Possible new taxes?

[friscopaint]

Japan commands the top spot among foreign creditors with $1.1 trillion—about 3% of total U.S. debt—owed by the U.S. government. China holds the number two position, holding $859.4 billion of U.S. Treasurys—about 2.6% of the total U.S. debt.1

Japanese-owned debt doesn't receive nearly as much negative attention as Chinese-owned debt, ostensibly because Japan is seen as a friendlier nation and the Japanese economy hasn't grown as fast as China's year after year.7

The other countries that hold the most U.S. debt include the U.K., with $668.3 billion owed; Belgium, holding $331.1 billion in debt securities; and Luxembourg, slightly behind Belgium with $318.2 billion of the United States' debt.1

The scary thing is China now owns nearly 400,000 acres of US farmland and other real estate right next to sensitive military installations. China also owns most of the US pork industry. What next?

Was told by friends in Oklahoma that they have a law that chinese can't own land and have 2 years after purchase to become a citizen....guess what, at the 2 year mark it's just sold to another and the clock resets.....at least that is what was explained to me....

[brokeno]

F j b

[WItoTX]

Tax on unrealized gains would be the fastest way for the government to own everything. Sounds like a wet dream for those *****.

You're on the right path. This will be ruled unconstitutional.

[100%TtId]

You're on the right path. This will be ruled unconstitutional.

John Roberts says “hey”.

[El Paisano]

Not only that, but the Burnet County CAD increased the market value on a few acres that I have 293% over 2 years. The land was valued at $124,982 in 2021 and went to $366,970 in 2023. So, with the CAD in collusion with the Biden Adm, I would have to pay capital gains taxes on $241,988 of unrealized capital gains.
...and if you believe that it will only apply to those "super rich", you don't know much about government and lying politicians.

[friscopaint]

Not only that, but the Burnet County CAD increased the market value on a few acres that I have 293% over 2 years. The land was valued at $124,982 in 2021 and went to $366,970 in 2023. So, with the CAD in collusion with the Biden Adm, I would have to pay capital gains taxes on $241,988 of unrealized capital gains.
...and if you believe that it will only apply to those "super rich", you don't know much about government and lying politicians.

Their definition of "rich" is a moving goal post, down not up........but think of all that risk that Burnet county had in your property....oh wait, none.

[chongo]

While not Apples to Apples, there is a case that was argued in front of the Supreme Court in December dealing with the taxing of unrealized gains. As the conversation will inevitably heat up in the coming years regarding Biden's current proposal, this case and the precedent set will be important.

https://www.colorado.edu/today/2024/02/13/moore-v-united-states-supreme-court-case-could-upend-tax-code

"Even if the decision itself is not destabilizing, it will affect what Congress and the Treasury Department do because they know they will need to defend rules on this basis going forward. And that will shape the income tax law, probably in a way that shifts the burden of the income tax toward middle-income households and away from higher earners."

[RiverRat1]

https://twitter.com/money_cruncher/status/1785656823715930333

Breakdown of tax proposals. Some would be bad.
Any idea odds of this going through?

[justletmein]

I don't think we can survive another 4 years of this administration.

[Sidro]

I ain't sure we can survive another 4 years of any taxing administration, federal or local.

[chongo]

https://twitter.com/money_cruncher/s...56823715930333

Breakdown of tax proposals. Some would be bad.
Any idea odds of this going through?

I read through that same post last night. I think it's all bad. There is zero conversation about how we're going to tackle the govt. spending, which is the source of the problem. I don't think the current proposal has a chance with Rep. control of the House but, I do think this highlights how critical this next election is and what we can expect should Biden be reelected.