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Forum » So let me get this straight about taxes and the rich under Biden(srs)
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Thread: So let me get this straight about taxes and the rich under Biden(srs)

post 1629089713 01-19-2021, 05:13 PM
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  1. alphagorilla
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So let me get this straight about taxes and the rich under Biden(srs)

He wants to effectively change the taxes to around 37.5% for anyone making over $1 million, which is around 95% of people that post on this forum.

Now if I sell my real estate or have collateral that is over 1 million I have to pay 37.5% if I sell it, but if I take a loan out for 1 million and use my home and assets as collateral, Not pay the loan, let them take my assets, I won’t have to pay the %37.5 tax.

Even if the loan is @ 20% interest, I’m still winning.

Even better if you’re in a state like California with and additional 50% state tax.

Has anyone here done this yet?

Cliffs for the povertycels

-over 1 million capital gain= 37.5% taxes
-Buy real estate for 1 million
- take out loan from bank at rates from anywhere between 3%-35% interest
-don’t pay said loan
????????
- get out tax free and save over 300k
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629090153 01-19-2021, 05:18 PM
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#2
  1. TheReddestRed
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You scheme ignores basic aspects of existing US tax law.

It will not work.
post 1629090413 01-19-2021, 05:20 PM
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Originally Posted By TheReddestRed⏩
If your house is foreclosed on and sold you will still owe capital gains taxes when it is sold.

Nice try though.
But it’s not sold, the bank is taking as collateral for the loan.
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629090603 01-19-2021, 05:22 PM
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Originally Posted By al****orilla⏩
But it’s not sold, the bank is taking as collateral for the loan.
Yes and what does the bank do with the house after they take it as collateral for your loan?
post 1629090693 01-19-2021, 05:23 PM
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Originally Posted By TheReddestRed⏩
Yes and what does the bank do with the house after they take it as collateral for your loan?
They sell it, and pay their own taxes, duh
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629097113 01-19-2021, 06:32 PM
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Nbump
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629098303 01-19-2021, 06:42 PM
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I don't think you know what income means.
post 1629098643 01-19-2021, 06:46 PM
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Originally Posted By TheReddestRed⏩
You scheme ignores basic aspects of existing US tax law.

It will not work.
Schooled by a red.

Rip bubbles
post 1629099553 01-19-2021, 06:56 PM
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#9
  1. alphagorilla
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Originally Posted By Xgamer791⏩
Schooled by a red.

Rip bubbles
How? Do you povertycells know what capital gains tax are?

Borrowing money is debt not income
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629099883 01-19-2021, 07:01 PM
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Originally Posted By al****orilla⏩
How? Do you povertycells know what capital gains tax are?

Borrowing money is debt not income
In your scenario, how are you planning to buy the house each year?
post 1629101463 01-19-2021, 07:17 PM
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Originally Posted By TheReddestRed⏩
In your scenario, how are you planning to buy the house each year?
Cash
Brazilian Crew [<O>]
Keto(since 11/11/2011)
post 1629101493 01-19-2021, 07:18 PM
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Originally Posted By al****orilla⏩
Cash
And where will you get the cash?
post 1629102263 01-19-2021, 07:29 PM
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You do know the current tax bracket under Trump is 37% for 518k+ right?

If your sources are correct you went up a measly half percentage point under Biden
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
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post 1629102503 01-19-2021, 07:32 PM
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Originally Posted By TheReddestRed⏩
And where will you get the cash?
Lol

From another property.
Wraith
post 1629102643 01-19-2021, 07:34 PM
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  1. cavillac
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With real estate you can most likely avoid the cap gains tax
Live & Direct from rural Iowa- GBR
post 1629102703 01-19-2021, 07:35 PM
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  1. ErnieMccracken
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lol this is retarted, but Biden is not closing existing tax loopholes. I promise you still still pay way more in taxes than guys like Trump.
post 1629107913 01-19-2021, 08:48 PM
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You get taxed on profits not on income, this is basic accounting and worldwide.

If you buy a house for 100k and sell for 110k you should only be taxed for the 10k profit not over the 110k income, dont be naive
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