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Debates Forum

  1. Standard membersh76
    Civis Americanus Sum
    New York
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    31 Jul '18 12:56
    https://slate.com/news-and-politics/2018/07/white-house-reportedly-considering-usd100-billion-capital-gains-tax-cut-for-wealthy-americans.html

    Trump may ask the IRS to interpret the term "cost" in cost basis to be adjusted for inflation. The term has never been interpreted that way before.

    Breathtaking in its gall (and a terrible idea to boot).

    The question is whether a re-interpretation would hold up in court and, more importantly, who would have standing to challenge it.

    To challenge it, a rogue IRS agent may have to deny the "new" interpretation and force the taxpayer to due and then defend on the grounds that the re-interpretation is illegal.
  2. Standard memberSleepyguy
    Reepy Rastardly Guy
    Dustbin of history
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    31 Jul '18 13:25
    Originally posted by @sh76
    https://slate.com/news-and-politics/2018/07/white-house-reportedly-considering-usd100-billion-capital-gains-tax-cut-for-wealthy-americans.html

    Trump may ask the IRS to interpret the term "cost" in cost basis to be adjusted for inflation. The term has never been interpreted that way before.

    Breathtaking in its gall (and a terrible idea to boot).

    The qu ...[text shortened]... force the taxpayer to due and then defend on the grounds that the re-interpretation is illegal.
    Tax accounting software coders hardest hit.
  3. Joined
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    31 Jul '18 13:29
    americans are all surprised that democracy has finally yielded someone that would actually take advantage of all the incredible power idiotically appointed to one man. that someone could actually take advantage of all the loopholes you didn't bother to fix.

    Have you heard of separation of powers? Maybe if Trump abuses power enough you might not let presidents appoint supreme court judges in the future. Maybe if he abuses power enough you might remove some power from future presidents.
  4. Standard memberDeepThought
    Losing the Thread
    Cosmopolis
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    31 Jul '18 13:34
    Originally posted by @sh76
    https://slate.com/news-and-politics/2018/07/white-house-reportedly-considering-usd100-billion-capital-gains-tax-cut-for-wealthy-americans.html

    Trump may ask the IRS to interpret the term "cost" in cost basis to be adjusted for inflation. The term has never been interpreted that way before.

    Breathtaking in its gall (and a terrible idea to boot).

    The qu ...[text shortened]... force the taxpayer to due and then defend on the grounds that the re-interpretation is illegal.
    I love the first sentence of the article:
    Every once in a while the Trump administration does—or seriously considers doing—something that’s so on the nose, you wonder if there is, in fact, a cartoon villain living in the White House.
    Index relief did exist in the UK, but was abolished by the Brown government in 2008.
  5. Behind the scenes
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    31 Jul '18 13:48
    Originally posted by @sh76
    https://slate.com/news-and-politics/2018/07/white-house-reportedly-considering-usd100-billion-capital-gains-tax-cut-for-wealthy-americans.html

    Trump may ask the IRS to interpret the term "cost" in cost basis to be adjusted for inflation. The term has never been interpreted that way before.

    Breathtaking in its gall (and a terrible idea to boot).

    The qu ...[text shortened]... force the taxpayer to due and then defend on the grounds that the re-interpretation is illegal.
    I'm seeing lots of billable hours for lawyers in the near future.
  6. Joined
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    31 Jul '18 13:57
    Originally posted by @zahlanzi
    americans are all surprised that democracy has finally yielded someone that would actually take advantage of all the incredible power idiotically appointed to one man. that someone could actually take advantage of all the loopholes you didn't bother to fix.

    Have you heard of separation of powers? Maybe if Trump abuses power enough you might not let p ...[text shortened]... the future. Maybe if he abuses power enough you might remove some power from future presidents.
    You just don't like the current president but there is no reason to think he has taken advantage of his power more than other presidents (he certainly didn't pack try to pack the supreme Court the way FDR did for example).
  7. Standard membersh76
    Civis Americanus Sum
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    31 Jul '18 14:00
    Originally posted by @sleepyguy
    Tax accounting software coders hardest hit.
    Actually, it helps software companies. Software can reach for real time inflation data in some repository and calculate inflation-adjusted bases in seconds.

