Camp trusts - recommendations or advice?

[joey2665]

Originally Posted by tis

Joey, what is your gut feel? Will capital gains double this year as Biden wants?

Gut feeling is that it will not get through congress. It would stifle the real estate and stock market. However I do think the rate will increase probably up to a max of 25%

[camp guy]

Hi, Berrycat, check your PM, again (another post).

[tis]

Originally Posted by joey2665

Gut feeling is that it will not get through congress. It would stifle the real estate and stock market. However I do think the rate will increase probably up to a max of 25%

I hope you are right. It will KILL the economy! Thanks for your reply.

[FlyingScot]

Originally Posted by tis

I hope you are right. It will KILL the economy! Thanks for your reply.

I would also be bummed if cap gains went up sharply, at least on a personal basis, and I agree increasing taxes in a vacuum slows the economy. But if we increase taxes in order to pay for roads, water, EVs, broadband, etc; those other things will drive up economic growth.

[tis]

Originally Posted by FlyingScot

I would also be bummed if cap gains went up sharply, at least on a personal basis, and I agree increasing taxes in a vacuum slows the economy. But if we increase taxes in order to pay for roads, water, EVs, broadband, etc; those other things will drive up economic growth.

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

[FlyingScot]

Originally Posted by tis

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

There's a bunch of great stuff in there that I would be glad to pay for, and some I'd probably skip, but as you said, that's always the way it is. But just on the "kill the economy" issue--if government spends the money on reasonably good stuff--like the things I mentioned or helping hungry children--it is likely to increase economic growth rather than decrease it.

[Seaplane Pilot]

Originally Posted by FlyingScot

There's a bunch of great stuff in there that I would be glad to pay for, and some I'd probably skip, but as you said, that's always the way it is. But just on the "kill the economy" issue--if government spends the money on reasonably good stuff--like the things I mentioned or helping hungry children--it is likely to increase economic growth rather than decrease it.

Let’s start with cutting wasteful, nonsensical foreign aid, which will result in plenty of money to feed hungry children in the USA. Enough is enough.

[tis]

Originally Posted by Seaplane Pilot

Let’s start with cutting wasteful, nonsensical foreign aid, which will result in plenty of money to feed hungry children in the USA. Enough is enough.

Oh but the latest is Biden wants us to pay a global tax to support other countries. Nothing new but being brought up again. We seem to pay for the rest of the world but not ourselves.

[FlyingScot]

Originally Posted by tis

Oh but the latest is Biden wants us to pay a global tax to support other countries. Nothing new but being brought up again. We seem to pay for the rest of the world but not ourselves.

No--this is the exact opposite of what the global minimum tax would do. Today US multinationals use accounting tricks to shift profits to places such as Ireland where there is a lower tax rate. In these cases Ireland is pulling tax dollars from us. A minimum tax and other changes such as Biden is proposing would pull international tax dollars back into the US.

Bristol Myers is a great example of the types abuses Biden is trying to stop: https://www.nytimes.com/2021/04/01/b...taxes-irs.html

[Descant]

1. This has nothing to do with OP topic
2. Getting right on the edge of political here--one foot already off the curb.

[ApS]

Originally Posted by Descant

1. This has nothing to do with OP topic
2. Getting right on the edge of political here--one foot already off the curb.

To paraphrase my own favorite response:

"Sometimes, POLITICS finds you!"

https://www-dailymail-co-uk.cdn.ampp...ople-only.html

[ApS]

Originally Posted by tis

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

Ignore IRS mailings that your property will be confiscated.
https://nypost.com/2021/04/06/irs-se...yers-property/