Crazy how Americans have to live within their means but Government Officials can live on whatever they want and pass the damage down the line. Reckon that makes politicians non-American. Just my opinion
@luqtotheman4086
3 ай бұрын
When they say “tax the rich” they don’t really mean the billionaires or even millionaires. What they really mean is , let’s go after the people who have enough but not enough power. The people making 150k-700k annual income.
@chasebrower7816
3 ай бұрын
these measures are explicitly for those of high income (some are 400k+, some are much higher, like the unrealized capital gains tax at 100 million$+) also worth noting some of those that are 400k+ are for single-only, and if you're married they would apply at more like 700k+ combined income. 150k is already a fairly high income percentile, but, sure, middle class. 700k is not middle class. you've also got to keep in mind that the income tax, for example, is bracketed. that means if you are married with a flat income of 700k, these would not affect you. it would only start to affect you as you make substantially above that amount and the bracket has a significant income margin.
@emikami1
3 ай бұрын
@@chasebrower7816 From US Treasury Department's explanation of proposal to increase marginal tax rate: "The proposal would increase the top marginal tax rate to 39.6 percent. The top marginal tax rate would apply to taxable income over $450,000 for married individuals filing a joint return and surviving spouses, $400,000 for unmarried individuals (other than surviving spouses and head of household filers), $425,000 for head of household filers, and $225,000 for married individuals filing a separate return. After 2024, the thresholds would be indexed for inflation using the CCPI-U, which is used for all current thresholds in the tax rate tables." I don't see anywhere in the entire 248 page document hinting anything near 700k threshold.
@hwoodist
3 ай бұрын
@@chasebrower7816Aren’t the tax rates a line chart instead of a column chart? Meaning when a point on the line chart is increased, all points on the line are increased.
@joeywilliams2675
3 ай бұрын
They’ll never tax the wealthy without changing the tax code. And they won’t ever happen. Younger people get poisoned in college because professors get paid by the school which the school get funded by federal loans which are tax funded. So of course they want the political side that put money in their pockets. College kids are just to ignorant to understand they are getting played either way.
@als2cents679
2 ай бұрын
@@chasebrower7816 Come live in California and see how far that 700 K goes in a big city after all the state & local taxes, property taxes, and sales taxes, plus very high cost of living and rent.
@Lovepinkdress
3 ай бұрын
Vote him out this November
@MrSteelermaniac
4 ай бұрын
He's going to tax the middle class. How else are you going to pay back after giving Billions to other countries and paying off student debts??!!
@JohnConnorsDad
3 ай бұрын
Is this middle class that makes over $400,000 per year in the room with us now?
@chasebrower7816
3 ай бұрын
@@JohnConnorsDad yeah.... on most of these the bar is even higher than that too lmao people making a mediocre salary desperately running defense for rich people are going to be the death of this country
@thomasasix8477
3 ай бұрын
Students loans were paid off? I didn't notice. The middle class doesn't make enough to fit in the tax hike.
@cherbug1197
3 ай бұрын
and 30 million illegals living here for free at 9k a month
@Robert-fx3ng
3 ай бұрын
He may print a few trillion or issue Bonds and Treasuries. This is in addition to more taxes.
@e-rod209
4 ай бұрын
Good video FJB
@allananderson6343
2 ай бұрын
Anytime a politician tells you it's to 'tax the rich', ask yourself why they would tax themselves?
@kawikajones9436
3 ай бұрын
You can't tax your way out of inflation!
@rickysalgado1623
4 ай бұрын
Time for another tea party boys 👀
@vandydandy2697
4 ай бұрын
The republicans spend just as much as the democrats do. Republicans would cause a financial crisis with their tax cuts on the wealthy.
@ericolens3
4 ай бұрын
praytell what "tea" is being dumped into the sea? do we literally write out checks for the amount of our taxes and dump that amount into the sea? but yeah, hmu when we gonna have a tea party. I'll bring my white gloves and fancy hat.
@davegiddings2545
4 ай бұрын
@@ericolens3 LOL 😂. Unfortunately we’ll have to pay for the tea party this time
@geraldbennett7035
3 ай бұрын
more people taking than paying. So no
@GTOberfest
4 ай бұрын
Why dont we not give hundreds of billions to foreign countries for starters? Ridiculous at this point. Dont even want to hear about anything in tax increases if we are still doing that.