    Doing capital gains tax without software will become much more difficult and time consuming.
  8. Standard membersh76
    Civis Americanus Sum
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    31 Jul '18 14:01
    Originally posted by @zahlanzi
    americans are all surprised that democracy has finally yielded someone that would actually take advantage of all the incredible power idiotically appointed to one man. that someone could actually take advantage of all the loopholes you didn't bother to fix.

    Have you heard of separation of powers? Maybe if Trump abuses power enough you might not let p ...[text shortened]... the future. Maybe if he abuses power enough you might remove some power from future presidents.
    None of that has anything to do with this, but I hope the rant made you feel better.
  9. Standard membersh76
    Civis Americanus Sum
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    31 Jul '18 14:02
    Originally posted by @mchill
    I'm seeing lots of billable hours for lawyers in the near future.
    I don't think this will add much to attorney billable hours, unless they do every calculation by hand, in which case they should be fired.
  10. Joined
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    31 Jul '18 14:06
    Originally posted by @sh76
    https://slate.com/news-and-politics/2018/07/white-house-reportedly-considering-usd100-billion-capital-gains-tax-cut-for-wealthy-americans.html

    Trump may ask the IRS to interpret the term "cost" in cost basis to be adjusted for inflation. The term has never been interpreted that way before.

    Breathtaking in its gall (and a terrible idea to boot).

    The qu ...[text shortened]... force the taxpayer to due and then defend on the grounds that the re-interpretation is illegal.
    There won't be a capital gains tax cut or if they have one it will make sure that professional (doctors, lawyers, accountants. hedge funds are exempt -- like Trump's alleged last tax cut). But it would be nice for those who continually contribute the most financially -- especially those who live in states that crush them with taxes -- to receive a real tax cut.
  11. Subscribersonhouse
    Fast and Curious
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    31 Jul '18 14:221 edit
    Originally posted by @quackquack
    There won't be a capital gains tax cut or if they have one it will make sure that professional (doctors, lawyers, accountants. hedge funds are exempt -- like Trump's alleged last tax cut). But it would be nice for those who continually contribute the most financially -- especially those who live in states that crush them with taxes -- to receive a real tax cut.
    The bottom line will be the national debt will go up another notch, right now at 21 trillion. So the gift to corporate America will be paid for by just borrowing more money from China......

    ND is estimated to be 33 trillion in another ten years and 100+ trillion in 50 more years if this insanity keeps up. Right now just paying the interest amounts to a 500 billion dollar bill. If it gets to 42 trillion the interest alone will be a trillion bucks a year and at 84 trillion, the interest will be 2 trillion a year. Great deal for the debtor counties, eh. What could go wrong?
  12. Joined
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    31 Jul '18 14:35
    Originally posted by @sonhouse
    The bottom line will be the national debt will go up another notch, right now at 21 trillion. So the gift to corporate America will be paid for by just borrowing more money from China......

    ND is estimated to be 33 trillion in another ten years and 100+ trillion in 50 more years if this insanity keeps up. Right now just paying the interest amounts to a ...[text shortened]... interest will be 2 trillion a year. Great deal for the debtor counties, eh. What could go wrong?
    Maybe the government should have thought about this before expanding infinitely expensive programs like Obamacare (or maybe they should have made healthcare cheaper by doing tort reform). Continually expanding government is unsustainable. No one wants their taxes to increase but everyone wants more and more benefits. I'd start by capping government.
  13. SubscriberSuzianne
    Misfit Queen
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    31 Jul '18 17:38
    Originally posted by @quackquack
    You just don't like the current president but there is no reason to think he has taken advantage of his power more than other presidents (he certainly didn't pack try to pack the supreme Court the way FDR did for example).
    Oh, please.

    The SC packing is still in progress started by stealing a pick from Obama.
  14. Joined
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    31 Jul '18 17:44
    Originally posted by @suzianne
    Oh, please.

    The SC packing is still in progress started by stealing a pick from Obama.
    That's ridiculous. The democrats made a strategic decision to wait until after the election thinking that with Clinton or Sanders as president they could have a more favorable candidate and then they lost the election.
  15. Standard memberDeepThought
    Losing the Thread
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    31 Jul '18 17:58
    Originally posted by @sh76
    Actually, it helps software companies. Software can reach for real time inflation data in some repository and calculate inflation-adjusted bases in seconds.

    Doing capital gains tax without software will become much more difficult and time consuming.
    You just need the index for the date of purchase and for the date of sale. It's straightforward to do with pencil and paper.
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