Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Here we go.
https://www.wsj.com/articles/biden-to-propose-1-8-trillion-plan-aimed-at-families-tax-hikes-for-wealthiest-americans-11619600400
BTW, if you spent $250 at the beginning of 2013, bought 20 btc and held 'them, you already ARE that rich bastard that "needs" to be taxed 43.4%+state tax if you sell to buy a house or a lake (
).
It sucks to be Mr/Ms smarty pants.
https://www.wsj.com/articles/biden-to-propose-1-8-trillion-plan-aimed-at-families-tax-hikes-for-wealthiest-americans-11619600400
BTW, if you spent $250 at the beginning of 2013, bought 20 btc and held 'them, you already ARE that rich bastard that "needs" to be taxed 43.4%+state tax if you sell to buy a house or a lake (
). It sucks to be Mr/Ms smarty pants.
Well, hate to say it but if you only bought 20 bitcoins that's worth $1,000,000 today. Which means if you sell it all it's at the exact same tax rates (in the US) as it was last year. To the dime. The first 250k or so would be taxed at marginal rates up to 20% and the rest would be taxed at a straight 20%.
That's kind of life. So if we simplified the math you get a net profit of $799,750, your initial $250 investment back. I mean yeah I guess that sucks, but compare that to someone who ignored bitcoin and has $0 and none of their avoided investment lost and didnt pay those evil taxes (the freeloaders!)
Taxes are kind of a price to pay to live in a civilized society. In areas with low low tax rates and limited government they have other... issues and your protections against fraud and force are.... well less.
Plus this is per year. So I can pick up 3 Lambos a year at the same tax rates as last year. I could also buy a 20m house, and pay it off at a rate of 800k a year for 30 or so years without hitting an additional penalty. Granted a 30m house is kinda lame but you know if you need bigger than that then maybe you can bitch about the Biden tax.
So... meh?
The problem is not the current 23.8% (3.8% added for Obamacare in 2013), it's the proposed increase to 43.8%.
What if you're not cashing out but just moving money from one investment to another? Doesn't seem as fair when you're not actually cashing out. Maybe there should be separate rates for cashing out or just shifting investments around/rebalancing your portfolio.