@magictravelkitty3440
4 ай бұрын
Most people couldnt even pass a basic citizenship test.
@WigglyCoop007
4 ай бұрын
Not hundreds of millions but hundreds of billions
@GTOberfest
4 ай бұрын
@@WigglyCoop007 I stand corrected
@AIRBORNE916
3 ай бұрын
@@kyd70 doesn’t matter. It’s not making me rich. Just making specific people richer while we pay for it.
@spatulalegs
3 ай бұрын
Highest average salary and yet more of the country is going on the streets than any other in the world 🤦🤡
@gamertimefriend1286
3 ай бұрын
I'm leaving the country if unrealized gains are taxed
@eq2092
3 ай бұрын
Won't work because US Citizens must pay taxes no matter where you live.
@vladseva2327
3 ай бұрын
Where will you go?
@TheShadeManGuitar
3 ай бұрын
Spain
@vladseva2327
3 ай бұрын
@@TheShadeManGuitar do you need to know spanish?
@TheShadeManGuitar
3 ай бұрын
@@vladseva2327 yes🤣 better start practicing now
@jonhennemann4729
3 ай бұрын
They always say they will tax someone else... And I am always the one that pays.
@kennethchow3996
4 ай бұрын
Biden’s idiocy keeps going everyday.
@shawnm7614
2 ай бұрын
he is the savior of our demoocracy from evil orange man
@tetocaloscojones8229
4 ай бұрын
Well somebody has to pay for those illegal immigrants
@edennard1
3 ай бұрын
@tetocaloscojones8229 You’ve been paying for it since Clinton’s Dry Land act
@roysherwin9348
3 ай бұрын
I appreciate you pointing out that they're not planning to reduce spending. How come my wife and I have to reduce spending if we're having trouble making ends meet? Same rules don't apply to congress apparently.
@hastycontemplation
3 ай бұрын
It's frightening that we live in a country where the government behaves like this.
@spatulalegs
3 ай бұрын
A world lots of governments act like this
@davegiddings2545
4 ай бұрын
Always remember when they say “it’s only going to tax the rich or people making over xxx”, they will not inflation adjust the amount and eventually it’ll include you or they re-adjust the brackets later to include you. We have a spending problem in the country, not a tax or revenue issue. Hold the politicians (both parties) accountable and don’t let them flip one past the goalie on you
@sizzelot
4 ай бұрын
My thought is joe has got to go. Stop government greed now. Joe complains about corporate greed but at least i have a choice whether i want to purchase thst corporate product or not. With government greed i have no choice. Joe has got to go!
@rawfeekee657
3 ай бұрын
It's not just Joe. It's an entire establishment
@sizzelot
3 ай бұрын
@@rawfeekee657 Rise up and say NO!
@wealthessential4515
4 ай бұрын
This is crazy absolutely crazy..
@TheShadeManGuitar
3 ай бұрын
Time for the "DC tea party"
@patricksimon8943
4 ай бұрын
He acts like he wants to decimate real estate!
@FIREPsyChat
4 ай бұрын
I’m curious who’s pushing this narrative that only the ultra rich invest in real estate
@patricksimon8943
4 ай бұрын
@@FIREPsyChat this could be a cancer to building generational wealth. I don’t think he’ll be successful in his attempts though since money drives politics.
@priestesslucy3299
4 ай бұрын
@@patricksimon8943 I don't think he wants it to pass. He just wants to flash the attempt to hordes of angry young people to try to snatch their vote from the jaws of defeat.
@LainIwakura1
3 ай бұрын
Hot take here as someone who lends against commercial real estate. The 1031 exchange rules make absolutely no sense, and serve only to inflate the price that people pay for real estate assets. Removing 1031 exchange would actually level the playing field somewhat between real estate and other asset types as an asset class (though real estate still enjoys huge tax advantages in the form of depreciation, opportunity zone stuff, etc.) - that the playing field is unlevel at all is insane, and is one of the main drivers the CRE market is going through such pain right now.
@priestesslucy3299
3 ай бұрын
@@LainIwakura1 CRE market?
@stevefu1737
3 ай бұрын
I will cast my vote in November and hope Biden is on his way out of the White house 😂
@LingLing-ou6nt
3 ай бұрын
This tax plan will go into effect before November if approved.
@betz6507
3 ай бұрын
sooo .. if they tax unrealized gains ... do I get a refund/rebat when I have a unrealized loss? hmmmm? They are idiots.
