There are several story lines here, but I will post only one for now:
Okay, one more story line:
- why is this even a headline story that billionaires (individuals, not corporations) should have a minimum 20% income tax actually paid?
- why do some folks feel the need to carry the water for billionaires like Mark, Jeff, Warren, and the Koch Bros?
- for me, this is a no-brainer;
- the bigger question is why has it taken so long (and, of course, it will never be passed)
- and, if it's passed, the billionaires' lobbyists will make sure there are loopholes written into the legislation
- it can't be that hard to write this law:
- if your name shows up on Forbes annual list of four-hundred richest people in the US, that individual must write a check within 30 days for 20% of year-over-year appreciation, but also qualify for a tax refund if year-over-year net worth drops (and, yes, I understand the concept of unrealized gains)
- RMDs are exactly the same thing, but for poor people RMDs are a tax on unrealized gains.
- if one does not understand that, one is not preparing his/her own taxes, or at least looked at an "8606" or looked at the IRS publication regarding RMDs
- RMDs are taxed at same rate as income, and RMDs are based on the value of one's IRA, regardless of gains or losses, so in effect, RMDs are even worse than you think; you can't even take advantage of a loss.
- no extensions; no appeals; no tax preparer involvement;
- a three-year sunset law to allow opportunity to re-tweak
- if I'm a $50,000 / year journalist, I would be writing stories about RMDs and not about taxes on billionaires
- I honestly don't get it.
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