Biden's America

[Moiraine]

3 minutes ago, ZRod said:

I just saw some headline about the US funding the Guatemalan genocide. I didn't read the article though.

 

 

Gotcha. Nah the Ottomans were on Germany's side in WWI. It's just that Turkey has been a strategic country for so long and we didn't want to upset them so we wouldn't call it what it was and Turkey has been denying the genocide and calling it a deportation for decades.

[teachercd]

Rumors of taxing the hell out of crypto seems to be (shockingly) crushing crypto.

 

 

[BigRedBuster]

44 minutes ago, teachercd said:

Rumors of taxing the hell out of crypto seems to be (shockingly) crushing crypto.

 

 

From what I've read, this is tied to the capital gains tax that is proposed on anything, not just crypto.  The tax rate of 39.6% seems pretty harsh.

[ZRod]

1 minute ago, BigRedBuster said:

From what I've read, this is tied to the capital gains tax that is proposed on anything, not just crypto.  The tax rate of 39.6% seems pretty harsh.

Isn't that only for anyone making over a million dollar in income?

[teachercd]

6 minutes ago, BigRedBuster said:

From what I've read, this is tied to the capital gains tax that is proposed on anything, not just crypto.  The tax rate of 39.6% seems pretty harsh.

There was some chatter of 80% tax on crypto, which I can't imagine was real.  But I think there is a concern to try and get crypto to go away.

[BigRedBuster]

5 minutes ago, ZRod said:

Isn't that only for anyone making over a million dollar in income?

Yes, but I always cringe when the argument for a high tax rate is "well, it only affects 1% of the tax payers".  The discussion should be, is it an appropriate tax rate?

[teachercd]

1 minute ago, BigRedBuster said:

Yes, but I always cringe when the argument for a high tax rate is "well, it only affects 1% of the tax payers".  The discussion should be, is it an appropriate tax rate?

Yeah, I agree.  The "They make a lot of money so they should be taxed a crazy rate" crowd bothers me a bit.

[ZRod]

 

34 minutes ago, BigRedBuster said:

Yes, but I always cringe when the argument for a high tax rate is "well, it only affects 1% of the tax payers".  The discussion should be, is it an appropriate tax rate?

Couple things:

• Anyone making at least a million dollars in income is effectively earning over $83k a month!
• Effective capitol gains tax is the lowest it's been in decades. The maximum CG tax is the lowest it's ever been, and realized capitol gains are the highest they have ever been
• We are well versed in the fact that trickle down doesn't work

I haven't done much research on CG tax and it's true affects, but in my mind I think it should be taxed similar to regular earned income with incentives for long term holdings in stocks, housing, buisness, etc. Maybe even cut breaks if some of the CG revenue is used to fund new employment at a company, or philanthropy. We need to find a way to reinvest that money into the community and create quality paying jobs.

[DevoHusker]

 

 

Well, he is beating Trump I guess...

 

[ZRod]

1 minute ago, DevoHusker said:

 

 

Well, he is beating Trump I guess...

 

He was never really that popular to begin with. He was just the safest bet.

[Dr. Strangelove]

41 minutes ago, ZRod said:

He was never really that popular to begin with. He was just the safest bet.

In the modern political climate, this is probably as high as Presidents can get.

 

Partisanship is stronger than ever, for the next few decades Presidents will have a maximum of 55% approval and a floor of 45% (other than Trump who was disliked by members of his own party).

[Archy1221]

2 hours ago, teachercd said:

Rumors of taxing the hell out of crypto seems to be (shockingly) crushing crypto.

 

 

I don’t think crypto like Bitcoin, ethereum or litecoin is getting crushed at all.  A pullback was needed yet all three are still well above Jan1 prices.  

1 hour ago, BigRedBuster said:

From what I've read, this is tied to the capital gains tax that is proposed on anything, not just crypto.  The tax rate of 39.6% seems pretty harsh.

Very much so

[Dr. Strangelove]

2 hours ago, BigRedBuster said:

From what I've read, this is tied to the capital gains tax that is proposed on anything, not just crypto.  The tax rate of 39.6% seems pretty harsh.

Raising that tax rate to the draconian levels from - checks notes - 2016 is harsh? And only for those earning a more than 1 million?

 

That tax rate is extremely low historically, at a time when gains are very high.

[BigRedBuster]

24 minutes ago, Dr. Strangelove said:

Raising that tax rate to the draconian levels from - checks notes - 2016 is harsh? And only for those earning a more than 1 million?

 

That tax rate is extremely low historically, at a time when gains are very high.

What does the last time it was at this level have anything to do with it?

[Dr. Strangelove]

19 minutes ago, BigRedBuster said:

What does the last time it was at this level have anything to do with it?

Calling it harsh seemed to imply that the proposed tax levels were somehow unprecedented, which they are not.

 

Unless you seem to believe that those levels of taxes are high regardless of time period or income level, in which case I apologize. That is a valid opinion (which entirely wrong).