@oldrin1876
4 ай бұрын
Thank you for making this video.
@anthonystoll5289
4 ай бұрын
We have been converting ~$3.5M annually since 2020 from IRAs to the ROTH, and about a dozen of our clients can only fund their ROTHs via back door. Glad we saw the writing on the wall years ago and for many of our clients, well have fully converted them while staying in the 12% bracket by the end of 2025. Hoping to see the TCJA ‘17 get extended but I highly doubt it
@hollywhiteside2582
3 ай бұрын
I’d like to set up an appt with you to start doing this immediately. Do you do phone consults?
@oldrin1876
4 ай бұрын
This is disgusting that this is even being proposed good god.
@RobertCampbell-c1v
2 ай бұрын
50% on capital gains and taxing unrealized gains has got to be the most insane ideas out there
@Chris-ew9mh
3 ай бұрын
This will impact those in higher cost of living areas where pay is higher to compensate much harder. Most of these changes will also likely crash the stock market in some way as the wealthier people move their money around to counter some of these changes leaving the rest of us holding the bag. Reducing spending and being more efficient with the taxes the government does receive should be the top priority and if any of these changes are made, they need to implement them very carefully in order to avoid unintended consequences. If CEOs are suddenly forced to sell some of their company stock which is often the primary way they are paid, the resulting stock market crash could be massive. Well, that might not impact people that are not even in the market, it most definitely impacts retail investors, trying to do the right thing and save for retirement by investing wisely.😉
@Valente_Quintero
4 ай бұрын
Great information, thanks for sharing
@jofieraymond6528
4 ай бұрын
Nixing the 1031 exchanges should help slow the rate of real estate price appreciation. Real estate prices are at an all time high unaffordability across the US so perhaps removing an industry specific loophole might be more beneficial
@InvestingWithAdamK
3 ай бұрын
Why would you think that would slow price appreciation? Investors just won’t sell the properties they own since they won’t want to pay the taxes.
@jofieraymond6528
3 ай бұрын
@@InvestingWithAdamK no 1031 exchange means less people would be inclined to sell (and then buy a bigger more expensive property to avoid paying taxes). Less incentive to invest in real estate, means less investors and more houses for regular ppl, therefore less housing appreciation. I mean even if you argue that the decline in volume from investors will be made up for by the regular ppl buying houses, that's preferable to me than investors constantly trading up their houses to avoid taxes. Why can't I 1031 exchange my stocks? 😆 Why does real estate get a tax break?
@InvestingWithAdamK
3 ай бұрын
@@jofieraymond6528 I’ve said the same thing about stocks. Makes no sense to me that they don’t have a similar option for exchanging one company for another. I feel similarly about dividend reinvesting.
@mattjhahn
3 ай бұрын
we need another tea party
@gmc9753
3 ай бұрын
Could you imagine the nightmare of calculating the value of your small private business every year to figure out your unrealized gain or loss?
@pgrut8880
3 ай бұрын
Will unrealized gains In stocks be taxed. Who would want to invest in the stock market.
@RJ9mech
2 ай бұрын
Just another example of ridiculous government doublespeak.
@Bagsn86
4 ай бұрын
Remove back door Roth and raise the limit to 400000.
@MG87-es4qj
4 ай бұрын
Government tax math never seems to pass the "smell" test. All changes lead to more payer complexity and confusion while increasing misuse by the collection agency. The 2017 TCJA seemed to make taxes more simple (increasing std deduction) for many. It did nothing for spending. We need Federal budget surplus for many years to pay down debt. We should tie spending and tax policy together to achieve a real budget, just like I have to stick too.
@philmiska7295
3 ай бұрын
BiteMe wrote the bill taxing SS for retirees and voted 4x to cut SS
@whynot5716
4 ай бұрын
Great breakdown or should I say broke down on Biden's tax proposal. Didn't know a lot of this stuff.
@oluongxay
3 ай бұрын
And just to think, American's was pissed off over tea tax. 😅.
@SloppyJoe671
4 ай бұрын
Gotta love govt overreach
@Kaemonster
3 ай бұрын
Thanks for this info!
@shadoweater18
3 ай бұрын
Why condemn the wealthy when the goal is to become wealthy?
@benjaminlehman3221
3 ай бұрын
7:28 personally. If they rule you can’t tax unrealized gains, the. We could sue states because property tax is unrealized gain on the value of the home.
