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2024 Presidential Election Thread - Let's keep the party going.

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It'll be interesting to see how many swing state ballots RFK Jr stays on.  All I've seen so far is that MI for sure is keeping him on.  Remains to be seen in many others.

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1 hour ago, SydneyCarton said:

The capital gains tax thing would fuck me so hard I’d probably get pink sock’d and shit blood for a year. But you know what, I’m still voting Harris. 
 

But plenty of people I know will use it as absolute proof to vote trump. They probably would have anyway, but now I’ll have to hear about it for the rest of my fucking life. 

Even if the policy were to be enacted, it affects the ultra wealthy

Quote

What to know: Harris didn't release a new tax plan. Instead, her campaign said it agrees with a series of items in President Biden's last budget proposal, the most relevant of which were nonstarters in Congress and didn't become law.

This includes the new tax on unrealized capital gains.

It applies only to individuals with at least $100 million in wealth who do not pay at least a 25% tax rate on their income (inclusive of unrealized capital gains). Payments can be spread out over subsequent years.

Within that $100 million club, you'd only pay taxes on unrealized capital gains if at least 80% of your wealth is in tradeable assets (i.e., not shares of private startups or real estate). One caveat for this illiquid group is that there would be a deferred tax of up to 10% on unrealized capital gains upon exit.

In short, it would not apply to most startup founders or investors. If any group should be tweeting mad face emojis, it's top hedge fund managers.

https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

So if you're in that $100M net worth class that meets the additional caveats, congrats. 

Won’t somebody PLEASE think of the hedge fund managers just trying to survive 

8 minutes ago, Blotto said:

Even if the policy were to be enacted, it affects the ultra wealthy

I think what @SydneyCarton is trying to say is he is now in that group.  Complaining about unrealized capital gains is the new class indicator.  

 

1 hour ago, SydneyCarton said:

The capital gains tax thing would fuck me so hard I’d probably get pink sock’d and shit blood for a year. But you know what, I’m still voting Harris. 
 

But plenty of people I know will use it as absolute proof to vote trump. They probably would have anyway, but now I’ll have to hear about it for the rest of my fucking life. 

I need bout treefiddy for a new startup I'm doing. 

7 minutes ago, Js1 said:

Won’t somebody PLEASE think of the hedge fund managers just trying to survive 

Finance and Tech bros are people too!

Edited by BurntOrange&White

3 minutes ago, immamac said:

I need bout treefiddy for a new startup I'm doing. 

Are we not enough for you?  We give and we give and we give some more. 

5 minutes ago, immamac said:

I need bout treefiddy for a new startup I'm doing. 

I'm always ready to contribute to your new ventures

Anecdotal but this election cycle so far I am not noticing many Trump flags flying on trucks when I'm driving around. I feel like I couldn't go anywhere in 2020 without seeing those things...

7 minutes ago, BurntOrange&White said:

Anecdotal but this election cycle so far I am not noticing many Trump flags flying on trucks when I'm driving around. I feel like I couldn't go anywhere in 2020 without seeing those things...

Me too, but we also haven’t done our annual Labor Day trip to Port A yet.  

10 hours ago, Pancho said:

I’m behind today

 

These national polls are nice and all but I'm mostly concerned about the state level ones.   

51 minutes ago, Blotto said:

Even if the policy were to be enacted, it affects the ultra wealthy

https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

So if you're in that $100M net worth class that meets the additional caveats, congrats. 

I haven’t read the policy, is it really not for above 100m? I’m taking about REALIZED capital gains. 
 

Because if it’s all capital gains, it would be horrendous for me because my retirement is based on my ability to sell my business. 

Edited by SydneyCarton

Just now, SydneyCarton said:

I haven’t read the policy, is it really not for above 100m? Because if it’s all capital gains, it would be horrendous for me because my retirement is based on my ability to sell my business. 

Its 1B+ in assets or 100M in earnings 3 years in a row. 

It's also only on the unrealized gains during that time if your tax rate is sub 25% 

There is no change to normal cap gains based on this new tier AFAIK. 

54 minutes ago, LCHorn said:

I think what @SydneyCarton is trying to say is he is now in that group.  Complaining about unrealized capital gains is the new class indicator.  

lol. See my post above. You guys hand wave away anything financial as “oh the rich class” at times and it’s absurd. I’m talkinig about realized capital gains. Not Peter thiels billions in a Roth IRA bullshit. Which means it would also apply to home sales, etc. 
 

My ability to retire is pretty much tied in my ability to sell my business at some point. The government taking 40 or 45% of those profits versus 23% is a pretty big deal. And I’m not talking about tens of millions of dollars here so it’s easy to say “boo hoo.” 
 

And I’m still voting for Harris. But a lot of mother fuckers will blanche at the capital gain tax thing. 

48 minutes ago, immamac said:

I need bout treefiddy for a new startup I'm doing. 

What’s the business plan? 

Edited by SydneyCarton

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6 minutes ago, immamac said:

Its 1B+ in assets or 100M in earnings 3 years in a row. 

It's also only on the unrealized gains during that time if your tax rate is sub 25% 

There is no change to normal cap gains based on this new tier AFAIK. 

That sound all of you heard across this great nation was the sound of my asshole unpuckering like Iconoclast Texan’s after making eye contact across a bar with Brisco Cain. 

1 minute ago, SydneyCarton said:

That sound all of you heard across this great nation was the sound of my asshole unpuckering like Iconoclast Texan’s after making eye contact across a bar with Brisco Cain. 

