Twelve Potential Biden Tax Changes to Keep an Eye On
- Thread starter ajacobson
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"Sixth, reducing the gift-tax-free annual exclusion. Currently, a taxpayer can make tax-free gifts of $15,000 to as many individuals as the taxpayer wishes. Spouses can join in the gifts, which can double the tax-free gift each year to $30,000 per donee. Proposals under consideration would cap the amount of gift tax exclusion which could be used each year to as little as a total of $20,000 to $50,000 for all donees."
Ah...got it. There's a legitimate use for Bitcoin.
"Eleventh, similar to real estate taxes, imposing an annual wealth tax requiring the payment of some percentage of one’s wealth, but assessed on the value of all assets."
Ah...another use for Bitcoin. Ok. Now I see why it's at $60k. That's just straight-up theft. Taxes were already paid on that wealth. Now they want to take even more...sounds like a mafia. Pretty sure that's unconstitutional...which is why they now want to get rid of conservative supreme court judges. Not sure how they would even assess the value of *all* of one's assets.
Ah...got it. There's a legitimate use for Bitcoin.
"Eleventh, similar to real estate taxes, imposing an annual wealth tax requiring the payment of some percentage of one’s wealth, but assessed on the value of all assets."
Ah...another use for Bitcoin. Ok. Now I see why it's at $60k. That's just straight-up theft. Taxes were already paid on that wealth. Now they want to take even more...sounds like a mafia. Pretty sure that's unconstitutional...which is why they now want to get rid of conservative supreme court judges. Not sure how they would even assess the value of *all* of one's assets.
All these increases are probably DOA in the Senate. The Senate just voted down a minimum wage increase. Manchin and other have already said they don't want tax increases during the pandemic. The question will be whether they'll try to get a few tax increases through if they think they'll lose either house in 2022.
Republicans are Putin's best ever weapon. What is wrong with a minimum wage? Nothing
Then set the minimum wage to $50k per hour and everyone will be rich! The real minimum wage is always $0.
It's hilarious how everyone picked one proposal that applies to his/her own personal circumstances. Shows how selfish we all are. Everyone wants to max out on benefits and abuse loopholes and nobody wants to pay an additional dime. Gimme gimme gimme society.
Household debt in the US is already catastrophic, but give people half a chance for goodness sake. The attitude of Americans is disgusting- the poverty is shameful, and easily remedied.
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At the point you no longer wish to follow US tax law why stop at tax evasion using bitcoin (which is a singularly stupid method of tax evasion btw)? I am curious if you've ever actually read the U.S. constitution? If so, where exactly do you see the prohibition on wealth tax or even double taxation? I think wealth tax is a horrible idea, but I'm not going apoplectic about it being unconstitutional, that's just ignorant.
I'm not the only one who suspects that. Here are two law professors with expertise on tax law who have the same opinion:
https://www.nytimes.com/2019/11/07/opinion/wealth-tax-constitution.html
Of course, it doesn't matter if it's unconstitutional or not. Even if it is, all that matters is whether they can put in place enough judges that can support it.
As for Bitcoin, there's reason why it is the preferred currency of ransomware. If Iran can use it to evade SWIFT sanctions, pretty sure it can get around US govt confiscation. Now actually allowing whoever receives it to use it without tax / legal issues is another problem...might involve permanently leaving the country. But based on the direction the country is headed, give it another 10 years and that might not be a big sacrifice.