@raiden031
4 ай бұрын
If people are deterred from investing in the stock market due to increased taxation, that will affect every person's retirement account. Unfortunately 80 million voters are going to demonstrate on election day that they are ok with this.
@erinh888
13 күн бұрын
I like you content, but prefer not to have ongoing subscriptions..... do you offer a 6 month or an annual membership with a reminder that renewal is coming up?
@FIREPsyChat
13 күн бұрын
What subscription are you referring to? Can you email us at hello@firepsychat.com? Thank you!
@CharlesForgette-tv9tw
4 ай бұрын
Although you may not make 400,000 a year you may not have ever had to go without food or health care. Give wealthy even more while in turn hurting lower income individuals seems wrong.
@lisaamerson1547
Ай бұрын
When my House raises in value and my improvements makes it even more valuable , is that an Unrealized Profit ?
@HoldTheLine1990
3 ай бұрын
Don’t forget Biden has stated he will not renew Trump’s tax breaks; which WILL effect EVERYONE who pays taxes.
@kingdomross8974
3 ай бұрын
One thing I will say about all of this is worry about how much money you will pay in your tax bracket. Also spending will keep going up. Soical Sercuity, Medicare, and Medicaid. Half of America has no retirement and people are getting older and have health problems. Defense spending is way out of control.
@InvestingWithAdamK
3 ай бұрын
Taxing rich is how they get it passed. Then they tend to expand who they want to pay those taxes.
@genevievehume5280
4 ай бұрын
Vote Trump 2024🙏❣️
@patricksimon8943
4 ай бұрын
🤡🤡🤡🤡🤡
@christiangardener6073
2 ай бұрын
don't forget about the 4% tax on shares repurchased with will definitely affect shareholder returns
@1117williamtsimmons
3 ай бұрын
Does this apply to the politicians?
@bobbiejean3346
2 ай бұрын
How can you lower the deficit when you keep printing money
@jefflloyd394
3 ай бұрын
We need to increase revenue to reduce debt. Increasing capital gains tax and removing 1031 and the step up, seems to be the best and fairest way. Could go after loss right off carry forwards also? These tax dodges are used mostly by the very wealthy. Why should I pay higher tax % than someone earning 10x or even 100x more than me? And really police and even military spending is to protect their stuff, not mine. Cutting expenditure is hard as mostly medicare, military and interest on current debt.
@kimmyk1
3 ай бұрын
The step up on real estate is say you aunt died and had a house. She bought it for 60k a long time ago. You sell it for 300k now. The step up allowed no taxes. Now 240k at 50% tax now
@SirMegaManNeoX
2 ай бұрын
Just imagine if EVERYBODY just plain PAID THE SOLID SAME %5 TAX RATE REGARDLESS OF INCOME.
@Ben-h7x
3 ай бұрын
Time to get out the torches & pitchfork’s.
@markmyjak7739
4 ай бұрын
Taxing unrealized gains is a double tax. It's outright theft. Will the 199A be affected? I've been benefiting from that.
@chasebrower7816
3 ай бұрын
not sure why a double tax is any more theft than just tax. you're already taxed on payroll, then on income, then in sales, for example. also this is only if you're making >100 million$+.
@CAM846
3 ай бұрын
unfortunately the backdoor Roth might go away because this does not affect the millionaires.7k or 8k a year max is not something most wealth millionaires bother with. this is directly targeting the middle class
@Bagsn86
4 ай бұрын
We can’t get out of this without both spending cuts and higher taxes
@AndreaSanchez-zw7ty
4 ай бұрын
Lol what? How about the 150 billion that we have sent to Ukraine? We don’t need more taxes we need fiscal responsibility and putting America first
@Bagsn86
4 ай бұрын
@@kyd70 unemployment is at all time low, only thing to bring more people into the job market is making immigrants legal. Tariffs are also higher now than the last 50 years.
@johnterrelljr8057
4 ай бұрын
@@kyd70 Don't forget we need to stop the corporate welfare system.
@MrDamon888
4 ай бұрын
Higher taxes kill production and reduce tax receipts.
