So I was just looking at some videos from investment youtubers I watch to keep up with the ridiculous myriad of ever changing tax code laws, and something kind of funny happened.
People in the comments were literally begging for Trump back and doing nothing but crap on xiden and talk about how they regret voting for him. I even saw lots of people talk about how they'll never vote democrat again because they've been betrayed for the last time. Amazingly, I say some people talk about switching to republican since at least then they can attempt to better their lives through investing
So I'll try not to get TOO technical since not everyone is a fan of learning tax codes. But basically xiden is trying to force through a bunch of tax reform bills that would eliminate the 1031 exchange and step-up basis portions of the tax code. Essentially what this does is make it harder for middle and lower class people to better themselves through real estate investing, while also limiting the ways they can pass on their life's work and accumulated assets to their kids when they die without them being forced to sell off most of it to pay for the "death taxes".
This has apparently gotten normies to wake up BIG TIME. Hit them in their wallet and tell them they're going to have to sell off 90% of their inheritance to pay for taxes, and suddenly Orange Man Good, becomes their new motto and the Ass party become the new literal satan.
I honestly don't know whether to laugh at the sheer stupidity, or be glad they're coming around to our general side.
Just be glad they're coming around - it's exactly what is needed right now. Thank you for this insight - I don't keep up with tax codes and really didn't know this was going on.
The precipice, it’s different for different people.
Yes it is Dave?
This is good news (about the waking up). I didn't even realize about these changes. The other point is peepads may have only gotten 30% of the real vote, so not many may need to be woken.
Are you saying Dominion lives don't matter?
RACIST!!!
Fkn peepads that’s hilarious
I really wish I knew who I stole it from to give them credit. Peepads and kneepads. The non-dynamic duo.
Oh my God that’s the best ..I’m using that for now on ..perfect for the sniffy and the Ho
I agree with what you're saying. I do. Something tells though that these are the easily influenced and as soon as they get the rules and regulations they want they're right back on the progressive farm. They're peepads for a reason.
I love the sweet smell of Buy(den)er's Remorse.
With the name peepads ..Slyver above LMAO I never heard that name for the idiot before .anyway I don’t think the expression “sweet smell” will ever be the same
I'm not waiting for death to give it. I figured if I give everything to them before death, I get to see them enjoy or destroy it. Today it's a gift, if I wait for the will to be read it's a tax and a hassle if it has to go through probate.
Technically there ARE ways of getting around any form of tax. It involves creating a private trust and hiring a lawyer to make sure you get the wording exactly right though. So it's more complicated than most people care to deal with, hence why it's mostly high net worth and ultra high net worth individuals who go through the trouble of going the trust route.
Yep I looked into that as well. Figured if I'm going through that expense and trouble, it's just made sense to box up the personal items I want them to have and give it to them now. Financially I'm converting $$ to metals and giving to them for birthdays and Christmas. You can't take it with you in the end, so why store it for them to have to sort through when I'm gone is my thought.
I agree. As they say, it’s better to give with a warm hand than a cold one!
My brother died in early Dec. of last year. We are trying to finally wrap up his estate. After having to dispense all of his belongings, it was sad to see what was precious to him, but was not to us. I've told my kids for the past several years, "don't give/get me anything that's NOT consumable!
Sorry for your loss.
Thank you.
Can you not just "sell" to your heir at a very cheap price? I'm not familiar enough with tax law.
That is what I did ?? My 3 have done well cuz here I am watching.
The problem is if you die before the time you intended to give it.
Bingo.
also, anything in a safe deposit box at a bank gets opened and TAXED before the contents get passed to serving heirs ...
Let's not forget about lowering the inheritance tax credit from 11.5M to 1M. That's a huge deal.
The step-up basis and this are huge issues. Being able to pass on one’s hard-earned financial legacy to one’s children is a big deal to everyone with a portfolio.
Yup, I know I for one have absolutely ZERO desire for the government to steal my life's work from my kids and then piss it away on funding CIA terrorist cells or some other "legal" money laundering scheme.
Or buying children.
That's exactly my point. My parents are getting up there in age, as are my in-laws, and we will be inheriting combined estates solely. We're not talking 8 figures, but well into 7 figures. That tax will almost wipe out the estate.
Understood. And if your parents and in-laws are anything like mine were, they’ve been making important life and investment decisions based, at least in part, on the impacts of what those decisions would be to their inheritance to their children.
These issues, as OP and you pointed out, are going to wake up a lot more people.
Kind of an awkward conversation to have with your parents and in-laws, but should look into the trust loophole. Like I mentioned in another comment, it involves a lawyer and precise wording, but you can avoid paying any taxes this way since you're not inheriting anything, you're just being shifted from passive ownership, to active ownership.
Beyond awkward convo w/ my parents. They are crazy libs. Even talking about such a subject and I'll be accused of "wanting their money", even though I'm the sole heir. But yes, a trust would be smart.
