This isn't a political post, it's about getting screwed on your taxes.....

[Big Muddy]

For you doubters, just google "Biden's stepped-up basis", and you'll see for yourself.

Did you know Biden wants to get rid of something called "stepped up basis"??? How does this affect you! When your parents pass and leave you the family house normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with "stepped up basis" you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Your kids need to be aware!!!

Here is what this looks like:

Current Policy

Inherited House at Current Value - $200,000
Sells for $205,000
Taxable income = $5000
Taxes Due - 20% of $5000 = $1000
Profit to you = $204,000


Biden Policy

Inherited House at original purchase price - $40,000
Sells for $205,000
Taxable income = $165,000
Taxes Due - 20% of $165,000 = $33,000
Profit to you = $172,000
If your parent were to have sold this property prior to passing they would have paid no taxes because it was their primary residence.

So much for helping the middle class get ahead.

***95% of Americans don’t even know Biden has proposed this. We are talking tens of thousands of more tax dollars for the average sold after inheritance!
They will remove it from Farm and Ranch land as well.. So here it comes...We were warned !!!!!

[Thumper]

He's been yapping about that for over a year now, but even with a Democratic Congress ... I seriously doubt it would have a chance in Hell of passing. Plus, the IRS will implode with all the b/s they'd have to go through to verify filings (it'll introduce boatloads of extra paperwork, etc). The last I heard, he wanted that tax income to provide 2-years of "free" community college. Free to whom? It's just robbing Peter to pay Paul IMHO.

[Big Muddy]

Yes, he started suggesting his tax idea back in March '20.....this prolly won't affect you, me, and most other GH'ers, but it sure could place a tax burden on all of our kids/grandkids.

[Thumper]

Yes, he started suggesting his tax idea back in March '20.....

Heck, it seems like it was actually before that. Before he was even nominated. I'll have to dig around a little.

[Thumper]

Ok, here ya' go. This was from 1-1/2 years ago (July 2019) ... he may have been talking about it earlier, but I didn't feel like wading through a bazillion Google searches.

https://taxfoundation.org/joe-biden-tax-proposals/

[Big Muddy]

^^^^^Whoop, there it is !!! ^^^^^ ;)

[Hombre]

Shocking a dem that wants to screw us on taxes.....you can't give it all away unless you first collect it from those that have it

[Thumper]

Why is it, this sounds like a political post? ;)

[quercus alba]

He wants to tax that entitlement called social security too, that is all many of these old folks have to live on yet give billions away


rat bastard

[airbud7]

calm down everyone!...the government desperately needs the money to feed, clothe, house and educate that new Caravan of migrants headed this way from Honduras.

I can't believe y'all are so cold-hearted.

https://www.dw.com/en/honduras-first-migrant-caravans-of-2021-depart-for-us/a-56233882

[Thumper]

Quote:


They are hoping to leave behind poverty, unemployment, gang violence and natural disasters.

Where should they go? Hey, California sounds like a nice place!

1) Poverty - So they head out with only the clothes on their backs, no money and go straight to California which has the second highest cost of living in the country ... next to Hawaii (but they can't walk to Hawaii). 'Course California has the highest homeless population in the country, almost double that of the #2 state, New York. Hope they bring their sleeping bags.

2) Unemployment - So they head to a country that is experiencing the highest unemployment rate since the Great Depression.

3) Gang Violence - Go to L.A. .... they have OVER 450 organized (many for over 50 years) active gangs. I wonder where most of those gang-bangers came from? (Oh, I'm sorry, I sound like Trump)

4) Natural Disasters - No problem, again, California will welcome you with open arms ... but pay no attention to the fact the S.W. US has experienced the worst drought in 1200 years, just bring plenty of bottled water to add more plastic to their litter problem. Pay no attention to the worst wildfires in history or those pesky earthquakes. Oh, did I mention the fact California has the highest Covid rate in the country? Almost 5 times that of the next worst, New York? That's ok, bring your Covid with you too, we have plenty of vaccine, just make a quick phone call for an immediate appointment.

But most of all, don't be alarmed with those minor obstacles, our new President welcomes you and will tax ME to help you out. What could be a better time? California's previous Attorney General and Senator is now the Vice President and the Democrats have control of Washington. Tell your friends and invite them along!

Oh CRAP!!! Did that last paragraph make this a political post? Sorry, my bad. :banghead

[Thumper]

Cue our token, bleeding heart Liberal in 3 ..... 2 ..... 1 ..... :stirthepot

[airbud7]

Biden promised $2,000 checks.

"President-elect Joe Biden said Monday that Americans would receive $2,000 in coronavirus relief payments "immediately" if Georgia voted for both Democrats in the US Senate runoffs."

stand-alone bill?...NO!...that promise ballooned into a 1.9 trillion dollar bill full of Bull Shit!
lying piece of shit democrat!

apparently he doesn't know what the definition of immediate is.

immediate: instant, instantaneous, on-the-spot, prompt, swift, speedy, rapid, quick, expeditious. sudden, hurried, hasty, precipitate, abrupt.

[BarryBobPosthole]

12272

[Thumper]

Dang P-hole ... all I see is that "do-nuts" sign! ;)

Yeppers, in his speech in Atlanta, Biden said that Americans would receive $2,000 in coronavirus relief payments "immediately" if Georgia voted for both Democrats in the US Senate runoffs.

My question is, where is the line drawn when it comes to "buying" votes? Does cash have to change hands BEFORE the vote? Or is a "promise" of cash AFTER the vote considered "paying" for votes.

According to U.S. law:


Whoever makes or offers to make an expenditure to any person, either to vote or withhold his vote, or to vote for or against any candidate; and

Whoever solicits, accepts, or receives any such expenditure in consideration of his vote or the withholding of his vote—

Shall be fined under this title or imprisoned not more than one year, or both; and if the violation was willful, shall be fined under this title or imprisoned not more than two years, or both.

[Big Muddy]

Looks like a fun time in D.C.

https://www.facebook.com/deepittmanlmt/videos/10221194083976047/?

[airbud7]

Looks like a fun time in D.C.

https://www.facebook.com/deepittmanlmt/videos/10221194083976047/?

Wow!...Just Wow!

[Thumper]

What'cha gonna do? Trump dipshits take over the Capitol Bldg, commit murder, vandalism, larceny and a host of other crimes and the people scream because there was not enough security and are questioning why the National Guard wasn't called in.

With the inauguration approaching, the far-right Trump minions are calling for "civil war" and the social media sites are abuzz with calls for armed insurrection, yet now we want to bitch about "too much" security? WTF do you want?

In D.C, the President (or the Commanding General of the DC National Guard) has the authority under which governors deploy National Guard forces in response to man-made emergencies such as riots and civil unrest, or terrorist attacks. It was made clearly obvious just a week and a half ago, the DC cops and Capitol Police can't handle it.

Damn, I'm starting to sound like P-hole!

[airbud7]

I want peace and harmony.

PS: and free shit!

[airbud7]

Nobody in congress was too concerned about rioting for the past year as long as it was only affecting someone else . Now that it has reached their doorstep they've had quite a change in attitude , We'll see if it lasts.

[DeputyDog]

It’s funny that when the protesters were trying to breach the White House perimeter and Trump wanted to call in the National Guard he was mocked, then criticized when they weren’t at the Capitol.

In one of my other posts on one of the other threads I posted a shot of the DC mayor’s Twitter posting refusing Federal LE help unless they specifically called for it before the Capitol protest.


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