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WH pitches temporary “holiday” on capital gains taxes
Old 05-26-2020, 07:23 PM   #1
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WH pitches temporary “holiday” on capital gains taxes

https://www.washingtonpost.com/opini...34b_story.html

I don't see it ever passing with no caveats attached or limits on those gains but if the number is right, I'm willing to sell my vote.
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Old 05-26-2020, 08:21 PM   #2
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I'd do what probably 99% would do: sell all my holdings with capital gains, and reinvest it with a new basis, probably in the same holdings. Absolutely no new investment to stimulate the economy. I guess my spending might go up a little because I wouldn't have that future tax liability to worry about.
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Old 05-26-2020, 08:35 PM   #3
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Old 05-26-2020, 08:41 PM   #4
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Heck, I'd go for a new Vette if I could capitalize on that gain.
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Old 05-26-2020, 09:39 PM   #5
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Old 05-26-2020, 09:53 PM   #6
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Old 05-26-2020, 10:23 PM   #7
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I doubt it will pass, and I don't think it's particularly good policy, so I would be opposed to it. If it does pass, though, I'll be selling and immediately re-buying and recommending my friends and family consider the same strategy.

The article linked in the OP has political overtones; hopefully this thread stays on FIRE economics and stays away from Mr. Pig.
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Old 05-26-2020, 11:26 PM   #8
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Seems to be in the stupidest idea ever category.... why am I so surprised?
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Old 05-27-2020, 03:58 AM   #9
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We need a tax free holiday for IRA withdrawals! :-)
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Old 05-27-2020, 04:06 AM   #10
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Both sides need stuff to negotiate away.
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Old 05-27-2020, 04:24 AM   #11
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Originally Posted by teejayevans View Post
We need a tax free holiday for IRA withdrawals! :-)
There you go.
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Old 05-27-2020, 04:45 AM   #12
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Article is behind a pay wall for me...but I think i get the gist.

Horrible idea on lots of levels.

Like others, if for some reason it came to pass, I would rinse my capital gains out and reload at a higher cost basis.
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Old 05-27-2020, 04:51 AM   #13
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It's behind a paywall so I couldn't read. The title speaks of the bias behind the opinion piece--anyone with capital gains is "rich".

Anyhow-I doubt anything like this will go into effect, but I would make some fund round trips to take advantage of it.
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Old 05-27-2020, 06:29 AM   #14
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If the capital gain is still counted towards magi, then this proposal is of little value to me because of ACA subsidies.
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Old 05-27-2020, 06:33 AM   #15
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Quote:
Originally Posted by RunningBum View Post
I'd do what probably 99% would do: sell all my holdings with capital gains, and reinvest it with a new basis, probably in the same holdings. Absolutely no new investment to stimulate the economy. I guess my spending might go up a little because I wouldn't have that future tax liability to worry about.
+1, same thing I was thinking though I’d simplify my portfolio some too, fewer holdings in total. But there’s no way it would pass...
Quote:
Originally Posted by teejayevans View Post
We need a tax free holiday for IRA withdrawals! :-)
Yeah! I’d roll our TIRAs into Roth’s at once and quit careful conversions. But no way that would pass either, so I’m not sure why I’m posting...
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Old 05-27-2020, 06:36 AM   #16
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Seems to be in the stupidest idea ever category.... why am I so surprised?
+1

There's no way this passes. Politically, it is absolutely tone-deaf.
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Old 05-27-2020, 06:41 AM   #17
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You do realize that you linked to an "opinion" piece? I thought linking to a possibly politically slanted editorial story was a nono on this site...
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Old 05-27-2020, 06:57 AM   #18
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You do realize that you linked to an "opinion" piece? I thought linking to a possibly politically slanted editorial story was a nono on this site...
Thank you for saying what I was thinking!!

Opinion pieces are not helpful for discussing the facts, no matter
which side the opinion resonates from.

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Old 05-27-2020, 07:01 AM   #19
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Thank you for saying what I was thinking!!

Opinion pieces are not helpful for discussing the facts, no matter
which side the opinion resonates from.

VW
WAPO is paywalled to death anyway so nobody can read the piece. and then it's just comments about something we haven't read.

Of course it's hard to post links to anything that isn't paywalled in today's times.
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Old 05-27-2020, 07:01 AM   #20
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Originally Posted by mrfeh View Post
+1

There's no way this passes. Politically, it is absolutely tone-deaf.
They pass tone deaf legislation all the time, usually packaged with and featuring something less so.
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