I don’t think any politician but the most crazy left would ever dream of taking so much in capital gains from the first many millions, even with a carve out for real estate.  Would kill support from, and motivation to be, small business owners. 

55 minutes ago, LCHorn said:

I think what @SydneyCarton is trying to say is he is now in that group.  Complaining about unrealized capital gains is the new class indicator.  

There is zero chance this Supreme Court allows a tax on Unrealized Capitol gains. They’ll accept the argument the 16th Amendment doesn’t provide sufficient coverage. 

1 minute ago, immamac said:

Put the cloud in a closet.

???

Profit. 

Haha seriously though I am raising for a startup if you and g650 want to hear more I'll do that not in a thread. 

Sure man, I,  in all seriousness, have been impressed your job growing this joint so I'm all ears for any tech venture you may be contemplating

2 minutes ago, immamac said:

Put the cloud in a closet.

???

Profit. 

Haha seriously though I am raising for a startup if you and g650 want to hear more I'll do that not in a thread. 

Just say "AI" a lot and people will throw money at it.

3 minutes ago, immamac said:

Put the cloud in a closet.

???

Profit. 

Haha seriously though I am raising for a startup if you and g650 want to hear more I'll do that not in a thread. 

PM me. 

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10 hours ago, Gil Bang said:

 

Dave Grohl is the nicest guy on planet earth. You'd be lucky to have him as a neighbor.  But he's not to be fucked with. 

 

6 minutes ago, Radical Larry said:

 

I mean, by the time that suit gets to court there won’t be a Harris campaign anymore, one way or another. 

11 minutes ago, SydneyCarton said:

I mean, by the time that suit gets to court there won’t be a Harris campaign anymore, one way or another. 

Maybe he meant her 2028 re-election campaign.

20 minutes ago, Radical Larry said:

 

Great.  The 100th musical group to sue dotard about misappropriating their work.  How much have the other 99 cases clawed out of that fucker?

42 minutes ago, SydneyCarton said:

That sound all of you heard across this great nation was the sound of my asshole unpuckering like Iconoclast Texan’s after making eye contact across a bar with Brisco Cain. 

Holy shit this was funny. 

33 minutes ago, immamac said:

Put the cloud in a closet.

???

Profit. 

Haha seriously though I am raising for a startup if you and g650 want to hear more I'll do that not in a thread. 

I'll apple pay you rn

Hilarious and surprisingly deep. Let’s hope we defeat Trump’s fear mongering for good this November. 

48 minutes ago, immamac said:

Put the cloud in a closet.

???

Profit. 

Haha seriously though I am raising for a startup if you and g650 want to hear more I'll do that not in a thread. 

It’s a Jump To Conclusions mat, isn’t it?

3 minutes ago, hookemATL said:

It’s a Jump To Conclusions mat, isn’t it?

It’s an AI forum moderator.  

36 minutes ago, SydneyCarton said:

I mean, by the time that suit gets to court there won’t be a Harris campaign anymore, one way or another. 

Host a benefit show instead. Need more activism from people that matter. Need all hands on deck. 

  • Popular Post

Taxing unrealized capital gains sounds really bad which is why they chose it to be their big policy talking point this week.  It didn't sound quite right to me, so I looked into it a bit. I'm not that savvy when it comes to this shit, but my take is anyone freaking out about it is either exponentially more wealthy than the people deciding this election or has been told to freak out about it and doesn't understand shit about fuck. 

Not only is there a massive cutoff for assets, it sounds like there is a liquidity requirement, possibly 80%, meaning that the unrealized gains are being borrowed against to effectively gain liquid capital while avoiding the steep capital gains taxes.  This sounds like one of these band-aid attempts to patch a loophole that would be a pain in the ass for the corporate accountants for a year or so until they find a new weakness in the tax code to exploit. 

I agree with the concept of taxing loans on unrealized capital gains, but this idea is probably ineffective and a nonstarter on Congress. It's also not new, and Kamala hasn't to put anything out specifically in support of it. But it's absolutely a nada-burger for the any of the people complaining about it on Facebook or wherever. 

538 says: Oh wait, never mind what we said. Pay attention to what we say going forward. Fuck 'em to hell.

full thread at twitter 

or at the work-around https://xcancel.com/Nate_Cohn/status/1827056346950213786

for clarity, Nate Cohn is with NYT, not 538

edit, also for clarity, fuck nate cohn and the nyt

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https://xcancel.com/Nate_Cohn/status/1827056346950213786

 

 

Edited by Chopper

11 hours ago, Radical Larry said:

Yes, Donnie, you’re doing great in the Rasmussen poll. Now, go back over to the corner and eat your crayons. 

That’s an insult to Marines

Angus Reid - 47-42 Harris. Was 44-42 previously in late July 

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So ... the anti-vax brain worm guy and the McDonald's-eating guy who poorly managed the Covid pandemic are joining together to make America healthy again? Do I have this right?

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Drove down North Loop again this morning and can confirm that it is a campaign office that opened up near Home Slice/Zucchini Kills

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34 minutes ago, crash_davis said:

x1s584btvlkd1.jpeg

So Taylor Hawkins is trending on twitter.  Hmmm.  

It's "Fuck Dave Grohl, he made Taylor take the vax, and then Taylor died". 

No mention of the half-dozen illegal drugs in Taylor's blood stream of course. 

The way they're talking about him you'd think RFK were Obama.

There's probably more Nevernudes than there were RFK supporters.

8 minutes ago, Pancho said:

They are so desperate 

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