@markhope3466
4 ай бұрын
Although unemployment seems lows , the number is skewed to get a desired number that is untrue. Also the jobs that are gained are low wage and very low wage which requires multiple jobs jobs to survive let alone thrive. To tax the low wage employees is silly and will discourage them from engaging in our system and eventually give up and become homeless. We need to tax the very wealthy heavily and without mercy that will encourage employers to pay more to their lower wage employees so they won’t have to pay higher taxes themselves. This is the way our economy used to work in the 50s and 60s when our country was the envy of the world and you could argue it was truly number one amongst the world , a economy that benefited the entire nation not just the very wealthy which is an indicator of a third world economy.
@christinewheeler8274
3 ай бұрын
If you receive a house in a divorce for $1, is that the start $ when calculating capital gains when you sell it?
@jefflarson8933
3 ай бұрын
there is almost nobody in congress who wants to remove the step up in basis
@ricardomorales3096
3 ай бұрын
When is this supposibly supposed to happen, About being tax 49% on capital gains
@Justmylukc
4 ай бұрын
They always lie, it always affects the middle class
@rainshadowband3161
2 ай бұрын
US is in a bind spending far more than they take in... so instead of trimming the fat and holding bloated office budgets accountable for wasteful spending, Biden proposes to tax everybody even more. Thank you Brandon. I've seen a Federal Parks office spend ~$20,000 on e-bikes at the end of the year that now sit collecting dust in storage. They weren't planning on renting them out or anything and the federal park is full of terrain you NEED off-road bike wheels to navigate, but these e-bikes have those thin tires meant for nice paved roads. Why would they do this? Because their budget got cut the one year they tried to come in under budget by about $40k. So their next year's budget was $30k less. It's not 100% Biden, he and the other lifelong politicians set up the system to promote wasteful spending. If the government can show themselves to have responsible spending habits, then we can go from there. Instead, this is looking the same as Trump using his charities to fund his own $hit instead of being responsible.
@harrycee656
3 ай бұрын
Step up cost basis is not fair. It should be taxed as income. Its not an insurance plan. Also, this kindof tax protection benefits the wealth more than the average person.
@bobbiejean3346
2 ай бұрын
I'm at 69 year old senior in California I've worked over 50 years and I can't get any help here none of us can they said too bad let me know when you're homeless but the new housing units go to the people just coming out of jail. I got kicked out of affordable housing three times
@realdoomsdaybeast
3 ай бұрын
Taxing unrealized gains would destroy the stock market. Investment styles would have to completely change. That one is scary, it would be a massive mistake.
@icecoldr1
2 ай бұрын
@@realdoomsdaybeast scare tactic by the rich.
@MyWealthBuildersRealty
3 ай бұрын
Great recap!
@dsonnek7781
3 ай бұрын
I need my unrealized tax rebates on children I haven't had yet, electric vehicle. Solar panels etc. I need it now, because I could have any one of them anytime now. Just using government logic.
@danlopez.3592
4 ай бұрын
Trump will get my non enthusiastic vote.
@MC-gj8fg
4 ай бұрын
Most of this isn't worth worrying about for most folks. Even though this remains true for the unrealized gains aspect, it nevertheless baffles me. Unrealized gains basically don't exist until you make them real by selling the asset. It's a moving target. I assume they'd do an annualized average of the gains or losses in that year, but if you tax someone on unreal money in a year that returned 25% and then the market halves the next year, and the investor now has less unrealized money than they had 2 years ago, do they get a refund? Then what happens when they actually do pull the money out? Are they then taxed yet again on that money? Rich people are going to need to refocus on bonds and dividends because growth investing will be dead for them.
@joshmiller2725
4 ай бұрын
It would specifically penalize people who own volatile stocks. Taking risks on small cap stocks would be fruitless. Growth of small companies would be greatly hindered. They didn’t think this through at all
@That_Cyber_Dude
3 ай бұрын
I guess all we can do is Vote
@phillyboylaboy
4 ай бұрын
We need Pres Trump back. 🫡
@9999deoxys
4 ай бұрын
true
@jonathanthainguyen
3 ай бұрын
No, we certainly do not.
@tjlazer71
3 ай бұрын
@@jonathanthainguyenso you are ok with what is being discussed in this video?
@9999deoxys
3 ай бұрын
At least Trump actually cares about the American people.
@RyanEstep5877
4 ай бұрын
The IRS would have us pay taxes on the taxes .
@ChristopherBergeron-h7h
3 ай бұрын
We already pay taxes on taxes. Not to mention taxes on what we already own
@kingdingaling9756
3 ай бұрын
Good lord we are in so much trouble 🤦
@ag4allgood
4 ай бұрын
Sure like the flat Tax of 15% on Corporations & those making over $400,000 / year ! In fact the President said it would FUND FULLY Social Security & Medicare for many decades !