Just show them the numbers. Show them how much of it would be completely obliterated otherwise. And then tell them how it is possible to avoid it with a trust.
Unfortunately, depending on how leftistly deluded the parents are, they may think "our money will be well spent by the Federal government!".
Fluffmiceter is right. It would probably also help if you explain that you'd technically not have any right to any of their assets till they die. You'd just be a co-owner on paper, so as to get around the taxes.
Or to claim them mentally incompetent! KEK(I’m not sure if co-owner can do it but it funny!)
Forgot about that one, I was more focused on the normie reactions to the step-up basis removal. Good catch.
Admitting you're wrong about something is by far the biggest step to your progress and growth as an individual. It's a start, and it is a good one!
I say that all the time. It's the weak who can't admit they were wrong or misinformed.
How anyone can still be asleep at this point is baffling to me.
I can't see "the other person's point of view" because I can no longer think like a normie.
As they say, a newly minted Republican is a Democrat / Liberal who's been mugged, usually by the government. Wish they didn't have to come to this realization this way -
Most of them deserve it for past behavior.
Unjust? No Mercy.
Yeah my hubby was telling me about what this new tax code means for the future. He said it is absolutely horrible for the even the upper middle class.
Yeah stinks. But if it comes to pass it has potential to redpill those that were sort of expecting to get something from their parents too. I doubt they will forget that seeing as they sort of thing the world owes them something anyhow.
The "Death Tax" has always been the most evil of the Federal taxes! A person lives their life, pays a myriad of taxes throughout their life, accumulating some wealth along the way, despite having to pay all those taxes every year, and then when they die, essentially pay one last tax, that could be the largest one of all! I don't even understand how it could have ever been started in the first place (other than the usual insanity of Democrats).
It’s just so ridiculous because these were things that were known before voting for him.... Like, what’d you think was going to happen?
Like anti-Trumpers in 2A forums still mad about bump stocks complaining even more now about Biden's EOs.
Fair enough —
Let's just hope these idiots don't come over and start voting for the rinos
Ok.
But nothing he’s doing is a surprise… except maybe banning menthols?
That almost feels like reprisal for losing so much of the black vote.
If you want to cause chaos in the black community, put a tax on hair gel. (Fossil fuel product, right?)
My vote goes to abject mockery. Obnoxiously, and in their faces. Blatant mockery. That’s all they deserve.
This is the way...
It's very hard for me to not be furious with people for being so dang stupid.
The Goal: destroy the middle class. President Trump supporters include a LOT of the middle class - which the left considers uncontrollable. Destroy the middle class and you have 2 classes left: the uber rich, about 1%; the destitute and desperate, 99%. Sound familiar, Venezuela?
Thanks for sharing - and the explanation! Liberals have waged war on the middle class for far too long. I’m sick to footing the bills for the cabal.
"Death taxes" are insane. Someone already paid tax on the money, and then their kids have to pay again?
Go for anyone's money and you will hurt them... sadly not the same can be said of children apparently...
Of course it hits normies. Normies by far live off their parents and hope to inherit the money their parents worked for. Seems fitting to me leave Biden in long enough for their parents to die of the vaccine for them to end up with nothing. Thats justice in my opinion.
But the reverse has happened here. Neither my hubby nor I will be taking any of their shots. Unfortunately, our only child who is in her upper 30's decided to do so.
Estate tax is theft. Gift tax is theft. I paid taxes on that money already. You don’t get to take more just because I’m giving some of my already taxed money to someone else.
Is that the precipice I see over the horizon?
Well to be fair, if the corrupt leadership behind the players we see are not entirely desemated then they will just take over the Republican Party. Hell they own a third of it already.
I bet we watch the same millenial money guys on youtube. I've noticed the same.
I think this is what Q meant with "they will have to be shown" so they can see just how bad it is as it now effects them, a bit like how they thought forcing minimum wage hikes was going to make them money but in reality their hours or jobs were cut instead.
Wait til they learn that Biden and, indeed, our entire government are puppets to a luciferian pedophile death cult.
Crypto is the way.
there's a big 1031 industry that has to fight to the death on this. It will be their death if they lose.
They've been talking about getting rid of 1031 exchanges for some time now. Real estate is a huge way for normal people to invest, I can imagine their pissed.
And these oh so smart people couldn't tell from all the rhetoric what would happen? So now they are gonna get taint punched by the IRS until all their gold coins come flying out and NOW they wanna cry? I know it's good that people are coming around but I have a hard time feeling sorry for their poor wallets. I'll bet a lot of us here are in much worse positions financially but hey we are all just smelly walmart people to all of these oh so smart investors right?
Rant over gotta go medicate my ulcer from worrying about how im gonna make bills this month.
Whoa, he wants to ditch the 1031? That’s a BIG real estate hit!!!!!
didn't Trump remove the death tax or talked about doing it?
that was some b.s. tax to begin with
They still freak out at anything Q related, just like on the GME stock reddits.
I thought the doubling of long-term capital gains would be drawing more attention than it is