@steviewonder580
3 ай бұрын
Joe Biden is so generous with my money. More of this please
@Im-Tired..
2 ай бұрын
I’m so sick of ads I’m not buying none of it
@cazsoccerrox
3 ай бұрын
So, basically, if you start a business that makes $100k, but is valued at $5 million, they can tax you on the unrealized gain?
@kdjones5149
3 ай бұрын
Eliminating the backdoor Roth IRA will hurt a lot of people. Our current income is less than $200k. However, we've been moving another $180k to Roth up to the top of the 24% tax bracket. In 2026, that bracket is going to 28%.
@Sashas594
3 ай бұрын
This will never pass congress
@ryanu.4953
3 ай бұрын
Being paid in assets such as stocks or stock options should be taxed upon asset acquirement, and if this isn’t possible, being paid in stock options should be stopped. Making people sell them upon obtaining the stocks will solve that issue of never selling.
@TheWorldBelow360
3 ай бұрын
The desperation of the Federal Government is too extreme. They’re making fools of themselves trying to hold up the pretense that they are of actual any real benefit to the overall economy.
@Dev_skoll
3 ай бұрын
I don't want to fund a government who doesn't have the interest of Americans first.
@bobbiejean3346
2 ай бұрын
I don't know how many people have homes but they're trying to tax the equity on your home you don't even have to sell it they're going to tax it
@benjaminlehman3221
3 ай бұрын
REMOVE THE SOCIAL SECURITY CAP!!
@jenisisinc.1042
3 ай бұрын
We’ve learned time and time again that when you tax the rich as the sole tax policy revision strategy, millionaires and billionaires will move their $$ off shore and the middle class everyday working folks will absorb the additional taxes. To do away with the 1031 Exchange, tax unrealized gains and the changes to the ROTH IRA will directly impact the middle class. Inflation hasn’t gone down the last time I checked so how are folks supposed to live, pay for college and save for retirement???
@paulmonett4428
3 ай бұрын
Politicians don't make tax laws that will affect their donors or themselves unless its in their favor.
@actioneverett9553
3 ай бұрын
Just take it from the middle class. That's been the go to strategy for generations. It's great how the government just makes it harder on the people. What a great decision.
@achong007
3 ай бұрын
Yea, we can stop donating to the democrap party first. We would have a surplus.
@benjaminlehman3221
3 ай бұрын
10:28 anyone else hate the 0.6% part? Just round up or down, 40% or 39%
@tvyankeefan
4 ай бұрын
I don’t understand how in most of your examples these are hurting the middle class. These are structural built in loopholes to benefit the rich and create generational wealth for the rich. Let them pat their fair share and not benefit from loopholes. I believe almost 90% of the country makes less than $300,000 combined family income. Very difficult for me to making just barely $100,000 a year, and without all these “benefits” afforded to the top 10%. There needs to be a rebalancing to make sure everyone pays taxes.
@DavidGarciajrtx
4 ай бұрын
😂😂😂 Did you not watch the video? This hurts so many people and not even targeting the uncontrollable spending shows your bias
@cmktom
4 ай бұрын
Good analysis. The Biden Administration never should have gotten our country deeper in debt.
@miragexl007
4 ай бұрын
So did you not get much of the video? Obviously everything benefits the wealthy, Summer wealthy, Upper middle class et cetera... But these are taxes/situations that are still going to or can affect the middle class.
@rjlt4841
4 ай бұрын
90% percentile income isn’t close to $300,000 a year
@josephwallace3885
3 ай бұрын
Exactly. They don’t get into that here but the average person will not see a tax increase. America is great because we pay taxes and invest in the country. Without taxes, people would only look at the individual benefit and not the greater good. We need a strong country where all can afford to buy and sell. Those that did well because of living in this great country, should want to repay it forward by paying their fair share of tax. They don’t, so we tax.
@kimmyk1
3 ай бұрын
No across the board. He needs to get the trillions he gave to Ukraine china Iran the billions to Hamas
@zacknelson8918
3 ай бұрын
If these new taxes take affect, yes the rich will get hit first, then these taxes will start going sfter the poor, like how income tax started with rich only, now everyone pays it, government doesnt need more money, they have a spending issue
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